Mylan

Mylan Inc.
Type Public (NASDAQMYL)
S&P 500 Component
Industry Pharmaceuticals
Founded White Sulphur Springs, West Virginia, United States (1961)
Founder(s) Milan Puskar
Don Panoz
Headquarters Canonsburg, Pennsylvania, United States
Key people Robert J. Coury
(Chairman & CEO)
[1][2]
Rod Piatt (Vice Chairman)[1]
Heather Bresch
(President)[3]
Products Generic pharmaceuticals and branded generics, specialty pharmaceuticals and active pharmaceutical ingredients
Revenue US$ 5.404 billion (2010)[4]
Operating income US$ 721.6 million (2010)
Net income US$ 345.12 million (2010)
Total assets US$ 11.537 billion (2010)
Total equity US$ 3.601 billion (2010)
Employees approximately 17,000 (2010)[4]
Website Mylan.com

Mylan Inc. (NASDAQMYL) is a global generic and specialty pharmaceuticals company headquartered in Canonsburg, Pennsylvania. In 2007, Mylan acquired a controlling interest in India-based Matrix Laboratories Limited, a top producer of active pharmaceutical ingredients (APIs) for generic drugs,[5] and the generics business of Germany-based Merck KGaA.[6] Through these acquisitions, Mylan has grown from the third largest generic and pharmaceuticals company in the U.S. to the third largest generic and specialty pharmaceuticals company in the world.[7] Mylan now has approximately 17,000 employees,[4] more than 1,000 separate products,[4] and serves customers in more than 150 countries and territories.[4] Mylan has a global manufacturing of more than 45 billion doses.[4]

Contents

Operations

Mylan Inc. operates several divisions and subsidiaries:

North America

Asia Pacific[9]

Europe, the Middle East and Africa[11]

Other Areas[17]

History

Location

Mylan Pharmaceuticals was founded in 1961 as Milan Pharmaceuticals by Milan Puskar and Don Panoz in White Sulphur Springs, West Virginia. The company moved to Morgantown, West Virginia in 1965, and in 1976 it relocated its corporate headquarters to Pittsburgh suburb Canonsburg, Pennsylvania, and finally in 2004 it was moved to a new office center in nearby SouthPointe, Pennsylvania where it is still located.[19] The company began as a distributor, but in 1966, Mylan received approval to begin manufacturing penicillin G tablets.

Stock

In 1973, Mylan became a publicly traded company on the OTC Market under the ticker symbol MYLN, and in 1976 moved to NASDAQ. Their final stock move was in 1986, when their stock became available for trade on the New York Stock Exchange under the ticker symbol MYL. Currently, the stock is traded on the NASDAQ.

Acquisitions

Mylan acquired Bertek Inc. in 1993, and in 1999 renamed the company Mylan Technologies Inc. Mylan acquired UDL Laboratories, a supplier of generic medications to institutional and long-term care facilities in 1996. In October 2007 Mylan bought the generics arm of Merck KGaA, and renamed the entire corporation from Mylan Laboratories Inc. to Mylan Inc.

Pharmaceuticals

Mylan discontinued private-label manufacturing in 1980 and instead chose to market their products under their own "Mylan-labeled" brand. Their first Mylan-invented product, Maxzide, received approval for treating hypertension in 1984, and was the first new drug to be patented by a manufacturer of generic drugs. By 1995, Mylan had become the most dispensed line of pharmaceuticals in America, according to the December 2004 IMS National Prescription Audit. Sales of Mylan's generic drugs exceeded US$1 billion in 2002, and in 2004 Mylan was added to the S&P 500.

In 2011, the company launched a generic version of famciclovir.[20]

Legal Issues

In 1989, CEO Roy McKnight testified before the House Oversight and Investigations Committee, exposing corruption within the Food and Drug Administration and a number of generic companies.

In 2000, the company agreed to pay $147 million to settle accusations by the FTC that they had raised the price of generic lorazepam by 2600% and generic clorazepate by 3200%. Mylan obtained exclusive licensing agreements, in 1998, for certain ingredients. The company did not admit to any wrongdoing.[21]

References

  1. ^ a b "Mylan Announces Change in Board Leadership". Wall Street Journal Online. May 7, 2009. 
  2. ^ "Mylan Names Robert J. Coury to Board". All Business. February 1, 2002. http://www.allbusiness.com/company-activities-management/board-management/5891234-1.html. 
  3. ^ "People: Mylan Inc.". Reuters. http://www.reuters.com/finance/stocks/companyOfficers?symbol=MYL.O&WTmodLOC=C4-Officers-5. 
  4. ^ a b c d e f "Mylan Inc. Corporate Profile". http://www.mylan.com/about_us/corporate_profile.aspx. 
  5. ^ "Mylan buys part of drug maker". Pittsburgh Business Times. December 21, 2006. http://pittsburgh.bizjournals.com/pittsburgh/stories/2006/12/18/daily19.html. 
  6. ^ "Mylan Laboratories To Acquire Generics Business Of Merck KGaA For 4.9 Billion Euros". Medical News Today. May 26, 2007. http://www.medicalnewstoday.com/articles/72133.php. 
  7. ^ "Pharmaceutical giants tracking Mylan's prosperity". The Pittsburgh Tribune-Review. August 13, 2008. http://www.pittsburghlive.com/x/pittsburghtrib/business/s_582510.html. 
  8. ^ http://www.mylantech.com
  9. ^ http://www.mylan.com/global_reach/APAC.aspx
  10. ^ http://www.matrixlabsindia.com/inside/overview.asp
  11. ^ http://www.mylan.com/global_reach/EMEA.aspx
  12. ^ http://www.mylan.com/global_reach/EMEA.aspx
  13. ^ http://www.arcana.de/
  14. ^ http://www.manta.com/coms2/dnbcompany_wsklv1
  15. ^ http://www.idaireland.com/search-companies.xml?ss_id=3837
  16. ^ http://www.bioportfolio.com/news/pdf/454777/Us-Mylan-To-Withdraw-Qualimed-Brand-From-French-Market-Report.pdf
  17. ^ http://www.mylan.com/global_reach/other_areas.aspx
  18. ^ http://www.dey.com/
  19. ^ http://www.mylan.com/about_us/company_history.aspx
  20. ^ "Mylan Launches Generic Version of Famvir® Tablets" (Press release). Mylan. 20 April 2011. http://investor.mylan.com/releasedetail.cfm?ReleaseID=570428. Retrieved 21 April 2011. 
  21. ^ "Generic-Drug Maker Agrees to Settlement In Price-Fixing Case". The New York Times. July 13, 2000.