MYLAN N.V.

FORM
10-K
(Annual Report)

Filed 02/16/16 for the Period Ending 12/31/15

Telephone
CIK
SIC Code
Fiscal Year

44 0 1707 853 000

0001623613
2834 - Pharmaceutical Preparations
12/31

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 10-K

Annual Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Fiscal Year Ended December 31, 2015

OR

Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from

to

.
Commission file number 333-199861

MYLAN N.V.
(Exact name of registrant as specified in its charter)

The Netherlands

98-1189497

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

Building 4, Trident Place, Mosquito Way, Hatfield, Hertfordshire, AL10 9UL, England
(Address of principal executive offices)

+44 (0) 1707-853-000

(Registrants telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class:

Name of Each Exchange on Which Registered:

Ordinaryshares,nominalvalue0.01

TheNASDAQStockMarket

Securities registered pursuant to Section 12(g) of the Act: None

Indicatebycheckmarkiftheregistrantisawell-knownseasonedissuer,asdefinedinRule405oftheSecuritiesAct.Yes
No
IndicatebycheckmarkiftheregistrantisnotrequiredtofilereportspursuanttoSection13orSection15(d)oftheAct.Yes
No
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past
90days.Yes
No
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be
submitted and posted pursuant to Rule 405 of Regulation S-T ( 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was
requiredtosubmitandpostsuchfiles).Yes
No
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K ( 229.405 of this chapter) is not contained herein, and will not be
contained,tothebestofregistrantsknowledge,indefinitiveproxyorinformationstatementsincorporatedbyreferenceinPartIIIofthisForm10-Koranyamendmenttothis
Form10-K.
Indicatebycheckmarkwhethertheregistrantisalargeacceleratedfiler,anacceleratedfiler,anon-acceleratedfiler,orasmallerreportingcompany.Seethedefinitionsof
largeacceleratedfiler,acceleratedfilerandsmallerreportingcompanyinRule12b-2oftheExchangeAct.:
Largeacceleratedfiler

Acceleratedfiler

Non-acceleratedfiler

(Donotcheckifasmallerreportingcompany)
Smallerreportingcompany

Indicatebycheckmarkwhethertheregistrantisashellcompany(asdefinedinRule12b-2oftheAct).Yes
No
Theaggregatemarketvalueoftheoutstandingordinaryshares,nominalvalue0.01,oftheregistrantotherthansharesheldbypersonswhomaybedeemedaffiliatesof
theregistrant,asofJune30,2015,thelastbusinessdayoftheregistrantsmostrecentlycompletedsecondfiscalquarter,wasapproximately$33,063,308,366.
Thenumberofordinarysharesoutstanding,nominalvalue0.01,oftheregistrantasofFebruary8,2016was490,687,866.

INCORPORATED BY REFERENCE
Document
AnamendmenttothisForm10-Kwillbefilednolaterthan120daysafterthecloseofregistrantsfiscalyear.

Part of Form 10-K into Which

Document is Incorporated
III

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MYLAN N.V.
INDEX TO FORM 10-K
For the Year Ended December 31, 2015

Page

PART I

ITEM1.

Business

ITEM1A.

RiskFactors

24

ITEM1B.

UnresolvedStaffComments

51

ITEM2.

Properties

51

ITEM3.

LegalProceedings

51

ITEM5.

MarketforRegistrantsCommonEquity,RelatedStockholderMattersandIssuerPurchasesofEquitySecurities

52

ITEM6.

SelectedFinancialData

54

ITEM7.

ManagementsDiscussionandAnalysisofFinancialConditionandResultsofOperations

56

ITEM7A.

QuantitativeandQualitativeDisclosuresaboutMarketRisk

85

ITEM8.

FinancialStatementsandSupplementaryData

86

ITEM9.

ChangesinandDisagreementswithAccountantsonAccountingandFinancialDisclosure

165

ITEM9A.

ControlsandProcedures

165

ITEM9B.

OtherInformation

ITEM10.

Directors,ExecutiveOfficersandCorporateGovernance

166

ITEM11.

ExecutiveCompensation

166

ITEM12.

SecurityOwnershipofCertainBeneficialOwnersandManagementandRelatedStockholderMatters

166

ITEM13.

CertainRelationshipsandRelatedTransactions,andDirectorIndependence

166

ITEM14.

PrincipalAccountingFeesandServices

166

ITEM15.

ExhibitsandConsolidatedFinancialStatementSchedules

PART II

165

PART III

PART IV

167

Signatures

177
2

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PART I

ITEM 1.

