Company Name: Mylan NV
`Company Ticker MYL US
`Date: 2015-09-00
`Event Description: Q2 2015 Earnings Call
`
`Market Cap: 27,232.11
`Current PX: 55,40
`YTD Change(5): -.97
`YTD Change(%): -1.721
`
`Bloomberg Estimates - EPS
`Current Quarter. 1282
`Current Year. 4.137
`Bloomberg Estimates - Sales
`Current Quarter. 2784.400
`Currant Veer. 9737.200
`
`Q2 2015 Earnings Call
`
`Company Participants
`
`Kris King
`Heather M. Bresch
`Rajiv Malik
`John D. Sheehan
`
`Other Participants
`
`Sumant S. Kulkarni
`Gregg Gilbert
`Ronny Gal
`Elliot Wilbur
`Umer Raffat
`Andrew J. Finkelstein
`rami Rubin
`Marc Goodman
`Douglas D. Tsao
`Louise Chen
`Jason M. Gerberry
`Ernil Chen
`
`MANAGEMENT DISCUSSION SECTION
`
`Operator
`Good day, ladies and gentlemen. Thank you for standing by. And welcome to the Mylan Second Quarter 2015 Earnings
`Call. At this time, all lines are in a listen -only mode. Later, we will conduct a question- and -answer session and
`instructions will follow at that time. [Operator Instructions] As a reminder, this call is being recorded.
`
`rd now like to turn the call to our host, Ms. Kris King. Ma'am, you may begin.
`
`Kris King
`
`Thank you, Eric. Good morning, everyone. Welcome to Mylan's conference call discussing our second quarter 2015
`earnings and our offers to acquire Perrigo Company. Joining me for today's call are: Mylan's Chief Executive Officer,
`Heather Breach; President, Rajiv Malik; Executive Vice President and Chief Financial Officer, John Sheehan.
`
`During today's call, we will be making forward -looking statements pursuant to the Safe Harbor provisions of the
`Private Securities Litigation Reform Act of 1995. Such forward -looking statements may include, without limitation,
`statements about the proposed acquisition which I I.V ll refer to as the Perrigo proposal of Perrigo Company, which I
`will refer to as Perrigo by Mylan, Mylan's acquisition, which I will refer to as the EPD Transaction of Mylan and
`Abbott Laboratories' non -U.S. developed markets specialty and branded generics business, which I will refer to as the
`EPD Business; the benefits and synergies of the Perrigo proposal or EPD Transaction; future opportunities for Mylan,
`Perrigo, or the combined company and products; and any other statements regarding Mylan's, Perrigo's, or the
`
`EXHIBIT
`
`E
`
`t"R
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`Page 1 of 14
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`Bloomberg
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`NCI Exhibit 2046
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`

`

`Company Name; Mylan NV
`Company Ticker. MYL US
`Date: 2015-08 -06
`Event Description: 02 2015 Earnings Call
`
`Market Cap: 27,232.11
`Current PX: 55.40
`YTD Change(S): -.97
`YTD Change(%); -1.721
`
`Bloomberg Estimates- EPS
`Current Quarter. 1.292
`Current Year. 4.137
`Bloomberg Estimates - Salas
`Curent Quarter. 2764.400
`Curent Year 9737.200
`
`combined company's furore operations, anticipated business levels, future earnings, planned activities, anticipated
`growth, market opportunities, strategies, competition, and other expectations and targets for future periods.
`Because forward -looking 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: uncertainties related to the Perrigo Proposal, and the consummation
`thereof; the ability to meet expectations regarding the accounting and tax treatments of a transaction relating to the
`Perrigo Proposal and the EPD Transaction; changes in relevant tax and other laws; the integration of Perrigo and the
`EPD Business being more difficult, time -consuming or costlier than expected, operating cost, consumer loss and
`business disruption being greater than expected following the Perrigo Proposal and the EPD Transaction; the impact of
`competition, situations where we manufacture, market and/or sell products, notwithstanding unresolved allegations of
`patent infringement; any regulatory, legal or other impediments to our ability to bring new products to market; and
`those set forth under forward -looking statements in today's earnings release; and the risk factors set forth in Mylan
`N.V.'s Form 10 -Q for the period ended March 31, 2015, as well as our other filings with the SEC.
