Mylan to complete 1 billion dollar share repurchase plan
HERTFORDSHIRE, England, and PITTSBURGH: Mylan N.V. announced that it is completing its previously-approved $1 billion share repurchase plan.
Mylan's Chairman Robert J. Coury commented, "We are very pleased to announce that Mylan is completing the $1 billion share repurchase plan previously approved by the Mylan N.V. Board of Directors. This return of capital to our shareholders comes at a time of positive momentum for Mylan, with the recent launches and approvals of several key products, our strong future growth expectations, and our belief that the diversified and unique platform we have built is substantially undervalued. "
"In addition and pursuant to its agreement with Abbott related to the Abbott EPD acquisition, Mylan has received notification from Abbott that it has sold its remaining 20.3 million shares of Mylan prior to year-end, removing a potential share overhang and consistent with Abbott's stated position that it did not intend to be a long-term shareholder."
Coury continued, "Following our 2017 Annual General Meeting, we initiated an extensive outreach program to better understand shareholders' perspectives and increase their awareness of and appreciation for the unmatched strength and breadth of Mylan's global platform. We are committed to continuing our dialogue with shareholders and the larger investor community in an effort to continue to optimize Mylan's valuation."
Mylan CFO Ken Parks added, "Our continued strong adjusted free cash flow generation, even after taking into account the completion of our $1 billion share buy-back program, allows us to continue to execute on our business strategies, while effectively deploying our capital and maintaining our commitment to an investment-grade credit rating."
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