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The underlying matter involved a dispute as to whether, for purposes of Medicaid rebates, an authorized generic is subject to the generic rate that Mylan paid on sales from 2000 through 2004, or a higher innovator rate. In this matter, the settlement includes products supplied by third party innovators to Mylan for sale as generics. Mylan intends to seek recovery of a substantial portion of the settlement amount from any party that received overpayments resulting from adjusted net sales during the relevant time frame.
Mylan will record a one time, non-recurring after-tax charge of approximately $83 million in the quarter ended Sept. 30 as a result of this settlement.
Mylan Inc. ranks among the leading generic and specialty pharmaceutical companies in the world and provides products to customers in more than 140 countries and territories. The company maintains one of the industry's broadest and highest quality product portfolios supported by a robust product pipeline; operates the world's third largest active pharmaceutical ingredient manufacturer; and runs a specialty business focused on respiratory and allergy therapies. For more information, please visit www.mylan.com.
This press release includes statements that constitute "forward-looking statements," including with regard to the settlement, anticipated recoveries and the expected accrual. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Because such statements inherently involve risks and uncertainties, actual future results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: risks inherent in legal and regulatory processes; any legal or regulatory challenges to the settlement; uncertainties and matters beyond the control of management; third parties' failure to comply with contractual provisions; inherent uncertainties involved in the estimates and judgments used in the preparation of financial statements; and the other risks detailed in the company's periodic filings with the Securities and Exchange Commission. The company undertakes no obligation to update these statements for revisions or changes after the date of this release.
SOURCE Mylan Inc.
http://www.mylan.com
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