`These risks, as well as other risks associated with Mylan, Perrigo, and the combined company are also more fully
`discussed in the Registration Statement on Form S-4 and includes an offer to exchange/prospectus that Mylan filed
`with the SEC on May 5, as amended on June 9 and July 16, 2015, of which has not yet been declared effective, and the
`definitive Proxy Statement on Schedule 14A that Mylan filed with the SEC on July 28, 2015, and began mailing to its
`shareholders on or about July 31, 2015, in connection with the Perrigo Proposal.
`
`Except as required by applicable law, we undertake no obligation to update any statements made today, whether as a
`result of new information, future events or otherwise. Today's call should be listened to and considered in its entirety
`and understood to speak only as of today's date.
`In addition, we will be referring to certain actual and projected financial metrics of Mylan on an adjusted basis, which
`are non -GAAP financial measures. These non -GAAP measures are presented in order to supplement your
`understanding and assessment of our financial performance.
`
`Please refer to today's earnings release which is available on our website asthey contain detailed reconciliations of
`these non -GAAP financial measures to the most directly comparable GAAP financial measure.
`I would also like to point out that Mylan's offer for Perrigo is governed by the Irish Takeover Rules. Under the Irish
`Takeover Rules, Mylan management is prohibited from discussing any material or new information or significant new
`opinion which has not been publicly announced. Any person interested in shares in Mylan or Perrigo is encouraged to
`consult Heather and her professional advisor.
`Before I turn the call over to Heather, let me also remind you that the material in the call, with the exception of the
`participant questions, is the property of Mylan and cannot be recorded or rebroadcast without Mylan's expressed
`written permission. An archived copy of today's call will be available on our wcbsite and will remain available for a
`limited time.
`
`With that, FIl now turn the call over to Heather.
`
`Heather M. Bresch
`Thanks, Kris, and good morning, everyone. Mylan had a great second quarter. Top -line sales totaled nearly $2.4 billion,
`a constant currency increase of 36% compared to the same period last year. This result represents double -digit growth
`in our legacy business, as well as enhanced double -digit growth with the addition of the EPD Business. I'll note as well
`that EpiPen continues to post strong results and maintains an 86% share in a multi -epinephrine market and has
`delivered double -digit growth year -to -date.
`
`Gn the bottom line, our adjusted diluted EPS came to at $0.91 for the second quarter, up 32% compared to the same
`period last year and exceeding our expectations. Again, this result represents double -digit growth in our legacy business
`
`Page 2 of 14
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`Bioornbe_ry
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`

`

`Company Name: Mylan NV
`Company Ticker. MTh US
`Dale: 2015 -08 -08
`Event Description: Q22015 Earnings Call
`
`Market Cap: 27,232.11
`Current PX: 59.40
`YID Change(S): -.07
`YTD Change( %): -1.721
`
`Bloomberg Estimates - EPS
`Current Quarter. 1.282
`Current Year. 4.137
`Bloomberg Estimates - Sales
`Current Quarter 2784400
`Current Year. 0737.200
`
`
`
`as well as enhanced double -digit growth with the addition of the EPD Business.
`
`Our exceptional performance this quarter continues to underscore the underlying strength and diversity of our base
`business and our relentless focus on execution, even in the face of ongoing regulatory delays, as well as external
`activity.
`
`Given the strength and momentum in our business, we are raising our 2015 adjusted diluted EPS guidance range to
`$4.15 to $4.35, an increase of 19% or 23% on a constant currency basis compared to our performance in 2014.
`
`Our guidance now excludes any contribution from generic Copaxone and includes potential generic competition on
`EpiPen in the second half of the year. In addition, we see the potential for opportunities on the horizon, and well
`provide any updates as appropriate.
`
`Pd like to take this opportunity to say thank you, more than ever, to all of our employees around the world for staying
`focused on executing and delivering great performance.
`
`4
`
`With respect to the external activity, you saw last week that Teva announced an agreement to acquire Allergan's
`generic drug unit and its withdrawal of its unsolicited expression of interest to acquire Mylan. We very much believe
`that this is the right outcome for both companies and their shareholders. We believe the transaction further
`differentiates Mylan as the industry's only predominantly global generics player and will enhance our ability to gain
`additional share in markets around the world.
