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MYL

Mylan

$35.94

-0.9 (-2.44%)

10:40
10/10/16
10/10
10:40
10/10/16
10:40

Mylan rises after signing EpiPen settlement with DOJ

Mylan (MYL) shares are rallying after the drugmaker agreed to a $465M settlement over charges that it overcharged the government for its EpiPen products. In conjunction with the settlement, Mylan cut its guidance for the year. SETTLEMENT DETAILS: Mylan announced on Friday that it had reached a $465M settlement with the Department of Justice and other government agencies over questions on whether the company had overcharged Medicaid for the treatment by improperly classifying it as a generic drug. Mylan has been under intense scrutiny for raising the price of EpiPen to more than $600 for a pack of two from about $100 since it acquired the allergy treatment in 2007. In a statement, Mylan said the settlement did not imply any admission of wrongdoing. It also said the settlement had not been finalized, and that it expected to enter into a corporate integrity agreement with the Office of the Inspector General for the Department of Health and Human Services. "This agreement is another important step in Mylan's efforts to move forward and bring resolution to all EpiPen Auto-Injector related matters" CEO Heather Bresch stated, adding that the agreement is "in addition to the significant steps Mylan has taken in relation to EpiPen Auto-Injector over the past several weeks, including the unprecedented, pending launch of a generic version of EpiPen Auto-Injector and expansion of our patient access programs for this product." LOWERED GUIDANCE: As a result of the previously announced changes in EpiPen Auto-Injector access programs and the upcoming launch of the generic to EpiPen Auto-Injector, Mylan on Friday cut its fiscal 2016 adjusted earnings per share view to $4.70-$4.90 from $4.85-$5.15, below analysts' estimates at the time of $4.95. Mylan will take a pre-tax charge of approximately $465M in the third quarter as a result of the DOJ settlement. Looking ahead, Mylan backed its adjusted EPS target for fiscal 2018 of "at least" $6.00. ANALYSTS MOSTLY 'POSITIVE' ON SETTLEMENT, GUIDANCE: JPMorgan analyst Chris Schott said in a note to clients that he views the DOJ settlement and the updated 2016 guidance as a "positive." He said that the news "removes litigation overhang at a reasonable cost" and highlights the diversification of the base business and inexpensive valuation of the stock. Raymond James analyst Elliot Wilber agreed, and upgraded Mylan to Strong Buy from Market Perform, explaining that the DOJ settlement eliminates a significant overhang on shares enabling the focus to be on Mylan's fundamentals. Wilber now sees favorable risk/reward scenarios even in a more tempered earnings growth environment. UBS analyst Marc Goodman said he remains constructive on Mylan despite the controversy surrounding its corporate governance. Goodman, who reiterated a Buy rating but lowered his price target to $60 from $66 on Mylan shares, said the company's updated guidance was better than feared. WELLS' MARIS MORE CAUTIOUS: However, Wells Fargo analyst David Maris said questions remain after the settlement and updated 2016 guidance. Maris disagreed with investors that think the settlement puts the EpiPen pricing issue largely behind the company, and contended that the DOJ deal only addresses the Centers for Medicare and Medicaid Services portion of the issue, and does nothing to answer the original issue of EpiPen pricing and consumers. Maris keeps a Market Perform rating on Mylan shares. PRICE ACTION: Mylan is up over 8% to $38.92 in morning trading, though shares are still down over 32% year-to-date.

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MYL Mylan
$35.94

-0.9 (-2.44%)

10/10/16
RAJA
10/10/16
UPGRADE
Target $57
RAJA
Strong Buy
Mylan upgraded to Strong Buy on EpiPen settlement at Raymond James
As previously reported, Raymond James upgraded Mylan two notches to Strong Buy from Market Perform and established a $57 price target. Analyst Elliot WIlbur said the Department of Justice settlement over EpiPen rebates eliminates a significant overhang on shares enabling the focus to be back on fundamentals. With depressed absolute and relative valuation levels, Wilber sees favorable risk/reward scenarios even in a more tempered earnings growth environment.
10/10/16
JPMS
10/10/16
NO CHANGE
Target $52
JPMS
Overweight
Mylan settlement, updated guidance a positive, says JPMorgan
JPMorgan analyst Chris Schott views Mylan's $465M settlement with the Department of Justice relating to the potential misclassification of Epipen in the Medicaid Drug Rebate Program as well as its updated 2016 guidance as a positive. The news "removes litigation overhang at a reasonable cost and highlights the diversification of the base business and inexpensive valuation," Schott tells investors in a research note. He keeps an Overweight rating on Mylan with a $52 price target.
10/10/16
WELS
10/10/16
NO CHANGE
WELS
Mylan settlement does not end EpiPen issue, says Wells Fargo
In a research note titled "Forget After Hrs. Quarterbacking - It is Not Back to Normal," Wells Fargo analyst David Maris says Mylan questions still remain after the company's lowered 2016 outlook and $465M Department of Justice settlement. One of Mylan's earnings levers, EpiPen pricing, is now off the table going forward, Maris tells investors in a research note. The analyst disagrees with investors that think the settlement puts the EpiPen pricing issue largely behind the company. The deal with the DOJ addresses only the Centers for Medicare and Medicaid Services portion of the issue, it does nothing to answer the original issue of EpiPen pricing and consumers, Maris contends. He points out that Mylan also disclosed in Friday's regulatory filing, but not in its press release, an SEC investigation by the Division of Enforcement. Maris says he's "not too excited" and doesn't gauge how good the news is by the after-hours share rally of 10%. He believes Mylan is "not back to normal" and keeps a Market Perform rating on the stock with a $43-$45 price target range. The shares are up 12% in pre-market trading to $40.35. Raymond James this morning upgraded Mylan to Strong Buy.
10/10/16
10/10/16
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Mylan (MYL) upgraded to Strong Buy from Market Perform at Raymond James with Elliot WIlbur saying the Department of Justice settlement over EpiPen rebates eliminates a significant overhang on shares enabling the focus to be back on fundamentals. 2. Under Armour (UA) upgraded to Outperform from Market Perform at Wells Fargo with analyst Tom Nikic saying "noise" from the Sports Authority's bankruptcy is fading while distribution expansion could lead to sales re-acceleration over the next 12-18 months. 3. Deere (DE) and AGCO (AGCO) were upgraded to Outperform from Market Perform at Wells Fargo. 4. Dow Chemical (DOW) upgraded to Buy from Neutral at UBS with analyst John Roberts saying the merger with DuPont (DD) could gain regulatory approval and that the stock is "now too cheap to ignore." 5. Exelixis (EXEL) upgraded to Overweight from Neutral at Piper Jaffray with analyst Edward Tenthoff saying the data are "good enough" to file a supplemental new drug application and could drive off-label front-line RCC use. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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