| Type | Public (NASDAQ: MYL) 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. (NASDAQ: MYL) 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 |
Mylan Inc. operates several divisions and subsidiaries:
North America
Asia Pacific[9]
Europe, the Middle East and Africa[11]
Other Areas[17]
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.
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.
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.
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]
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]
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