Mylan NV Q3 2015 Earnings Call Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Marc Goodman - UBS - Analyst : Good morning. Heather, on EpiPen, can you talk about the pricing commentary in the press release, and put in context what it means relative to the troubles we learned about yesterday with Auvi-Q, and with the delays, and can you also comment on any changes in channel inventory levels may be in anticipation of the Teva generic coming? And the third question is, it seems with the recent changes here with EpiPen that you should be able to do over $5 a share of earnings next year and I was curious if you make a comment on that? Thank you.

Question: Gregg Gilbert - Deutsche Bank - Analyst : Good morning, I have three questions. First can you talk about gross margin and whether it is sustainable at these levels in some of the pushes and pulls? My second question is for Heather. When you described Perrigo, I can't help but think it sounds like you're pitching a stock to short. Can you talk about your philosophy of why you're talking about, your target in a way that suggests that you could do a far better job with it, you're about to part with a lot of precious capital of your shareholders that you seem to be focused on the negatives of the business, more than the positives yet you haven't lowered your price. And lastly for Robert, what are these corporate governance changes you are committed to making, I think it's appropriate to be more specific in this case so that your shareholders believe it's more than just lip service to get a deal done? Thanks.

Question: Sumant Kulkarni - BofA Merrill Lynch - Analyst : Good morning. Thanks for taking my questions. I have three. First, outside of over-the-counter, what is the specific business development priorities for Mylan given the competition on the generic side may start to appear more formidable with the [Teva Allergan] transaction? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. OCTOBER 30, 2015 / 2:00PM, VTRS.OQ - Q3 2015 Mylan NV Earnings Call Second, if the Perrigo standalone business appear so challenged in some fashion, what can Mylan specifically due to kick start that business, or how long could it take to turn it around excluding any revenue synergies? And third, sorry I missed it, could you give us an update on the antitrust review of this transaction in the US?

Question: Andrew Finkelstein - Susquehanna Financial Group / SIG - Analyst : Thanks very much for taking the question. I was hoping you could comment more on a couple of things. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. OCTOBER 30, 2015 / 2:00PM, VTRS.OQ - Q3 2015 Mylan NV Earnings Call Number one, you mentioned better margins on some of your existing products in North America, and could you comment how much of that is related to pricing? Number two, Perrigo announced plans to spin off its VMS business. How do you think about a business like that, in terms of where you can compete successfully in OTC? And then finally, you mentioned opthalmics, if you can comment anymore on the capabilities you do have there, including with products like generic Restasis? Thanks very much.

Question: Ronny Gal - Bernstein - Analyst : Good morning and thank you for taking my questions. I have three. First, Rajiv, about the insulin product, there are two formulations of Lantus out there, there is a vial formulation and a pre-filled syringe formulation. And I know you worked on the pre-filled syringe formulations, others have been struggling with the vial REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. OCTOBER 30, 2015 / 2:00PM, VTRS.OQ - Q3 2015 Mylan NV Earnings Call formulation. Can you just confirm to us that you were able to get the vial formulation right, and is this one of the formulations that will be submitted in 2016? Second, on R&D, you seem to have a lot of trials going to Phase 3, both on the branded side and the biosimilars. Should we expect an increase in R&D in 2016 above the current percent of revenue, even with the EpiPen numbers, can you just give us an idea about how much, what is the [step] function in R&D to cover those? And last, to come back to you guys on this issue of governance, I understand you want to talk to the board of Perrigo on this issue, but for your own shareholders, I think the question is, are you willing to undo the [stiffening] requirements to keep Mylan independent, are you willing to change the board election to allow shareholders to propose new members? For your own shareholders looking long-term, is this in the plans, will you commit to that, or is it something that you think is going to bedrock the way that Mylan should operate long-term?

Question: Umer Raffat - Evercore ISI - Analyst : Thanks for taking my question. I have a few if I may. First, Robert, when you say corporate governance changes are referring specifically [restricting] or are there other consideration you're evaluating as well? I just wanted to understand that better. And Heather the slides mentioned that for Avid's established products business the year-over-year constant currency growth is 5%. Can you give us what it is without FX adjustment for Avid established products? And finally, John, so what exactly does the purchase accounting amortization entail? I just wanted to understand specifically, what exactly does it include that, and what's the $41 million financing related cost that was non-GAAPed out? Thank you.

Question: Derek Archila - Leerink Partners - Analyst : Hi, good morning this is Derek on for Jason. I just had one question. I was wondering if you could talk about these $17 million one-time customers incentive in the EU, and whether that was related at all to Perrigo's distributors not taking any Omega products during the quarter? Thanks.