Mylan N.V. (MYL) has reported an 114.54 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $417.50 million, or $0.78 a share in the quarter, compared with $194.60 million, or $0.38 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $842.20 million, or $1.57 a share compared with $620.20 million or $1.22 a share, a year ago.
Revenue during the quarter surged 31.20 percent to $3,267.80 million from $2,490.70 million in the previous year period. Gross margin for the quarter contracted 181 basis points over the previous year period to 40.85 percent. Total expenses were 90.34 percent of quarterly revenues, up from 82.98 percent for the same period last year. That has resulted in a contraction of 736 basis points in operating margin to 9.66 percent.
Operating income for the quarter was $315.80 million, compared with $423.90 million in the previous year period.
However, the adjusted operating income for the quarter stood at $1,098 million compared to $746.60 million in the prior year period. At the same time, adjusted operating margin improved 363 basis points in the quarter to 33.60 percent from 29.98 percent in the last year period.
Mylan chief executive officer Heather Bresch commented, "Our strong 2016 results were highlighted by year-over-year constant-currency total revenue growth of 18% and adjusted EPS growth of 14%. The fourth quarter capped off the year with impressive revenue growth of 31% and adjusted EPS growth of 29%. Again, we saw all of our regions contribute to our results for the year, with double-digit revenue increases in North America, Europe and Rest of World, reflecting the resilience, differentiation and diversity of our global platform and our unwavering focus on execution. The diversity of our business was further demonstrated by our six global therapeutic franchises that delivered approximately $1 billion or more in revenue: Respiratory and Allergy, CNS and Anesthesia, Infectious Disease, Cardiovascular, Gastrointestinal, and Diabetes and Metabolism."
For the fiscal year 2017, Mylan N.V. expects revenue to be in the range of $12,250 million to $13,750 million. The company projects adjusted net income to be in the range of $2,800 million to $3,000 million. The company projects diluted earnings per share to be in the range of $5.15 to $5.55 on adjusted basis.
Working capital increases
Mylan N.V. has recorded an increase in the working capital over the last year. It stood at $2,481.80 million as at Dec. 31, 2016, up 5.59 percent or $131.30 million from $2,350.50 million on Dec. 31, 2015. Current ratio was at 1.49 as on Dec. 31, 2016, down from 1.57 on Dec. 31, 2015.
Days sales outstanding went down to 47 days for the quarter compared with 50 days for the same period last year.
Days inventory outstanding has decreased to 58 days for the quarter compared with 63 days for the previous year period.
Debt increases substantially
Mylan N.V. has witnessed an increase in total debt over the last one year. It stood at $15,492.90 million as on Dec. 31, 2016, up 110.14 percent or $8,120.30 million from $7,372.60 million on Dec. 31, 2015. Total debt was 44.61 percent of total assets as on Dec. 31, 2016, compared with 33.11 percent on Dec. 31, 2015. Debt to equity ratio was at 1.39 as on Dec. 31, 2016, up from 0.75 as on Dec. 31, 2015. Interest coverage ratio deteriorated to 2.11 for the quarter from 5.98 for the same period last year.
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