Mylan: Reduced Confidence in Ability to Achieve Prior Expectations; $20 FVE
We assign Mylan a no-moat and stable trend rating. We are also lowering our fair value estimate to $20 per share from $33, as we are not confident in the company’s ability to introduce complex (new) therapies to replenish the pipeline beyond anticipated fiscal 2019 launches, which we think will weigh on margins more than previously expected.As a leading global generic manufacturer in an industry undergoing dramatic changes, Mylan has also been one of the most controversial publicly traded healt...
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