Business

MylanN.V.,alongwithitssubsidiaries(collectively,theCompany,Mylan,ourorwe),isaleadingglobalpharmaceuticalcompany,which
develops,licenses,manufactures,marketsanddistributesgeneric,brandedgenericandspecialtypharmaceuticals.Mylaniscommittedtosettingnewstandardsin
healthcarebycreatingbetterhealthforabetterworld,andourmissionistoprovidetheworlds7billionpeopleaccesstohighqualitymedicine.Todoso,we
innovatetosatisfyunmetneeds;makereliabilityandserviceexcellenceahabit;dowhat'sright,notwhat'seasy;andimpactthefuturethroughpassionateglobal
leadership.
Mylanoffersoneoftheindustrysbroadestproductportfolios,includingmorethan1,400marketedproducts,tocustomersinapproximately165countries
andterritories.Weoperateaglobal,highqualityvertically-integratedmanufacturingplatform,whichincludesmorethan50manufacturingandresearchand
development(R&D)facilitiesaroundtheworldandoneoftheworldslargestactivepharmaceuticalingredient(API)operations.Wealsooperateastrongand
innovativeR&Dnetworkthathasconsistentlydeliveredarobustproductpipelineincludingavarietyofdosageforms,therapeuticcategoriesandbiosimilars.
Additionally,Mylanhasaspecialtypharmaceuticalbusinessthatisfocusedonrespiratoryandallergytherapies.
Overview
Throughoutitshistory,MylanhasbeenrecognizedasaleaderintheUnitedStates(U.S.)genericpharmaceuticalindustry.Ourleadershippositionisthe
resultof,amongotherfactors,ourabilitytoefficientlyobtainAbbreviatedNewDrugApplication(ANDA)approvalsandourreliablehighqualitysupplychain.
Mylanisoneofthelargestgenericandspecialtypharmaceuticalscompaniesintheworldtodayintermsofrevenueandisrecognizedasanindustryleaderbecause
ofourorganicgrowthandtransformativeacquisitionsbeginningin2007.
OnJuly13,2014,MylanN.V.andMylanInc.enteredintoadefinitiveagreement,asamendedonNovember4,2014,withAbbottLaboratories(
Abbott)toacquireAbbottsnon-U.S.developedmarketsspecialtyandbrandedgenericsbusiness(theEPDBusiness)inanall-stocktransaction.Inconnection
withtheclosingoftheacquisitiononFebruary27,2015(theEPDTransactionClosingDate),AbbotttransferredtheEPDBusinesstoMylanN.V.inexchange
for110millionordinarysharesofMylanN.V.MylanInc.becameanindirectwhollyownedsubsidiaryofMylanN.V.,andMylanInc.soutstandingcommon
stockwasexchangedonaonetoonebasisforMylanN.V.ordinaryshares.
ThepurchasepricefortheacquiredEPDBusiness,whichwasonadebt-freebasis,was$6.3billionbasedontheclosingpriceofMylanInc.sstockasof
theEPDTransactionClosingDate,asreportedbytheNASDAQGlobalSelectStockMarket.OntheEPDTransactionClosingDate,MylanN.V.,Abbottand
AbbottShareholdersenteredintoashareholderagreement.FollowinganunderwrittenpublicofferingofAbbottShareholdersofaportionofMylanN.V.s
ordinarysharesheldbythem,whichclosedonApril6,2015,theAbbottShareholderscurrentlyownapproximately14.2%ofMylanN.V.soutstandingordinary
shares.TheacquiredEPDBusinessenhancedouralreadyexpansiveproductportfoliobymorethan100specialtyandbrandedgenericpharmaceuticalproductsin
fivemajortherapeuticareasandincludedseveralpatentprotected,noveland/orhard-to-manufactureproducts.Additionally,wesignificantlyexpandedand
strengthenedourpresenceinEurope,Japan,Canada,AustraliaandNewZealand.
OnNovember20,2015,wecompletedtheacquisitionofcertainfemalehealthcarebusinessesfromFamyCareLimited(suchbusinessesJaiPharma
Limited),aspecialtywomenshealthcarecompanywithgloballeadershipingenericoralcontraceptiveproducts,throughourwhollyownedsubsidiaryMylan
LaboratoriesLimited(MylanIndia)foracashpaymentof$750millionplusadditionalcontingentpaymentsofupto$50millionforthefilingforapprovalwith,
andreceiptofapprovalfrom,theU.S.FoodandDrugAdministration(FDA)ofaproductunderdevelopmentwithJaiPharmaLimited.
InaccordancewithaccountingprinciplesgenerallyacceptedintheUnitedStatesofAmerica(U.S.GAAP),theCompanyusedthepurchasemethodof
accountingtoaccountforthistransaction.Underthepurchasemethodofaccounting,theassetsacquiredandliabilitiesassumedinthetransactionwererecordedat
theirrespectiveestimatedfairvaluesattheacquisitiondate.TheU.S.GAAPpurchasepricewas$711.1million,whichexcludesthe$50millionpaidintoescrow
atclosingthatiscontingentuponatleastoneoftwoprincipalformershareholdersofJaiPharmaLimitedcontinuingtoprovideconsultingservicestotheacquired
businessforthetwoyearpost-closingperiodandwillbetreatedascompensationexpenseovertheserviceperiod.TheU.S.GAAPpurchasepricealsoexcludes$7
millionofworkingcapitalandotheradjustmentsandincludesestimatedcontingentconsiderationofapproximately$18millionrelatedtothe$50million
contingentpayment.With

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thistransaction,wehavesignificantlybroadenedourwomenscareportfolioandstrengthenedourtechnicalandmanufacturingcapabilities.
Throughthesetransactions,alongwithourprevioustransformativeacquisitionsofAgilaSpecialties(Agila),MylanIndia,MerckKGaAsgenerics
andspecialtypharmaceuticalbusiness,BionichePharmaHoldingsLimited(BionichePharma)andPfizerInc.srespiratorydeliveryplatform(therespiratory
deliveryplatform),wehavecreatedahorizontallyandverticallyintegratedplatformwithglobalscale,augmentedourdiversifiedproductportfolioandfurther
expandedourrangeofcapabilities,allofwhichwebelievepositionuswellforthefuture.
Today,inadditiontotheU.S.,Mylanhasarobustworldwidecommercialpresenceinthegenericpharmaceuticalmarket,includingleadershippositionsin
Australia,severalkeyEuropeanmarketssuchasFranceandItaly,aswellasothermarketsaroundtheworld.Mylanalsoisaleaderinbrandedspecialty
pharmaceuticalsfocusingonrespiratoryandallergyproducts.
Currently,Mylansglobalportfolioofmorethan1,400differentmarketedproductscoversavastarrayoftherapeuticcategories.Weofferanextensive
rangeofdosageformsanddeliverysystems,includingoralsolids,topicals,liquidsandsemisolidswhilefocusingonthoseproductsthataredifficulttoformulate
andmanufacture,andtypicallyhavelongerlifecyclesthantraditionalgenericpharmaceuticals,includingtransdermalpatches,highpotencyformulations,
injectables,controlled-releaseandrespiratoryproducts.Inaddition,weofferawiderangeofantiretroviraltherapies(ARVs),uponwhichnearly50%ofpatients
beingtreatedforHIV/AIDSindevelopingcountriesdepend.MylanalsooperatesoneofthelargestAPImanufacturers,supplyinglowcost,highqualityAPIfor
ourownproductsandpipelineaswellasforanumberofthirdparties.
Webelievethatthebreadthanddepthofourbusinessandplatformprovidecertaincompetitiveadvantagesinmajormarketsinwhichweoperate,
includinglessdependencyonanysinglemarketorproduct.Asaresult,wearebetterabletosuccessfullycompeteonaglobalbasisthancomparedtomanyofour
competitors.
Our Operations
MylanN.V.wasoriginallyincorporatedasaprivatelimitedliabilitycompany,NewMoonB.V.,intheNetherlandsin2014.Mylanbecameapublic
limitedliabilitycompanyintheNetherlandsthroughitsacquisitionoftheEPDBusinessonFebruary27,2015.MylanscorporateseatislocatedinAmsterdam,
theNetherlands,itsprincipalexecutiveofficesarelocatedinHatfield,Hertfordshire,EnglandandMylanN.V.groupsglobalheadquartersarelocatedin
Canonsburg,Pennsylvania.Mylanoperatesintwosegments,GenericsandSpecialty.Ourrevenuesarederivedprimarilyfromthesaleofgenericandbranded
genericpharmaceuticals,specialtypharmaceuticalsandAPI.OurgenericpharmaceuticalbusinessisconductedprimarilyintheU.S.andCanada(collectively,
NorthAmerica);Europe;andIndia,Australia,Japan,NewZealandandBrazilaswellasourexportactivityintoemergingmarkets(collectively,Restof
World).OurAPIbusinessisconductedthroughMylanIndia,whichisincludedwithinRestofWorldinourGenericssegment.Ourspecialtypharmaceutical
businessisconductedbyMylanSpecialtyL.P.(MylanSpecialty).RefertoNote13Segment Information includedinItem8inthisForm10-Kforadditional
informationrelatedtooursegments,includingourgeographicmarkets.

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Ourglobaloperationalfootprint,includingthelocationsofourmanufacturingandR&Dfacilitiesandcapabilities,alongwiththeindividualsitesprimary
activities,aredetailedonthemapbelow.

