Viatris Inc. · NASDAQ:VTRS
Viatris — Mylan — Q2 2019 Earnings Presentation
21 slides from Viatris's earnings presentation, Jul 29, 2019
Slide 1: Q2 2019 Earnings
Mylan Q2 2019 EARNINGS July 29, 2019 Q2 2019 Earnings – All Results are Unaudited
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains "forward-looking statements." These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may include, without limitation, our 2019 financial guidance a
Slide 3: Q2 2019 Financial Highlights
Q2 2019 Financial Highlights ($ in millions, except for EPS, Adjusted EPS and percentages) Q2 2019 Q2 2018 Change Total Revenues $2,851.5 $2,808.3 +2% U.S. GAAP Gross Margins 32.7% 34.3% (160 bps) Adjusted Gross Margins* 53.8% 53.3% +50 bps U.S. GAAP R&D as % of Total Revenues 5.2% 7.4% (220 bps) Ad
Slide 4: 4 Q2 2019 Earnings – All Results are Unaudited
4 Q2 2019 Earnings – All Results are Unaudited
Slide 5: 2019 Financial Guidance Reaffirmed
2019 Financial Guidance Reaffirmed Mylan is not providing forward looking guidance for U.S. GAAP reported financial measures or a quantitative reconciliation of forward-looking non-GAAP financial measures. Please see the appendix for additional information. Total Revenues $11.5 – $12.5B On Track to
Slide 6: Appendix
Appendix Q2 2019 Earnings – All Results are Unaudited
Slide 7: Non-GAAP Financial Measures
Non-GAAP Financial Measures This presentation includes the presentation and discussion of certain financial information that differs from what is reported under U.S. GAAP. These non-GAAP financial measures, including, but not limited to, adjusted EPS, adjusted gross profit, adjusted gross margins, a
Slide 8: Adjusted Net Earnings and Adjusted EPS
Mylan N.V. and Subsidiaries Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions) Adjusted Net Earnings and Adjusted EPS Three Months Ended June 30, Six Months Ended June 30, (in millions, except per share amounts) 2019 2018 2019 2018 U.S. GAAP net (loss) earnings and U.S. GAAP EPS
Slide 9: Net Earnings to Adjusted EBITDA
Mylan N.V. and Subsidiaries Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions) Net Earnings to Adjusted EBITDA Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 U.S. GAAP net (loss) earnings $ (168.5) $ 37.5 $ (193.5) $ 124.6 Add / (deduct) adjustments: Ne
Slide 10: Summary of Total Revenues by Segment
Mylan N.V. and Subsidiaries Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions) Summary of Total Revenues by Segment Three Months Ended June 30, Constant 2019 Currency 2019 Constant % % Currency Currency Change (In millions) 2019 2018 Change Impact (1) Revenues (2) Net sales North
Slide 11: Cost of Sales
Mylan N.V. and Subsidiaries Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions) Cost of Sales Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 U.S. GAAP cost of sales $ 1,918.9 $ 1,845.8 $ 3,609.2 $ 3,546.0 Deduct: Purchase accounting amortization and othe
Slide 12: R&D
Mylan N.V. and Subsidiaries Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions) R&D Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 U.S. GAAP R&D $ 147.6 $ 206.7 $ 320.2 $ 411.6 Deduct: Acquisition related costs — (0.4) (0.3) (0.5) Restructuring and relat
Slide 13: SG&A
Mylan N.V. and Subsidiaries Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions) SG&A Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 U.S. GAAP SG&A $ 668.6 $ 623.3 $ 1,276.5 $ 1,230.8 Deduct: Acquisition related costs (3.9) (9.1) (11.2) (11.1) Restructuri
Slide 14: Total Operating Expenses
Mylan N.V. and Subsidiaries Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions) Total Operating Expenses Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 U.S. GAAP total operating expenses $ 837.1 $ 783.6 $ 1,618.3 $ 1,612.2 Add / (Deduct): Litigation sett
Slide 15: Interest Expense
Mylan N.V. and Subsidiaries Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions) Interest Expense Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 U.S. GAAP interest expense $ 131.2 $ 139.2 $ 262.4 $ 270.9 Deduct: Interest expense related to clean energy in
Slide 16: Other Expense
Mylan N.V. and Subsidiaries Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions) Other Expense Three Months Six Months Ended June 30, June 30, 2019 2018 2019 2018 U.S. GAAP other expense, net $ 16.4 $ 21.0 $ 23.7 $ 34.5 Add / (Deduct): Clean energy investments pre-tax loss (a) (16.
Slide 17: Earnings Before Income Taxes and Income Tax Provision
Mylan N.V. and Subsidiaries Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions) Earnings Before Income Taxes and Income Tax Provision Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 U.S. GAAP (loss) earnings before income taxes $ (52.1) $ 18.7 $ (166.6) $
Slide 18: Adjusted Net Cash Provided by Operating Activities
Mylan N.V. and Subsidiaries Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions) Adjusted Net Cash Provided by Operating Activities Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 U.S. GAAP net cash provided by operating activities $ 668.9 $ 430.2 $ 629.2
Slide 19: Net Earnings to Adjusted EBITDA (Quarterly)
Mylan N.V. and Subsidiaries Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions) Net Earnings to Adjusted EBITDA Three Months Ended September 30, December 31, March 31, June 30, (in millions) 2018 2018 2019 2019 U.S. GAAP net earnings (loss) $ 176.7 $ 51.2 $ (25.0) $ (168.5) Add /
Slide 20: Notional Debt to Credit Agreement Adjusted EBITDA Leverage Ratio
Mylan N.V. and Subsidiaries Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions) June 30, 2019 Notional Debt to Twelve Months Ended June 30, 2019 Mylan N.V. Adjusted EBITDA as calculated under our Credit Agreements ("Credit Agreement Adjusted EBITDA") Leverage Ratio The stated non-
Slide 21: Q2 2019 Earnings – All Results are Unaudited
Q2 2019 Earnings – All Results are Unaudited