The company said that it is reaffirming its adjusted diluted earnings per share (EPS) guidance for 2008, 2009 and 2010 of $0.47 to $0.53, $0.90 to $1.10 and $1.50 to $1.70, respectively. It also said the retention of the Dey business is expected to contribute positively to Mylan’s 2008, 2009 and 2010 adjusted diluted EPS projections.
In addition, the company said that Dey will be included in Mylan’s ongoing initiatives to strengthen and optimize its global platform. As part of this activity, Mylan is realigning the business by: relocating the company’s commercial operations from its Napa, California facilities to the east coast; right-sizing Dey’s R&D functions, and relocating them to other Mylan locations; transitioning Dey’s manufacturing operations out of the Napa facility; and transitioning all general and administrative functions from Napa in parallel with the business areas they support.
Robert Coury, vice chairman and CEO of Mylan, said: “These activities will position us to divest Dey’s Napa facilities over the next two years. We are hopeful that we can find a buyer who may be able to maintain employment there.”