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Financial Analysis

Financial Analysis. Growth Drivers Global Sales Growth Product Growth Structure Increase of Cash Flow Risky structure. Global Sales Growth. EMEA Expansion on generic utilization 360 New Products APAC Expansion of Products 50 New Products Japan well positioned for future growth

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Financial Analysis

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  1. Financial Analysis • Growth Drivers • Global Sales Growth • Product Growth • Structure • Increase of Cash Flow • Risky structure

  2. Global Sales Growth • EMEA • Expansion on generic utilization • 360 New Products • APAC • Expansion of Products • 50 New Products • Japan well positioned for future growth • India and China-Emerging Market expansion • North America • Expansion of Products • 90 New Products • 500 New Products through year 2013

  3. Product Growth • EpiPen Auto-Injector • Expansion in Markets (Europe) • Three 10% price increases • COPD Treatment • Introduction of products • Launch for 2015 • Potential for $500 million peak sales • Biogenerics • Launch in US 2014 • Launch in less regulated Markets 2013 • Generic Copanxone • Expansion into Emerging Markets

  4. Mylan’s Financial Structure • Risky • Cash Coverage Ratio • Low from 2010 to 2014 • Financially risky • Debt Equity Ratio • More debt then equity • Compared to industry ranked 11 • Cash Flow • Increase with product and market expansion • OCF increase from 2011 to 2013 • Reduce debt and create more value.

  5. Generic Investor’s Valuation • DCF vs. Economic Profit • Expected Value Analysis • Key Driver Operating Margin

  6. DCF vs. Economic Profit

  7. Expected Value Analysis • Key Driver • Operating Margin

  8. Why Operating Margin? • Largest affect on value • Factors that impact OM • Increase Unit Price of Product • Expand Product Line • Expand Geographical Reach • Equity Value Increase to $26.48

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