Ourglobalmanufacturingplatformisanimportantcomponentofourbusinessmodel.Weownsevenproduction,distributionandwarehousingfacilitiesin
theU.S.includingPuertoRico,includingsignificantproductionanddistributionsitesinMorgantown,WestVirginia;St.Albans,Vermont;Caguas,PuertoRico;
andGreensboro,NorthCarolina.OutsidetheU.S.andPuertoRico,weownproduction,distributionandwarehousingfacilitiesinninecountries,includingkey
facilitiesinIndia,Australia,Japan,Ireland,Brazil,HungaryandFrance.Throughourmanufacturingfacilitiesinwhichweoperatearoundtheglobe,wehavea
manufacturingcapacitycapableofproducingapproximately65billionoralsoliddoses,3,600kilolitersofAPIs,500millioninjectableunits,260millionpatches
and15millionsemisolidunitsperyear.
TheCompanyalsoleaseswarehousing,distributionandadministrativefacilitiesinnumerouslocations,withinandoutsideoftheU.S.,including
propertiesinNewYork,France,India,IrelandandtheUnitedKingdom(theU.K.).Alloftheproduction,distributionandwarehousingfacilitiesareincluded
withintheGenericssegment;however,certainlocationsalsosupportourSpecialtysegment.OurglobalR&DcentersofexcellencearelocatedinMorgantown,
WestVirginia,Hyderabad,IndiaandSandwich,U.K.WealsohavespecifictechnologyfocuseddevelopmentsitesinVermont,Ireland,IndiaandJapan.
Webelievethatallofourfacilitiesareingoodoperatingcondition,themachineryandequipmentarewell-maintained,thefacilitiesaresuitablefortheir
intendedpurposesandtheyhavecapacitiesadequateforthecurrentoperations.
Generics Segment
OurGenericssegmentprimarilydevelops,manufactures,sellsanddistributesgenericorbrandedgenericpharmaceuticalproductsintablet,capsule,
injectable,transdermalpatch,gel,creamorointmentform,aswellasAPI.FortheyearendedDecember31,2015,Genericssegmentthirdpartynetsaleswere
$8.16billion.OurGenericssegmentoperateswithinthreegeographicalregions:NorthAmerica,EuropeandRestofWorld.Thechartbelowreflectsthirdparty
netsalesbyregionfortheyearendedDecember31,2015.

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North America
Ofourbroadglobalproductportfolioofmorethan1,400products,wemarketapproximately610oftheseproductsthroughoutNorthAmerica.The
U.S.genericsmarketisthelargestintheworld,withgenericprescriptionsalesof$61.3billionforthetwelvemonthsendedNovember2015.Intermsofgeneric
prescriptionvolume,approximately77%ofallpharmaceuticalproductssoldintheU.S.aregenericproducts,whichdemonstratesthehighlevelofgeneric
penetrationinthismarket.MylanholdsthenumbertworankingintheU.S.genericsprescriptionmarketbothintermsofsalesandprescriptionsdispensed.
Approximatelyoneinevery13prescriptionsdispensedintheU.S.isaMylanproduct.OursalesofproductsintheU.S.arederivedprimarilyfromthesaleoforal
soliddosages,injectables,transdermalpatches,gels,creams,ointmentsandunitdoseofferings.IntheU.S.,wehaveoneofthelargestproductportfoliosamongall
genericpharmaceuticalcompanies,consistingofapproximately430products,ofwhichapproximately330areincapsuleortabletform,inanaggregateof
approximately950dosagestrengths.Includedinthesetotalsareapproximately50extended-releaseproductsinatotalofapproximately125dosagestrengths.
Wemanufactureandselladiverseportfolioofinjectableproductsacrossseveralkeytherapeuticareas,includingantineoplastics,anti-infectives,
anesthesia/painmanagementandcardiovascular.Ourproductofferingsincludeadiverseportfolioofapproximately70injectablebrandedandgenericproducts,in
anaggregateofapproximately90dosagestrengths.AsofDecember31,2015,approximately108injectableproductshavebeenfiledandarependingANDA
approvalfortheU.S.market.Mylansinjectablemanufacturingcapabilitiesincludevials,pre-filledsyringes,ampoulesandlyophilizationwithafocuson
antineoplastics,penems,penicillins,ophthalmicsandpeptides.
Ourunitdosebusinessfocusesonprovidingoneofthelargestproductportfoliosalongwithinnovativepackagingandbarcodingthatsupportsbedside
verificationthroughouttheU.S.andCanadaforhospitals,grouppurchasingorganizations(GPOs),longtermcarefacilities,wholesalers,surgicalservices,home
infusionserviceproviders,correctionalfacilities,specialtypharmaciesandretailoutlets.Inaddition,wemarketapproximately165genericproductsinatotalof
approximately340dosagestrengthsfromourU.S.productportfolioundersupplyanddistributionagreementswithwholesalers.Also,includedinourU.S.product
portfolioareseventransdermalpatchproductsinapproximately30dosagestrengths,includingourFentanylTransdermalSystem.
Webelievethatthebreadthandqualityofourproductofferingshelpustosuccessfullymeetourcustomersneedsandtobettercompeteinthegenerics
industryoverthelong-term.ThefuturegrowthofourU.S.genericsbusinessispartiallydependentuponcontinuedacceptanceofgenericproductsasaffordable
alternativestobrandedpharmaceuticals,atrendwhichislargelyoutsideofourcontrol.However,webelievethatwecanmaximizetheprofitabilityofourgeneric
productopportunitiesbycontinuingourproventrackrecordofbringingtomarkethighqualityproductsthataredifficulttoformulateormanufacture.Throughout
Mylanshistory,wehavesuccessfullyintroducedmanygenericproductsthataredifficulttoformulateormanufactureandcontinuetobemeaningfulcontributors
toourbusinessseveralyearsaftertheirinitiallaunch.Additionally,weexpecttoachievegrowthinourU.S.businessbylaunchingnewproductsforwhichwemay
attainFDAfirst-to-filestatuswithParagraphIVcertification.AsdescribedfurtherintheProductDevelopmentandGovernmentRegulationdiscussionbelow,a
first-filedANDAwithaParagraphIVcertificationqualifiestheproductapprovalholderforaperiodofgenericmarketinganddistributionexclusivity.

