3 Speen Street, Suite 300, Framingham, MA 01701. The new company will have a new, yet-to-be-announced name. The proposed merger between Mylan and Pfizer’s Upjohn, though facing a delay due to the COVID-19 pandemic, has won antitrust clearance from the European Commission—but not without conditions. But that global footprint also created multiple regulatory hurdles for the transaction, as the pair also needs to gain green lights from many other jurisdictions, including China, Japan, India, Russia, among others. Subscribe to FiercePharma to get industry news and updates delivered to your inbox. A dividend cut is on the way for one of the biggest drugmakers in the world. Pfizer didn't report its cash flow in Q1. In early January, Piper Sandler analyst David Amsellem published a cautionary note on the merger, giving Mylan a Neutral rating. Enclose phrases in quotes. Some Pfizer shareholders might not want to hold onto their Viatris shares after the Upjohn-Mylan deal closes. You won't see your income reduced. Updated 1425 GMT (2225 HKT) July 29, 2019. Why does it matter how much Pfizer will cut its dividend if Viatris will make up the difference? The Ascent is The Motley Fool's new personal finance brand devoted to helping you live a richer life. All times are ET. Keith began writing for the Fool in 2012 and focuses primarily on healthcare investing topics. In a statement, Mylan said the required divestitures are “substantially in line with” the company’s previously stated expectations. The merger marks a major turning point for Pfizer, but also for Mylan. The other makes the popular EpiPen drug for people with allergies. White Paper: Why Test Your COVID-19 Therapies for Auditory Safety? But just how low will Pfizer's dividend go after the Mylan-Upjohn deal is finalized? Xalatan and Xalacom delivered $281 million to Upjohn’s top line, down from $318 million in 2018. It is combining Upjohn with rival Mylan, which makes EpiPens, to create a new company. Pfizer’s eye drop Xalatan and its sister combo drug Xalacom and their knockoffs by Mylan are dominant players in certain Eastern European territories, they said. In 2019, Lyrica’s global sales plummeted by a third to $3.32 billion, as it lost U.S. exclusivity in June. Returns as of 10/14/2020. Stock Advisor launched in February of 2002. There are both positive and negative trade-offs to consider. Investigators also found that Pfizer’s migraine reliever Relpax and Mylan’s copycat hold strong positions in Northern European countries Denmark, Finland, Norway and Sweden, as well as France. This last number is important because Viatris is expected to use around 25% of its free cash flow to fund a dividend program. Both drugmakers recently lost exclusive rights to manufacture drugs that were big money makers for the companies. Learn how preclinical ototoxicity assessment can help you avoid clinical and financial risks. Market data powered by FactSet and Web Financial Group. Bresch's departure is a "clear positive as far as healthcare shareholders are concerned," Jefferies analyst Jared Holz told CNN Business. In the first quarter, the company reported $2.1 billion in dividend payments. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. © 2020 Questex LLC. He blames Mylan's management for a "fairly significant discount" in the company's stock valuation. Erectile dysfunction drug Viagra brought in an estimated $1.4 billion in annual sales for Pfizer before Teva Pharmaceuticals. The proposed merger between Mylan and Pfizer's Upjohn unit, though facing a delay due to the COVID-19 pandemic, has won EU antitrust clearance—but not … The management team will include people from Mylan and Upjohn. Xanax global sales declined 11% year over year to $198 million. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. These requests—which usually mean lengthened review and increased possibility of legal challenge or divestiture requirements—have become a new normal for big biopharma transactions lately. The transaction will form a new entity that will be known as Viatris. But based on the rough calculations already discussed, the "new" Pfizer's dividend won't be too much lower than the current dividend. These included Pfizer’s Revatio—a sister drug to its popular erectile dysfunction therapy Viagra—for pulmonary arterial hypertension in countries such as France and the U.K. Mylan has a generic version of the pill. Although the COVID-19 pandemic has pushed back the anticipated closing date, Pfizer and Mylan still anticipate that the deal will be finalized in the second half of 2020. Repurposing approved compounds for COVID-19 can expedite regulatory review, but changing formulation, dosing, and administration route may add risks. Roche’s $4.3 billion acquisition of Spark Therapeutics, Bayer’s $7.6 billion bid to offload its animal health franchise to Elanco, and AbbVie’s proposed $63 billion takeover of Allergan have all been hit with the same additional scrutiny. Disclaimer. Mylan's stock has lost 60% of its value over the past three years. Here's a back-of-the-napkin calculation. Based on the projections for Viatris, the new entity should pay out quarterly dividends of around $250 million (25% of $4 billion in annual cash flow divided by four quarters). But it's not because of the COVID-19 pandemic. (MPD01605/CC BY-SA 2.0). Viatris should generate annual revenue of between $19 billion and $20 billion with free cash flow of more than $4 billion.

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