Mylan N.V. (NASDAQ: MYL) reported its financial results for the quarter ended March 31, 2020, on Monday before the market opens. The company reaffirmed its financial guidance for the full-year 2020.
Mylan swung to a profit in the first quarter of 2020 from a loss last year, helped by higher revenue. The top-line rose by 5% driven by a 4% growth in North America and a 14% jump in Europe segment. The results were driven by overall volume growth, which was favorably impacted by increased customer buying patterns and patient prescription trends resulting from the COVID-19 pandemic, primarily in its Europe segment.
Looking ahead, Mylan remains on track to close the pending combination with Pfizer’s Upjohn Business in the second half of the year. The company reaffirmed its 2020 revenue outlook in the range of $11.5-12.5 billion, absorbing about $200 million of foreign exchange headwinds versus its previous expectations, and adjusted EBITDA of $3.2-3.9 billion, absorbing about $50 million of foreign exchange headwinds.
The company anticipates full-year adjusted free cash flow generation to be consistent with 2019 levels despite the COVID-19 pandemic. Mylan continues to target about $1 billion of debt repayment during 2020 and remains fully committed to its investment-grade credit rating.
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