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InCanada ,wehavesuccessfullyleveragedtheacquiredEPDBusinessallowingustofurtherbroadenourpresenceinthismarket.Wecurrentlyrank
seventhintermsofmarketshareinthegenericprescriptionmarketandMylanproductsaresoldineightoutoftenpharmaciesinCanada.AsintheU.S.,growthin
Canadawillbedependentuponacceptanceofgenericproductsasaffordablealternativestobrandedpharmaceuticals.Further,weplantoleveragethestrengthand
reliabilityofthecollectiveMylanbrandtofostercontinuedbrandawarenessandgrowththroughouttheregion.
Europe
OurgenericpharmaceuticalsalesinEuropearegeneratedprimarilybyourwhollyownedsubsidiaries,throughwhichwehaveoperationsin27countries.
Ofourbroadglobalproductportfolioofmorethan1,400products,wemarketapproximately830oftheseproductsthroughoutEurope.Thetypesofmarketswithin
Europevaryfromcountrytocountry;however,whencombined,theEuropeanmarketisthesecondlargestgenericpharmaceuticalmarketintheworldintermsof
value.WithinEurope,byvalue,thegenericprescriptionmarketinGermanyisthelargest,followedbytheU.K.,France,SpainandItaly,respectively.
InEurope,themannerinwhichproductsaremarketedvariesbycountry.InadditiontosellingpharmaceuticalsundertheirInternationalNonproprietary
Name(INN)(i.e.,API),incertainEuropeancountries,thereisamarketforbothbrandedgenericproductsandcompany-brandedgenericproducts.Branded
genericpharmaceuticalproductsaregivenauniquebrandname,asthesemarketstendtobemoreresponsivetothepromotioneffortsgenerallyusedtopromote
brandproducts.Company-brandedproductsgenerallyconsistofthenameoftheactiveingredientwithaprefixorsuffixofthecompanysname,eitherinwholeor
inpart.
TheEuropeangenericprescriptionmarketalsovariessignificantlybycountryintermsoftheextentofgenericpenetration,thekeydecisionmakerin
termsofdrugchoiceandotherimportantaspects.Somecountries,includingGermany,theU.K.,theNetherlandsandPoland,arecharacterizedbyrelativelyhigh
genericpenetration,rangingbetween68%and74%oftotalprescriptionmarketsalesinthetwelvemonthsendedNovember2015,basedonvolume.Conversely,
othermajorEuropeanmarkets,includingFrance,ItalyandSpain,arecharacterizedbymuchlowergenericpenetration,rangingbetween20%and42%oftotal
prescriptionsalesinthetwelvemonthsendedNovember2015,basedonvolume.However,actionstakenbygovernments,particularlyintheselatterunderpenetratedcountries,toreducehealthcarecostscouldencouragefurtheruseofgenericpharmaceuticalproducts.Ineachoftheseunder-penetratedmarkets,in
additiontogrowthfromnewproductlaunches,weexpectourfuturegrowthtobedrivenbyincreasedgenericutilizationandpenetration.
AsaresultoftheacquiredEPDBusiness,MylanhassignificantlyexpandedandstrengtheneditspresenceinEurope.Inparticular,wehavegrownour
presenceinseveralmarketsinCentralandEasternEurope,includingPoland,Greece,theCzechRepublicandSlovakiaandgainedaccessintonewmarkets,such
asRomania,Bulgaria,theBalticsandtheBalkanStates.OfthetoptengenericprescriptionmarketsinEurope,weholdleadershippositionsinseveralofthe
markets,includingthenumberonemarketsharepositioninFranceandthenumbertwomarketsharepositioninItaly.InFrance ,wehavethehighestmarketshare
inthegenericmarket,withashareofapproximately28%.OurfuturegrowthintheFrenchmarketisexpectedtocomeprimarilyfromnewproductlaunchesand
increasedgenericutilizationandpenetrationthroughgovernmentinitiatives.Inaddition,theacquiredEPDBusinesshasallowedustobroadenourpresenceinthis
marketbystrengtheningandgrowingourrelationshipswithgeneralpractitionersandpharmacists,ourprimarycustomersinthismarket.
InItaly ,wehavethesecondhighestmarketshareinthecompany-brandedgenericprescriptionmarket,withashareofapproximately19%intermsof
volumeandvalue.WebelievethattheItaliangenericmarketisstillunder-penetrated,withcompany-brandedgenericsrepresentingapproximately20%ofthe
Italianpharmaceuticalmarket,basedonvolume.TheItaliangovernmenthasputforthonlylimitedmeasuresaimedatencouraginggenericuse,andasaresult,
genericsubstitutionisstillinitsearlystages.OurgrowthintheItaliangenericsmarketwillbefueledbyincreasinggenericutilizationandpenetrationandnew
productlaunches.
InadditiontoFranceandItaly,theacquiredEPDBusinesshasfurthergrownourpresenceinseveralEuropeanmarketsincludingtheU.K.,Spainand
marketsinEasternEurope.IntheU.K. ,MylanisrankedthirdintheU.K.genericprescriptionmarket,intermsofvalue,withanestimatedmarketshareof
approximately8%.MylaniswellpositionedintheU.K.asapreferredsuppliertowholesalersandisalsofocusedonareassuchasmultipleretailpharmaciesand
hospitals.TheacquisitionoftheEPDBusinessintheU.K.hasprovideduswithanadditionalbrandedoff-patentmarketpresence,particularlyintheareasof
pancreaticenzymereplacementtherapyandhormonereplacementtherapy.TheU.K.genericprescriptionmarketishighlycompetitive,andanygrowthinthe
marketwillstemfromnewproductlaunches;however,wedoexpectthatthevaluewillcontinuetobeaffectedbypriceerosion.

