Mylan CEO Says Company Had “Minimal Disruption” During Coronavirus Pandemic

According to Mylan CEO Heather Bresch, the company’s global supply chain has helped it experience a “minimal disruption” during the coronavirus pandemic.

Bresch told CNBC’s “Closing Bell” that, “As Covid hit different areas of the world at different points in time, [being] able to navigate and leverage the different aspect of our supply chain, really allowed us to really have minimal disruption.”

Mylan has more than 40 facilities across the world said Bresch, which allows the company to be “near patients that need the treatment.” Supply chain diversification over the last decade has been beneficial to Mylan, Bresch added.

According to the CEO, some countries may have more domestic manufacturing than the U.S., but argued “no country’s capable of … making all the medicines they need for their populations.”

Bresch said the current pandemic underscores the need for strategic alliances among countries.

“But at the end of the day, Mylan’s global platform has really positioned us to be able to continue to fill patients’ needs with these critical medicines .. . during these unprecedented times,” she noted.

On Monday the drugmaker announced first quarter results and reaffirmed its revenue guidance for the year. The company expects revenue in the range of $11.5 billion and $12.5 billion.

For the first quarter the company reported earnings of $20.8 million, or 4 cents per share, compared to a loss of $25 million, or 5 cents per share, in the same period a year ago. The FactSet consensus was 86 cents.

Revenue was $2.62 billion for the quarter, up from $2.50 billion a year ago. The FactSet consensus was $2.65 billion.

Disclaimer: We have no position in Mylan NV (NASDAQ: MYL) and have not been compensated for this article.