Mylan posts Q2 2019 total revenues up 2% to $2.85B
July 29, 2019Mylan’s second quarter performance was strong as the company has delivered or exceeded on expectations across all financial metrics, the company’s CEO Heather Bresch said in a press release Monday.
Bresch in addition said that, based upon the company’s strong execution against the plan, Mylan remains on track to deliver on its 2019 guidance.
Mylan CFO Ken Parks added that the company continues to generate strong cash flow with approximately $724 million of adjusted free cash flow in the second quarter of 2019, up 9% from the prior year and ahead of its expectations.
Parks said that the company’s performance highlights its stable and durable cash flow profile and allows it to remain committed to its deleveraging strategy to repay $1.1 billion of debt by the end of 2019. “We also remain fully committed to maintaining our investment grade credit rating. For the full year 2019, we are reaffirming our guidance ranges for total revenue of $11.5 billion to $12.5 billion, adjusted EPS guidance range of $3.80 to $4.80 and adjusted free cash flow range of $1.9 billion to $2.3 billion,” he said.
U.S. GAAP gross profit was $932.6 million and $962.5 million for the second quarter of 2019 and 2018, respectively. U.S. GAAP gross margins were 33% and 34% in the second quarter of 2019 and 2018, respectively.