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InSpain ,wehavetheseventhhighestmarketshareinthecompany-brandedgenericprescriptionmarket.Thecompany-brandedgenericmarket
comprisedapproximately35%ofthetotalSpanishpharmaceuticalmarketbyvolumeforthetwelvemonthsendedNovember2015.WithintheoverallSpanish
pharmaceuticalmarket,ourpositionhasexpandedduetotheacquiredEPDBusiness.WeviewfurthergenericutilizationandpenetrationoftheSpanishmarketto
beakeydriverofourgrowthinthiscountry.
WehaveanotablepresenceinotherEuropeangenericprescriptionmarkets,includingPortugalandBelgium,whereweholdthethirdandfifthhighest
marketshare,respectively,intermsofvalue.IntheNetherlands,wehavethefourthhighestmarketshareinthegenericprescriptionmarket,whichischaracterized
byrelativelyhighgenericpenetration.
Rest of World
WemarketgenericpharmaceuticalsinRestofWorldthroughoursubsidiariesinIndia,Australia,Japan,NewZealandandBrazil.Additionally,wehave
anexportbusinesswhichisfocusedoncountriesinAfricaandemergingmarketsthroughouttheworld,andthroughMylanIndia,wemarketAPItothirdparties
andalsosupplyotherMylansubsidiaries.Ofourbroadglobalproductportfolioofmorethan1,400products,wemarketapproximately640oftheseproducts
throughoutRestofWorld.
TheIndiangenericsmarketisthesecondlargestintheworld,behindtheU.S.,intermsofvolume.InIndia ,weareoneoftheworld'slargestAPI
manufacturersasmeasuredbythenumberofdrugmasterfiles(DMFs)filedwithregulatoryagencies.MylanIndiasmanufacturingcapabilitiesincludearange
ofdosageforms,suchastablets,capsulesandinjectables,inawidevarietyoftherapeuticcategories.MylanIndiahasnineAPIandintermediatemanufacturing
facilities,eightoralsoliddose(OSD)facilitiesandeightinjectablefacilities,foratotalofsixteenfinisheddosageform(FDF)facilities,alllocatedinIndia.
OurpresenceinIndiagoesbeyondmanufacturing,salesandmarketing.WithaglobalR&DcenterofexcellenceinHyderabad,IndiaandtechnologydrivenR&D
sitesinBangalore,IndiaandAhmedabad,India,weareabletocreateuniqueandefficientR&Dcapabilities.
MylanIndiamarketshighqualityAPItothirdpartiesaroundtheworldandARVproductsforpeoplelivingwithHIV/AIDS.Inaddition,MylanIndiahas
agrowingcommercialpresence,ourcurrentfranchisesincludeCriticalCare,HepatoCare,HIVCare,OncoCareandWomensCare.Wehaveexpandedour
productsfromtherapeuticcategoriessuchasoncologyandcriticalcare.InNovember2015,wecompletedouracquisitionofJaiPharmaLimited,which
significantlybroadenedourwomenscareportfolioandstrengthenedourtechnicalcapabilitiesintermsofdedicatedhormonemanufacturing.
InAustralia ,wehavethehighestmarketshareinthegenericpharmaceuticalmarket,withanestimated32%marketsharebyvolume.Mylanisthe
numberonesupplierbyvolumetoAustraliasnationalpharmaceuticalsprogram.TheacquiredEPDBusinesshasenabledMylantobroadenitsproductportfolioin
thismarket.ThegenericpharmaceuticalmarketinAustraliahadsalesofapproximately$1.4billionduringthetwelvemonthsendedNovember2015.
Japan isthesecondlargestpharmaceuticalmarketintheworldbyvalue,behindtheU.S.,andthesixthlargestgenericprescriptionmarketworldwideby
value,withsalesofapproximately$6.0billionduringthetwelvemonthsendedNovember2015.Beginningin2013,weestablishedanexclusivelong-term
strategiccollaborationwithPfizerJapanInc.(PfizerJapan)todevelop,manufacture,distributeandmarketgenericdrugsinJapan.Undertheagreement,both
partiesoperateseparatelegalentitiesinJapanandcollaborateoncurrentandfuturegenericproducts,sharingthecostsandprofitsresultingfromsuch
collaboration.Mylansresponsibilities,undertheagreement,primarilyconsistofmanagingoperations,includingR&Dandmanufacturing.PfizerJapans
responsibilitiesprimarilyconsistofthecommercializationofthecombinedgenericsportfolioandmanagingacombinedmarketingandsaleseffort.TheJapanese
governmenthasstatedthatitnowintendstogrowthegenericsharetoatleast70%bymid-2017andtoatleast80%attheearliestpossibledatebetween2018and
theendof2020.AsofJuly2015,thegenericsharereached58%,upfromapproximately55%inJuly2014.
WiththeacquisitionoftheEPDBusiness,wehavestrengthenedourpositionintheJapanesemarketaswehaveacquiredawideportfolioofbranded
productsthatarepromotedbyourownsalesforce.TheacquiredEPDBusinessisrunindependentlyfromourstrategiccollaborationwithPfizerJapan.
WealsohavetwomanufacturingfacilitieslocatedinJapan,whichplayakeyroleinsupplyingourbusinessesthroughoutthecountry.Currently,the
marketinJapanislargelycomposedofhospitalsandclinics,butpharmaciesareexpectedtoplayagreaterroleasgenericsubstitution,aidedbyrecentpro-generics
governmentaction,becomesmoreprevalent.
InadditiontoouroperationsinIndia,AustraliaandJapan,wealsohaveanotablepresenceinNewZealandandagrowingpresenceinBrazil.InNew
Zealand,wearethelargestgenericscompanyinthecountry,with31.5%ofthemarket

