Company Thesis
Mylan’s (MYL) generic drug portfolio is 66% derived from international sales which are not affected by U.S. drug pricing controversies and will continue to grow organically. Generic Copaxone revenues alongside biosimilar launches will more than offset Epipen’s decline from blockbuster status, not to mention the potential for a multi-billion dollar Eylea biosimilar. Price fixing lawsuits will likely see a 20% impairment in settlement expense based on annual revenues paid out over a period of multiple years. Growth is projected to pick-up sharply post 2020 U.S. elections after Medicare reforms are complete.