Deutsche Bank Maintains Buy On Mylan Following 3Q14 Results

In a research report issued today, Deutsche Bank analyst Gregg Gilbert maintained a Buy rating on Mylan (NASDAQ:MYL) with a $67 price target, following the company’s release of its third-quarter results.

Gilbert wrote, “We updated our model following MYL’s 3Q results. We lowered our 4Q14E revenue to $2.11bn (from $2.16bn) based on lower sales for North America generics (due to FDA approval delays) and FX headwinds. Our 2015+ revenue estimates are slightly higher based on higher sales for ROW generics (which continues to grow well). We also raised our gross margin and operating expense estimates. Our new 2014E EPS is $3.54 (from $3.26; 3Q upside drove most of the increase) and 2015E EPS is $4.32 (from $4.25). Our DCF-based PT is unchanged at $67. MYL remains on track to close the Abbott transaction in 1Q15, and importantly does not anticipate any changes to the favorable tax attributes for NewCo; management also expressed confidence in driving revenue synergies and gross margin expansion for the business (our estimates remain more conservative). We are maintaining our Buy rating based on MYL’s solid and diverse base business, attractive pipeline, and potential for value-added deals that will leverage the new corporate structure. We note that MYL is actively pursuing business development opportunities, and described seeing a lot of transactions that make strategic and financial sense for the company.”

According to, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Gregg Gilbert has a total average return of 21.9% and a 69.6% success rate. Gilbert is ranked #279 out of 3354 analysts.

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