`
`We believe our offer to acquire Perrigo represents the right next step for Mylan, because it further diversifies our
`business that creates a paradigm shift in how we'll do business, and establishes a unique platform with the size and
`scale that allows us to continue being a leading consolidator in our industry.
`
`Together, Mylan and Perrigo will create a one -of -a -kind global healthcare company with complementary businesses,
`unmatched scale in our operations, one of the industry's broadest and most diversified portfolio, and immense reach
`across distribution channels around the world, allowing us to mean the most to our customers and consumers.
`
`We very much look forward to our shareholder vote on August 28; and as a reminder, we intend to take our offer to
`acquire Perrigo directly to its shareholders. We are confident that they, too, see the compelling value in our offer and
`this combination will support the transaction.
`
`In addition, as an update to yesterday's press release, we have now executed an amendment with all of our bridge credit
`facility lenders that gives us full discretion to lower the acceptance condition from 80% to greater than 50 %, if we so
`choose.
`
`With that, I'd like to turn the call over to Rajiv.
`
`Rajiv Malik
`Thank you, Heather. And good morning, everyone. As Heather mentioned, all of our regions and businesses
`contributed to the outstanding performance we delivered during the second quarter. With each of the regions, delivery
`is very impressive double -digit growth.
`
`Our global generics segment generated third -party net sales of just over $2 billion and increased year -over -year, up
`43% on constant -currency basis. In North America, sales totaled $937 million, up 47% year- over -year. Our legacy
`business grew by 22 %. This impressive growth is attributed to continued strong performance of sales from new
`products at less stable pricing and higher volumes on existing products.
`
`In Europe, sales totaled $571 million, a 62% increase as compared to the second quaver of 2014. This increase was
`largely attributed to contribution of our acquired EPD Business as our legacy business was essentially flat
`quarter- over- quarter, whereas we benefited from sales of new products or higher volumes on existing ones, primarily in
`Italy and France, further enhancing our market share.
`
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`Bloomberg
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`Company Name: Mylan NV
`Company Ticker. MYL LIS
`Dato: 2015-08-06
`Event Description: Q2 2015 Earnings Call
`
`Market Cap: 27,232.11
`Current PX: 55.40
`YTD Change(S): -97
`YTD Change(%): -1.721
`
`Bloomberg Estimates EPS
`Current Quarter. 1,282
`Current Year. 4.137
`Bloomberg Estimates - Sales
`Current Quarter. 2784.400
`Current Year 9737.200
`
`In our rest of the world region, sales totaled $547 million, a year- over -year increase of 51 %. Sales from our legacy
`business grew 23% on a constant currency basis, driven by new product launches in Australia and Japan and higher
`volumes from our India operations, especially our anti- retroviral franchise.
`
`As for our Specialty segment, revenues totaled $302 million, an increase of 5% compared to the last year's second
`quarter based on double -digit volume growth. We have made very good progress in integrating the EPD Business
`across the various regions. Overall, we have not only successfully arrested the decline of the business, but we also saw
`constant currency low- single -digit growth in revenues across the geographies, and the improvement in this business has
`come quicker than expected.
`
`We expect this performance to remain stable this year on a pro forma year- over -year basis. Also, we continue to
`analyze on a country-by- country basis and explore how we can tap portfolio opportunities for additional value creations
`that build on our respective sales such as cross -leveraging channels that were not available to either organization on a
`stand -alone basis.
`
`We look forward to executing on these value- creating opportunities to realize the full potential of this combined asset.
`We also continue to make progress executing against our key growth drivers and positioning Mylan for continued
`organic growth well into the future.
`
`Starting with the respiratory, we remain on track to file our ANDA for generic Advair by this year end, In June, we
`launched the first and only bioequivalent alternative to GSK's Seretide under the brand name Sirdupla in UK.. We only
`saw a couple of weeks' impact of this product in the second quarter. However, we were very pleased with this launch
`performance and the boost it gave our business in the UK. We also recently launched the product in Germany. It's
`worth noting that we leveraged our EPD sales force of this launch, another example of how we are creating value
`through the combination.
