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Mylan Management Discusses Q2 2012 Results - Earnings Call Transcript

Before I turn the call over to Heather, let me also remind you that the materials in the call, with the exception of the participant questions, is a property of Mylan and cannot be recorded or rebroadcast without Mylan's expressed written permission.

With that, I will turn the call over to Heather.

Heather Bresch

Thank you, Kris, and good morning, everyone, and thank you for joining us. I would also like to welcome and recognize Mylan's employees around the world. Because of their dedication and hard work, we once again delivered very strong results. On behalf of the Board of Directors and our entire management team, I would like to congratulate them on a job well done.

Mylan had an outstanding second quarter, delivering double-digit top line and bottom line year-over-year growth. Sales were about $1.7 billion, up 12% on a constant currency basis, and our adjusted diluted EPS increased 15% from the same prior year quarter to $0.60 a share. Building on our strong first quarter, this stellar performance supports our confidence that 2012 will be the best year-to-date in Mylan's history, with many more to come.

Among the second quarter's highlights were growth of more than 50% in our Specialty business, double-digit growth in North America and strong performance of our ARV franchise. Our performance this quarter was strong compared to last year's second quarter when we had several very significant product launches. Further, we delivered this growth while continuing to invest in our global platform through increased R&D and sales and marketing programs. In addition, our gross margin was up almost half a percentage point.

We also saw improvement in some European countries. Constant currency third-party net sales in our EMEA region were down about 3% year-over-year, a smaller decline than we've seen in recent quarters. EMEA's top line was essentially flat from Q1 to Q2 of this year. These results are yet another demonstration of our ability to manage our global platform for growth by optimizing new launches and seizing opportunities as we continue to build our base business and effectively manage pricing pressures. It's against this factor of that we look forward to the third quarter, which we project to be by far our strongest of the year, and a fourth quarter that is similar to or slightly higher than the second quarter. We are reaffirming our 2012 adjusted EPS guidance of $2.45 to $2.55 per share, as well as our 2013 target of $2.75.

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