Mylan to complete billion-dollar share repurchase plan

Mylan has announced that it will be completing the $1 billion (GBP 739.39 million) share repurchase plan that its board of directors previously approved.

This decision reflects the continued strong performance the company continues to achieve in terms of its adjusted free cash flow generation, and means Mylan is able to carry on executing on its business strategies while effectively deploying capital and delivering strong shareholder returns.

In addition, following the recent purchase of Abbott's EPD assets, Mylan has received notification that Abbott has sold its remaining 20.3 million shares of Mylan, meaning a potential share overhang has been avoided.
Mylan's chairman Robert Coury said: "We are committed to continuing our dialogue with shareholders and the larger investor community in an effort to continue to optimise Mylan's valuation."

This return of capital to shareholders comes at a time when Mylan is enjoying positive momentum fuelled by the recent approval and launch of several key products, with the firm also harbouring strong growth expectations and a view that its platform is being substantially undervalued at present.

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