`
`We continue to further build out our global respiratory pipeline. For instance, we announced an agreement with
`Pulmatrix for a clinical stage bronchodilator therapy being studied for COPD. It's the first small molecule formulation
`from the Pulmatrix, novel inhaled dry powder technology.
`
`Regarding our Copaxone program, we were very pleased to see FDA's response to the final Teva CP, where they
`clearly laid out the general criteria for sameness of a generic Copaxone such as same fundamental chemical reaction
`scheme, same physical chemical properties and composition, some structural signature for polymerization and
`de- polymerization and the same response in a biological assay.
`
`We are confident that we are fundamentally on the same page regarding the signs and criteria to demonstrate sameness
`with FDA. Furthermore, we have just recently received some additional clarifying questions from agency, which give
`us even more confidence that any residual concern of sameness are now behind us.
`
`Turning to biologics, following our launch in India, we have now launched our trastuzumab products in several
`countries in Africa and are filing spending in additional markets across Asia, MENA and Latin America.
`
`In addition, we have also begun filing marketing authorizations for insulin glargine in Africa, Asia, Latin America and
`MENA. The two global clinical trials for generic insulin glargine have made significant progress with recruitment for
`both Type 1 and Type 2 diabetes studies now complete. Our insulin glargine commercial manufacturing facility is now
`fully commissioned and we expect will be fully qualified by the end of this quarter.
`
`We continue to progress the [indiscernible) (14:11). Our trastuzumab and [indiscernible] (14:15) Phase III clinical trials
`are progressing very well towards completion. We are continuing our Phase III study with adalimumab and we have
`also initiated a Phase I PK comparability study for our bevacizumab program.
`
`With regards to our infectious disease growth driver, we launched our branded Sovaldi and generic MyHep, sofosbuvir
`product for treatment of hep C in India. Additionally, we are making regulatory submission with the multiple emerging
`markets. We are also developing other combination products for treatments of hep C.
`
`Page 4 of 14
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`Company Name: Mylan NV
`Company Ticker. MYL US
`Date: 2015 -08 -08
`Event Description: D2 2015 Earnings Call
`
`Market Cap: 27,232.11
`Current PX 55.40
`YTD Change($): -.97
`YTD Change) %): -1.721
`
`Bloomberg Estimates - EPS
`Current quarter. 1.282
`Current Year. 4.137
`Bloomberg Estimates - Sales
`Current Quarter: 2784.400
`Currant Year. 0737.200
`
`As for the latest statistics, more than 150 million people are affected with hep C in emerging markets and Mylan is
`committed to provide access to the hep C drugs to the patients across these markets in partnership with Gilead. Our
`ARV products now have approximately half of all people being treated for HIV in the developing world, not just in
`sub -Saharan Africa, but also in markets such as Brazil and Thailand. Just last month, the United Nations announced
`that World Health met the target for reaching 15 million people with ARV treatment by 2015, and that the guidelines
`will now call for reaching 30 million people in the coming years. Mylan is committed to doing our part to reach that
`goal, which means continued, reliable and sustainable growth in this franchise.
`
`Looking ahead to the rest of the year, we are on track to close our acquisition of Panty Care by end of the third quarter,
`which will further enhance our presence in women's health care. In addition to the strength of this business in the U.S.
`and other developed markets, we see significant opportunities to leverage this business through the Mylan's platform in
`emerging markets to enhance success with the contraceptives for more women.
`
`We are excited about momentum we have going into the second half of the year. For example, we launched our generic
`Nexium in the U.S. earlier this week and believe that we are only the second generic to launch to-date. We believe this
`product has the potential to be a great opportunity for us.
`
`I would also like to mention that we are seeing fairly good improvement from FDA in temas of dates of approvals and
`the level of transparency in communications from the agency. I believe this bodes well for the additional approvals we
`expect and our overall optimism in the second half of the year.
`
`In closing, I would like to also give my sincere thanks to our employees, who have demonstrated unwavering focus on
`our business and our mission every day.
`
`With that, I'll turn the call over to John.