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sharebyvolume.NewZealandisgenerallyagovernmenttendermarketwherepharmaceuticalsupplierscangainexclusivityofuptothreeyears.InNewZealand,
wehavebroadenedourmarketpresenceandprofilewiththeadditionoftheacquiredEPDBusiness.InBrazil,weoperatebothamanufacturingplatformanda
commercialbusinessfocusedonprovidinghighqualitygenericinjectableproductstotheBrazilianhospitalsegment.Oursalesintothismarketsegmentaremade
throughdistributorsaswellasthroughtenders.Brazilisthethirdlargestgenericpharmaceuticalmarketintheworld,behindtheU.S.andcombinedEuropean
market,intermsofvalue.Inthecomingyears,theBraziliangenericpharmaceuticalmarketisexpectedtocontinueitsgrowthtrajectoryprimarilybecauseofthe
increaseofoffpatentreferencedrugs,thegrowthofbiologicalproductsandthegrowthofemergingmarkets.Ourgoalistocontinuetobuilduponthislocal
platforminordertofurtheraccessthenearly$8billionBraziliangenericpharmaceuticalmarket.
Specialty Segment
OurspecialtypharmaceuticalbusinessisconductedthroughMylanSpecialty,whichcompetesprimarilyintherespiratoryandsevereallergymarkets.For
theyearendedDecember31,2015,Specialtythirdpartynetsaleswere$1.20billion.MylanSpecialtysportfolioconsistsprimarilyofbrandedspecialty
injectableandnebulizedproducts.AsignificantportionofMylanSpecialtysrevenuesarederivedthroughthesaleoftheEpiPenAuto-Injector.TheEpiPen
Auto-Injectoristhenumberonedispensedepinephrineauto-injectorandasaglobalfranchisereached$1billioninannualnetsalesforthesecondyearinarow.
TheEpiPenAuto-Injector,whichisusedinthetreatmentofsevereallergicreactions,isanepinephrineauto-injectorthathasbeensoldintheU.S.and
internationallysincethemid-1980s.MylanSpecialtyhasworldwiderightstotheepinephrineauto-injector,whichissuppliedtoMylanSpecialtybyawholly
ownedsubsidiaryofPfizerInc.Anaphylaxisisasevereallergicreactionthatisrapidinonsetandmaycausedeath,eitherthroughswellingthatshutsoffairwaysor
throughasignificantdropinbloodpressure.InDecember2010,theNationalInstituteofAllergyandInfectiousDiseases,adivisionoftheNationalInstitutesof
Health,introducedtheGuidelinesfortheDiagnosisandManagementofFoodAllergyintheUnitedStates.Theseguidelinesstatethatepinephrineisthefirstline
treatmentforanaphylaxis.TheEpiPenAuto-Injectoristhenumberonedispensedepinephrineauto-injector.ThestrengthoftheEpiPenAuto-Injectorbrand
name,qualityandeaseofuseoftheproductandthepromotionalstrengthoftheMylanSpecialtyU.S.salesforcehaveenabledustomaintainourleadership
positionwithinthistherapeuticcategory.
PerforomistInhalationSolution,MylanSpecialtysFormoterolFumarateInhalationSolution,waslaunchedinOctober2007.PerforomistInhalation
Solutionisalong-actingbeta2-adrenergicagonistindicatedforlong-term,twice-dailyadministrationinthemaintenancetreatmentofbronchoconstrictionin
chronicobstructivepulmonarydisorder(COPD)patients,includingthosewithchronicbronchitisandemphysema.MylanSpecialtyholdsseveralU.S.and
internationalpatentsprotectingPerforomistInhalationSolution.
InadditiontoEpiPenAuto-InjectorandPerforomistInhalationSolution,MylanSpecialtyalsomarketsULTIVA,whichisananalgesicagentused
duringtheinductionandmaintenanceofgeneralanesthesiaforinpatientandoutpatientproceduresandisgenerallyadministeredbyaninfusiondevice.
Webelievethatwecancontinuetodrivethelong-termgrowthofourSpecialtysegmentbysuccessfullymanagingourexistingproductportfolioand
bringingadditionalproductstomarket.
Product Development and Government Regulation
Generics Segment
North America
PrescriptionpharmaceuticalproductsintheU.S.aregenerallymarketedaseitherbrandorgenericdrugs.Brandproductsareusuallymarketedunder
brandnamesthroughmarketingprogramsthataredesignedtogeneratephysicianandconsumerloyalty.Brandproductsaregenerallypatentprotected,which
providesaperiodofmarketexclusivityduringwhichtimetheyaresoldwithlittleornocompetitionforthecompound,althoughtherearetypicallyother
participantsinthetherapeuticarea.Additionally,brandproductsmaybenefitfromotherperiodsofnon-patentmarketexclusivity.Exclusivitynormallyprovides
brandproductswiththeabilitytomaintaintheirprofitabilityforrelativelylongperiodsoftimeandbrandproductstypicallycontinuetoplayasignificantrolein
themarketduetophysicianandconsumerloyaltiesaftertheendofpatentprotectionorothermarketexclusivities.
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Genericpharmaceuticalproductsarethepharmaceuticalandtherapeuticequivalentsofanapprovedbranddrug,knownasthereferencelisteddrug
(RLD)thatislistedintheFDApublicationentitledApproved Drug Products with Therapeutic Equivalence Evaluations ,popularlyknownastheOrange
Book.TheDrugPriceCompetitionandPatentTermRestorationActof1984(theHatch-WaxmanAct)providesthatgenericdrugsmayenterthemarketafter
theapprovalofanANDA,whichgenerallyrequiresthatsimilaritytoanRLD,includingbioequivalence,bedemonstrated,anypatentsontheRLDhaveexpiredor
beenfoundtobeinvalidornotinfringed,andanymarketexclusivityperiodsrelatedtotheRLDhaveended.Becauseapprovedgenericdrugshavebeenfoundto
bethesameastheirrespectiveRLDs,theycanbeexpectedtohavethesamesafetyandeffectivenessprofileastheRLD.Accordingly,genericproductsprovidea
safe,effectiveandcost-efficientalternativetousersofthesereferencebrandproducts.Brandedgenericpharmaceuticalproductsaregenericproductsthataremore
responsivetothepromotioneffortsgenerallyusedtopromotebrandproducts.Growthinthegenericpharmaceuticalindustryhasbeen,andwillcontinuetobe,
drivenbytheincreasedmarketacceptanceofgenericdrugs,aswellasthenumberofbranddrugsforwhichpatenttermsand/orothermarketexclusivitieshave
expired.
Weobtainnewgenericproductsprimarilythroughinternalproductdevelopment.Additionally,welicenseorco-developproductsthrougharrangements
withothercompanies.AllapplicationsforFDAapprovalmustcontaininformationrelatingtoproductformulation,rawmaterialsuppliers,stability,manufacturing
processes,packaging,labelingandqualitycontrol.Informationtosupportthebioequivalenceofgenericdrugproductsorthesafetyandeffectivenessofnewdrug
productsfortheirintendeduseisalsorequiredtobesubmitted.TherearegenerallyfourtypesofapplicationsusedforobtainingFDAapprovalofnewproducts:
New Drug Application (NDA) AnNDAisfiledwhenapprovalissoughttomarketanewlydevelopedbrandedproductand,incertaininstances,
foranewdosageform,anewdeliverysystemoranewindicationforapreviouslyapproveddrug.
ANDA AnANDAisfiledwhenapprovalissoughttomarketagenericequivalentofadrugproductpreviouslyapprovedunderanNDAandlistedin
theFDAsOrangeBookorforanewdosagestrengthforadrugpreviouslyapprovedunderanANDA.
Biologics License Application (BLA) ABLAissimilartoanNDA,butissubmittedtoseekapprovaltomarketadrugproductthatisabiologic,
whichgenerallyisaproductderivedfromalivingorganism.
Biosimilars Application Thisisanabbreviatedapprovalpathwayforabiologicproductisthatishighlysimilartoaproductpreviouslyapproved
underaBLA.
TheANDAdevelopmentprocessisgenerallylesstime-consumingandcomplexthantheNDAdevelopmentprocess.Ittypicallydoesnotrequirenew
preclinicalandclinicalstudies,becauseitreliesonthestudiesestablishingsafetyandefficacyconductedfortheRLDpreviouslyapprovedthroughtheNDA