`
`John D. Sheehan
`Thanks, Rajiv. Good morning, everyone. As Rajiv mentioned, our total revenues for the second quarter of 2015 were
`$2.4 billion, an increase of 29% or 36% on a constant currency basis from the prior -year period. Revenues were
`unfavorably impacted by foreign currency exchange rates by approximately $127 million in the current quarter,
`primarily reflecting the strength of the U.S. dollar as compared to the curo, yen, rupee, and Australian dollar.
`
`Additionally, third -party net sales were positively impacted by a full quarter of results from the acquired EPD Business
`of approximately $402 million, of which S250 million was from Europe and 5110 million within our rest of world, with
`the remainder coming from EPD Canada. We will continue to provide EPD -specific quarterly revenue for 2015.
`However, by the beginning of 2016, the EPD and Mylan commercial businesses will be operating as one, and as such,
`separate revenue information will no longer be available.
`
`For the six months ended June 30, 2015, total revenues were $4.2 billion, an increase of 26% on a constant currency
`basis from the prior -year period, which includes revenues from the EPD Business of approximately $550 million.
`Revenues for the first six months of 2015 were unfavorably impacted by current currency translation by approximately
`5221 million.
`
`As a result of the impact of the strong U.S. dollar on the translation of our non -U.S. dollar functional currency
`operations into U.S. dollars, we now expect full -year foreign currency translation to negatively impact our reported
`U.S. dollar revenues by approximately $200 million versus the foreign exchange rates used for providing our 2015
`guidance.
`
`As such, without further weakening of the U.S. dollar relative to the principal currencies in which our businesses
`operate, we expect that our actual reported 2015 revenues will be at the lower end of our 2015 guidance range.
`
`Adjusted gross margin for the second quarter and the first six months of 2015 was a very strong 54 %, up approximately
`400 basis points for the quarter and 325 basis points in the year -to -date period. Our strong margins are primarily the
`result of the positive contribution from the EPD Business, new product introductions and increased margins on existing
`Bloomberg
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`Page 5 of 14
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`

`

`Company Name: Mylan NV
`Company Ticker. MYL US
`Data: 2015 -08-0B
`Event Description: 02 2015 Earnings Call
`
`Market Cap: 27232.11
`Current PX: 55.40
`YTD Change($): -.97
`YTD Change( %): -1.721
`
`Bloomberg Estimates - EPS
`Current Quarter. 1.282
`Current Year 0.137
`Bloomberg Estimates - Sales
`Current Quarter. 2784.400
`Current Year 9737.200
`
`products in North America. We expect the strong margins we saw in the first half of 2015 to continue and we now
`expect our full -year gross margins to be in the upper half of our 2015 guidance range.
`
`R &D expense on an adjusted basis was $168 million, an increase of 21% over the prior -year quarter as a result of
`continued investment in our respiratory, insulin and biologic growth programs, as well as the impact of the EPD
`Business. However, as a result of the strong increase in quarter- over -quarter revenue, R&D as a percent of sales fell
`from 8% to 7 %.
`
`For the six months period, adjusted R&D expense was $320 million or approximately 8% of total revenues. As we
`continue to invest in our key growth drivers during 2015, we expect adjusted R&D spending as a percentage of total
`revenues to be within our guidance range for the full -year.
`
`At the same time, SG&A also on an adjusted basis, was $506 million, or approximately 21% of total revenues for the
`quarter, which includes the impact of the EPD Business along with investments in our infrastructure to support the
`growth of the company. For the six months period, adjusted SG &A was approximately $914 million or 22% of total
`revenues.
`
`For the full -year, as a result of the strength of the expected revenues in the second half of 2015, we expect adjusted
`SG &A as a percentage of total revenues to be closer to the midpoint of our 2015 guidance range.
`
`We continue to realize tax benefits from the EPD Transaction and inversion that was completed earlier this year. And
`as a result, we reported a second quarter adjusted tax rate of 18 %, which includes the cumulative effect of reducing in
`the second quarter our annual effective tax rate to 19% from the 20% we reported in Ql. We are continuing to identify
`opportunities to reduce our overall adjusted effective tax rate and it is possible that in the second half of 2015, we will
`be able to further reduce this tax rate.
`
`Our second quarter adjusted net earnings was $474 million or $0.91 per share, a 32% increase from our Q2 2014
`adjusted diluted EPS of $0,69 per share. This adjusted diluted EPS growth exceeded our expectations from the
`beginning of the quarter and was achieved in spite of delays in new product approvals and a negative $0.02 per share
`impact from the foreign currency translation that we encountered during the quarter.
`
`Furthermore, foreign currency translation had a negative $0.05 per share impact on adjusted diluted EPS
`quarter- over -quarter from the prior -year. For the six months period, adjusted net earnings were $783 million or $1.62
`per share.
`
`Turning to our cash flow and liquidity metrics, adjusted cash provided by operating activities was $490 million, a
`decrease of approximately $69 million from the prior -year period, which is the result of the timing of customer
`remittances due to changes in contract terms and new agreements entered into in the current year. We expect the impact
`of this change will be mitigated in the third quarter. Year -to -date, capital spending was $122 million as we continue to
`invest in our business and growth drivers.
`
`At the end of the quarter, our debt -to- adjusted- EBITDA leverage ratio was approximately 22:1. We continue to have
`ample borrowing capacity including our recently announced 2015 term loan, $1 billion of which is we utilized to
`redeem the 2020 senior notes in July and we expect the remaining amount will be utilized for the redemption of the
`cash convertible notes, which mature in September.
`We remain fully confident to even - fully committed to our investment grade credit ratings, including after the
`successful completion of the offer to acquire Perrigo and including in the event that we decide to reduce the acceptance
`level of the tender offer to greater than 50 %.
`
`With regards to the full year adjusted diluted EPS, as Heather indicated, we are raising our full -year guidance range to
`$4.15 to $4.35 per share, even after considering the impact of potential generic EpiPen competition sometime in the
`second half of 2015 and including the removal of a Copaxone launch. The midpoint of this revised guidance range of
`$4.25 per share, represents a 23% constant currency growth in adjusted diluted EPS, reflecting the ongoing strength of
`our global business.
`
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`

`Company Name: Mylan NV
`Company Tleker. MYL US
`Date: 2015-08 -08
`Event Description: 02 2015 Earnings Call
`
`Market Cap: 27,232.11
`Curera PX: 55.40
`YTD Change(s): -.87
`YTD Change( %): -1.721
`
`Bloomberg Estimates - EPS
`Current Quarter. 1.282
`Current Year. 4.137
`Bloomberg Estimates -Sales
`Curent Quarter. 2780.400
`Current Year. 0737.200
`
`We're also forecasting that our full -year adjusted EBITDA will be in the upper half of our $2.9 billion to $3.3 billion
`guidance range. For the third quarter of 2015, we currently anticipate adjusted diluted EPS in the range of $1.39 to
`S 1.45 per share, which would be a 22% increase over the prior -year quarter. This guidance range assumes no generic
`competition for EpiPen in Q3 and will be achieved without the launch of generic Copaxone.
`
`That concludes my remarks. I'll now tuns the call back over to Eric for questions.
`Q&A
`
`Operator
`[Operator Instructions] And our first question comes from Summit Kulkami from Bank of America Merrill Lynch.
`Please go ahead.
`
`<Q - Summit S. Kulkarn >: Good morning. Thanks for taking my questions. I have a quick couple. Would you
`comment on your alternatives just in case of the Penigo transaction does not go through? And on your lower threshold,
`would you find an impact in our credit rating there, just in case that comes to fruition from a lower threshold point of
`view? And second on Copaxone, is your pushing out of the product out of 2015 based on a specific target action date
`receipt? Thanks.
`
`<A - Heather M. Breach >: Hi, there. Good morning and thank you. So, as far as alternatives to Persigo, I think that we
`have continued, ever since closing our Abbott transaction, to say that it was going to be the first of a series. Obviously,
`we believe Perrígo is the right next transaction for Mylan based on the strategic initiatives that we laid out But as we
`said before, we like Perrigo, but we don't have to have Pemgo.
`
`There's lots of assets available out there that we believe very much would complement our platform that we would be
`able to leverage the infrastructure, both commercial and operational excellence that we have in place today. So, we've
`been actively looking at many targets out there. And as I said in my opening remarks, we believe that there's many
`different ways to get to the scale and size needed for us to continue to be a leading consolidator in this industry.