process.TheANDAprocess,however,doestypicallyrequireoneormorebioequivalencestudiestoshowthattheANDAdrugisbioequivalenttothepreviously
approvedreferencelistedbranddrug.BioequivalencestudiescomparethebioavailabilityoftheproposeddrugproductwiththatoftheRLDproductcontainingthe
sameactiveingredient.Bioavailabilityisameasureoftherateandextenttowhichtheactiveingredientoractivemoietyisabsorbedfromadrugproductand
becomesavailableatthesiteofaction.Thus,ademonstrationofbioequivalenceconfirmstheabsenceofasignificantdifferencebetweentheproposedproductand
thereferencelistedbranddrugintermsoftherateandextenttowhichtheactiveingredientoractivemoietybecomesavailableatthesiteofdrugactionwhen
administeredatthesamemolardoseundersimilarconditions.AnANDAalsotypicallymustshowthattheproposedgenericproductisthesameastheRLDin
termsofactiveingredient(s),strength,dosageform,routeofadministrationandlabeling.
Genericproductsaregenerallyintroducedtothemarketplaceattheexpirationofpatentprotectionforthebrandproductorattheendofaperiodofnonpatentmarketexclusivity.However,ifanANDAapplicantfilesanANDAcontainingacertificationofinvalidity,non-infringementorunenforceabilityrelatedtoa
patentlistedintheOrangeBookwithrespecttoareferencedrugproduct,theapplicantmaybeabletomarketthegenericequivalentpriortotheexpirationof
patentprotectionforthebrandproduct.SuchpatentcertificationiscommonlyreferredtoasaParagraphIVcertification.Generally,ifthepatentownerbringsan
infringementactionwithin45daysfromreceivingnotificationbytheapplicant,theFDAmaynotapprovetheANDAapplicationuntiltheearlieroftherendering
ofacourtdecisionfavorabletotheANDAapplicantortheexpirationof30months.AnANDAapplicantthatisfirsttofileasubstantiallycompleteANDA
containingaParagraphIVcertificationiseligibleforaperiodofgenericmarketingexclusivity.Thisexclusivity,whichundercertaincircumstancesmaybe
requiredtobesharedwithotherapplicableANDAsponsorswithParagraphIVcertifications,lastsfor180days,duringwhichtheFDAcannotgrantfinalapproval
tootherANDAsponsorsholdingapplicationsforagenericequivalenttothesamereferencedrug.
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Inadditiontopatentexclusivity,theholderoftheNDAforthelisteddrugmaybeentitledtoaperiodofnon-patentmarketexclusivity,duringwhichthe
FDAcannotapprove(orinsomecases,acceptforreview)anapplicationforagenericversionproduct.Ifthereferencedrugisanewchemicalentity(which
generallymeanstheactivemoietyhasnotpreviouslybeenapproved),theFDAmaynotacceptanANDAforagenericproductforuptofiveyearsfollowing
approvaloftheNDAforthenewchemicalentity.Ifitisnotanewchemicalentity,buttheholderoftheNDAconductedclinicaltrialsessentialtoapprovalofthe
NDAorasupplementthereto,theFDAmaynotapproveanANDAforreferenceNDAproductbeforetheexpirationofthreeyearsfromthedateofapprovalofthe
NDAorsupplement.CertainotherperiodsofexclusivitymaybeavailableiftheRLDisindicatedfortreatmentofararediseaseorthesponsorconductspediatric
studiesinaccordancewithFDArequirements.
SupplementalANDAsarerequiredforapprovalofvarioustypesofchangestoanapprovedapplicationandthesesupplementsmaybeunderreviewfor
sixmonthsormore.Inaddition,certaintypesofchangesmayonlybeapprovedoncenewbioequivalencestudiesareconductedorotherrequirementsaresatisfied.
Anumberofbrandedpharmaceuticalpatentexpirationsareexpectedoverthenextseveralyears.Thesepatentexpirationsshouldprovideadditional
genericproductopportunities.Weintendtoconcentrateourgenericproductdevelopmentactivitiesonbrandedproductswithsignificantsalesinspecializedor
growingmarketsorinareasthatoffersignificantopportunitiesandothercompetitiveadvantages.Inaddition,weintendtocontinuetofocusourdevelopment
effortsontechnicallydifficult-to-formulateproductsorproductsthatrequireadvancedmanufacturingtechnology.
TheBiologicsPriceCompetitionandInnovationAct(BPCIA)authorizestheFDAtolicenseabiologicalproductthatisabiosimilartoanFDAlicensedbiologicthroughanabbreviatedpathway.TheBPCIAestablishescriteriafordeterminingthataproductisbiosimilartoanalreadylicensedbiologic,
knownasthereferenceproduct,andestablishesaprocessbywhichanabbreviatedBLAforabiosimilarproductissubmitted,reviewedandapproved.This
abbreviatedapprovalpathwayisintendedtopermitabiosimilarproducttocometomarketmorequicklyandlessexpensivelythanifafullBLAweresubmitted,
byrelyingtosomeextentonFDAspreviousreviewandapprovalofthereferenceproduct.Generally,abiosimilarmustbeshowntobehighlysimilarto,andhave
noclinicallymeaningfuldifferencesinsafety,purityorpotencyfrom,thereferenceproduct.TheBPCIAprovidesperiodsofexclusivitythatprotectareference
productfrombiosimilarscompetition.UndertheBPCIA,theFDAmaynotacceptabiosimilarapplicationforreviewuntilfouryearsafterthedateoffirst
licensureofthereferenceproduct,andthebiosimilarmaynotbelicenseduntiltwelveyearsafterthereferenceproductsapproval.Additionally,theBPCIA
establishesproceduresbywhichthebiosimilarapplicantmustprovideinformationaboutitsapplicationandproducttothereferenceproductsponsor,andbywhich
informationaboutpotentiallyrelevantpatentsissharedandlitigationoverpatentsmayproceedinadvanceofapproval.TheBPCIAalsoprovidesaperiodof
exclusivityforthefirstbiosimilartobedeterminedbytheFDAtobeinterchangeablewiththereferenceproduct.
BecausetheBPCIAisarelativelynewlaw,weanticipatethatitscontourswillbedefinedasthestatuteisimplementedoveraperiodofyears.Thislikely
willbeaccomplishedbyavarietyofmeans,includingFDAissuanceofguidancedocuments,proposedregulations,anddecisionsinthecourseofconsidering
specificapplications.Inthatregard,FDAhastodateissuedvariousguidancedocumentsandothermaterialsprovidingindicationsoftheagencysthinking
regardinganynumberofissuesimplicatedbytheBPCIA.Additionally,FDAsapprovalin2015ofthefirstbiosimilarapplicationhelpsdefinetheagencys
approachtocertainissues.
AnadditionalrequirementforFDAapprovalofNDAsandANDAsisthatourmanufacturingproceduresandoperationsconformtoFDArequirements
andguidelines,generallyreferredtoascurrentGoodManufacturingPractices(cGMP).TherequirementsforFDAapprovalencompassallaspectsofthe
productionprocess,includingvalidationandrecordkeeping,thestandardsaroundwhicharecontinuouslychangingandevolving.
Facilities,procedures,operationsand/ortestingofproductsaresubjecttoperiodicinspectionbytheFDA,theDrugEnforcementAdministration(DEA)
andotherauthorities.Inaddition,theFDAconductspre-approvalandpost-approvalreviewsandplantinspectionstodeterminewhetheroursystemsandprocesses
areincompliancewithcGMPandotherFDAregulations.Oursuppliersaresubjecttosimilarregulationsandperiodicinspections.
In2012,theFoodandDrugAdministrationSafetyandInnovationAct(FDASIA)wasenactedintolaw.FDASIAisintendedtoenhancethesafetyand
securityoftheU.S.drugsupplychainbyholdingalldrugmanufacturerssupplyingproductstotheU.S.tothesameFDAinspectionstandards.Specifically,priorto
thepassageofFDASIA,U.S.lawrequiredU.S.basedmanufacturerstobeinspectedbyFDAeverytwoyearsbutremainedsilentwithrespecttoforeign
manufacturers,causingsomeforeignmanufacturerstogoasmanyasnineyearswithoutaroutineFDAcGMPinspection,accordingtotheGovernment
AccountabilityOffice.
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FDASIAalsoincludestheGenericDrugUserFeeAgreement(GDUFA),anoveluserfeeprogramtoprovideFDAwithapproximately$1.5billionin