`
`As far as Copaxone, and then I'll let John take your other question on investment grade, look, we just did what we
`believe to be the financial responsible thing to do, given where we are in the year, given the momentum of our
`business, of our core business; and as we said, the ability to show not only a strong quarter raised our guidance that we
`don't need to keep uncertainty in there. So, as you get more into the year, the more we can take uncertainty out of the
`numbers. We thought that was the prudent thing to do.
`
`I can assure you from getting the product approved, we are continuing to work as diligently as we ever had to get it
`approved. We think it's great As we've said before, Momenta getting the first product approval, showing that it's
`possible to have generic Copaxone. We believe - as, I think, Rajiv laid out in his remark, we feel very confident that
`we've met the expectations of the agency, and we look forward to that approval. So, our bullishness on the product
`really has nothing to do with, I was just wanting to remove any uncertainty that we can from our numbers.
`<A - John D. Sheehan>: And lastly, Sumant, with respect to your question in investment grade credit rating, as I
`indicated in my remarks, we are fully committed to our investment grade credit rating. And we do believe that should
`we decide to reduce the acceptance level of our tender offer to a level greater than 50 %, that we would maintain our
`investment grade credit rating during the period in which we didn't have full control of the Perigo business.
`
`Operator
`Our next question comes from Gregg Gilbert of Deutsche Bank. Please go ahead.
`
`<Q - Gregg Gilbert>: Okay. Thanks. Can you hear me okay?
`
`<A - Heather M. Bresch>: Yeah.
`
`Page 7 of 14
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`

`Company Name: Mylan NV
`Company Ticker MYL LIS
`Data: 2015 -08 -08
`Event Deserlptlon: Q2 2015 Earnings Call
`
`Market Cap: 27,232.11
`Current PX: 55.40
`YTD Change(S): -.97
`YTD Change( %): -1.721
`
`Bloomberg Estimates - EPS
`Currant Quarter. 1.282
`Current Year 4.137
`Bloomberg Estimates -Sales
`Current Quarter 2704.400
`Current Year. 9737.200
`
`<A - John D. Sheehan >: Yeah.
`
`<Q - Gregg Gilbert>: So, a couple for you, John. First, can you discuss those new customer agreements that led to the
`new payment terms? Is that for all major customers in the U.S. or the big buyer groups, and were there price
`concessions involved? And in exchange, you get any enhanced visibility, or is it the classic case of the big buyers sort
`of get what they want?
`
`Secondly, can you comment, John, on trade inventory levels at the end of the quarter versus the last quarter or the end
`of the year, whatever you can provide? And then, lastly, for Heather, I appreciate your comments about there being
`other mrgets out there. I was going to ask if the Perrigo vote fails or if something else comes along for Perrigo and pays
`a bigger price, how quickly can you mobilize your financial resources and move on other transactions? Thanks.
`<A - Heather M. Bresch>: Maybe ni start and then I'll let John come back on some of the technical aspects. Look, I
`think, Gregg, you know us pretty well, I think we've shown our ability to move pretty swiftly and quickly. So, I think
`you should expect nothing less than that, that we will continue to be pursuing a lot of different pathways and be able to
`strike very quickly, just like we did Abbott and then on to Perrigo. So, there's nothing changed on that front, or
`certainly nothing changed about our personality or appetite for acquisitions.
`
`And I'll just, maybe more comments on the customer in a macro level, and then I'll let John speak to the agreements.
`But, Gregg, what we have said and what we continue to see is with the consolidation of our customers, especially from
`a global perspective, our ability to have proven to be that global reliable supply chain continues to prove itself and
`continues to put us in a position that not only are we able to secure and maintain over a longer period of time our
`business, hut are able to really, like I said, drive and benefit from the stability of our supply.
`<A - John D. Sheehan>: So, I think, Gregg, first of all, we did during the quarter complete a agreement - or
`agreements with customers, and in particular one customer which had the impact of extending customer payment terms.
`
`The business benefits coming out of that agreement, for us, far exceeded the cost of capital associated with the
`extended payment terms, and therefore it was absolutely the right business decision for us to take, and we did so with
`our eyes wide open. I would absolutely not characterize it as exactly how you said it, but as a big bully or somethi