totaluserfeesthrough2018focusedonthreekeyaims:
Safety Ensurethatindustryparticipants,foreignordomestic,areheldtoconsistentqualitystandardsandareinspectedwithforeignanddomestic
parityusingarisk-basedapproach.
Access Expeditetheavailabilityofgenericdrugsbybringinggreaterpredictabilitytothereviewtimesforabbreviatednewdrugapplications,
amendmentsandsupplementsandimprovingtimelinessinthereviewprocess.
Transparency EnhanceFDAsvisibilityintothecomplexglobalsupplyenvironmentbyrequiringtheidentificationoffacilitiesinvolvedinthe
manufactureofdrugsandassociatedAPIs,andimproveFDAscommunicationsandfeedbackwithindustry.
UnderGDUFA,70%ofthetotalfeesarebeingderivedfromfacilityfeespaidbyFDFmanufacturersandAPIfacilitieslistedorreferencedinpendingor
approvedgenericdrugapplications.Theremaining30%ofthetotalfeesarebeingderivedfromapplicationfees,includinggenericdrugapplicationfees,prior
approvalsupplementfeesandDMFfees.
InCanada,theapprovalprocessforallgenericpharmaceuticalshastwotracksthatmayproceedinparallel.Thefirsttrackinvolvesanexaminationofthe
productbyHealthCanada,theagencyresponsiblefornationalpublichealth,toensurethatthequality,safetyandefficacyoftheproducthavebeenestablished.
Secondpersons(i.e.genericcompanies)mayseekapprovaltosellaproductbysubmittinganabbreviatednewdrugsubmission(ANDS)toHealthCanadato
demonstratethatitsproductisbioequivalenttothebrandreferenceproductalreadymarketedinCanadaunderaNoticeofCompliance(NOC).WhenHealth
Canadaissatisfiedwiththequality,safetyandefficacydescribedintheANDS,itissuesaNOCforthatproduct,subjecttoanybrandpatentsinthesecondtrackof
theapprovalprocess.
ThesecondtrackoftheapprovalprocessisgovernedbythePatentedMedicinesNOCRegulations(Regulations).Theownerorexclusivelicenseeof
patentsrelatingtothebranddrug(theoriginator)maylistpatentsrelatingtothemedicinalingredient,formulation,dosageformortheuseofthedrugonthe
PatentRegister.WhereagenericapplicantmakesdirectorindirectreferenceinitsANDStoabrandproductforwhichtherearepatentslistedonthePatent
Register,thegenericmustmakeatleastoneofthestatutoryallegationswithrespecttoeachpatentlisted(e.g.thatthegenericwillawaitpatentexpiry,orthepatent
isinvalidand/orwouldnotbeinfringed).Ifthegenericchallengesthelistedpatent,itisrequiredtoservetheoriginatorwithaNoticeofAllegation(NOA),
whichgivesadetailedstatementofthefactualandlegalbasisforitsallegations.IftheoriginatorwishestoseekanorderprohibitingtheissuanceoftheNOCtothe
generic,itmustcommenceacourtapplicationwithin45daysafterithasbeenservedwiththeNOA.Onceanapplicationiscommenced,HealthCanadamaynot
issueaNOCuntiltheearlierofthedeterminationoftheproceedingbythecourt,ortheexpirationof24months.Toobtainaprohibitionorder,theoriginatormust
satisfythecourtthatthegenericsallegationsofinvalidityandornon-infringementarenotjustified.
SectionC.08.004.1oftheCanadianFoodandDrugRegulationsistheso-calleddataprotectionprovision.Agenericapplicantdoesnotneedtoperform
duplicateclinicaltrialssimilartothoseconductedbythefirstNOCholder(i.e.thebrand),butispermittedtodemonstratesafetyandefficacybysubmittingdata
demonstratingthatitsformulationisbioequivalenttotheapprovedbrandformulation.ThefirstpartytoobtainanNOCforadrugwillhaveaneight-yearperiodof
exclusivitystartingfromthedateitreceiveditsNOCbasedonthoseclinicaldata.Asubsequentapplicantwhoseekstoestablishsafetyandefficacybycomparing
itsproducttotheproductthatreceivedthefirstNOCwillnotbeabletofileitsownapplicationuntilsixyearsaftertheissuanceofthefirstNOC,andcannot
receiveultimateapprovalforanadditionaltwoyears.IfthefirstNOCholderalsoconductsclinicaltrialsinpediatricpopulations,itwillbeentitledtoanextrasix
monthsofdataprotection.AdrugisonlyentitledtodataprotectionsolongasitisbeingmarketedinCanada.
Facilities,procedures,operationsand/ortestingofproductsaresubjecttoperiodicinspectionbyHealthCanadaandtheHealthProductsandFoodBranch
Inspectorate.Inaddition,HealthCanadaconductsreviewsandplantinspectionstodeterminewhetheroursystemsareincompliancewiththegoodmanufacturing
practicesinCanada,DrugEstablishmentLicensing(EL)requirementsandotherprovisionsoftheRegulations.Competitorsaresubjecttosimilarregulationsand
inspections.
Europe
TheEUpresentscomplexchallengesfromaregulatoryperspective.Thereisover-archinglegislationwhichisthenimplementedatalocallevelbythe28
individualmemberstates,Iceland,LiechtensteinandNorway.Between1995and1998,thelegislationwasrevisedinanattempttosimplifyandharmonizeproduct
registration.Thisrevisedlegislationintroducedthe
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mutualrecognition(MR)procedure,wherebyaftersubmissionandapprovalbytheauthoritiesoftheso-calledreferencememberstate(RMS),further
applicationscanbesubmittedintotheotherchosenmemberstates(knownasconcernedmemberstates(CMS)).Theoretically,theauthorizationoftheRMS
shouldbemutuallyrecognizedbytheCMS.Moretypically,however,adegreeofre-evaluationiscarriedoutbytheCMS.InNovember2005,thislegislationwas
furtherrevised.InadditiontotheMRprocedure,thedecentralizedprocedure(DCP)wasintroduced.TheDCPisalsoledbytheRMS,butapplicationsare
simultaneouslysubmittedtoallselectedcountries,providedthatnonationalmarketingauthorizationhasbeengrantedyetforthemedicinalproductinquestion.
From2005,thecentralizedprocedureoperatedbytheEuropeanMedicinesAgency(EMA)becameavailableforgenericversionsofinnovatorproductsapproved
throughthecentralizedauthorizationprocedure.Thecentralizedprocedureresultsinasinglemarketingauthorization,which,oncegranted,canbeusedbythe
marketing-authorizationholdertofileforindividualcountryreimbursementandmakethemedicineavailableinalltheEUcountrieslistedontheapplication.
IntheEU,aswellasmanyotherlocationsaroundtheworld,themanufactureandsaleofpharmaceuticalproductsisregulatedinamannersubstantially
similartothatoftheU.S.requirements,whichgenerallyprohibitthehandling,manufacture,marketingandimportationofanypharmaceuticalproductunlessitis
properlyregisteredinaccordancewithapplicablelaw.Theregistrationfilerelatingtoanyparticularproductmustcontainmedicaldatarelatedtoproductefficacy
andsafety,includingresultsofclinicaltestingandreferencestomedicalpublications,aswellasdetailedinformationregardingproductionmethodsandquality
control.Healthministriesareauthorizedtocanceltheregistrationofaproductifitisfoundtobeharmfulorineffectiveorifitismanufacturedormarketedother
thaninaccordancewithregistrationconditions.
PursuanttotheMRprocedure,amarketingauthorizationisfirstsoughtinonememberstatefromthenationalregulatoryagency(theRMS).TheRMS
makesitsassessmentreportonthequality,efficacyandsafetyofthemedicinalproductavailabletotheotherCMSswheremarketingauthorizationsarealsosought
undertheMRprocedure.
TheDCPisbasedonthesamefundamentalideaastheMRprocedure.IncontrasttotheMRprocedure,however,theDCPrequiresthatnonational
marketingauthorizationhasyetbeengrantedforthemedicinalproduct.Thepharmaceuticalcompanyappliesformarketingauthorizationsimultaneouslyinallthe
memberstatesoftheEUinwhichitwantstomarkettheproduct.Afterconsultationwiththepharmaceuticalcompany,oneofthememberstatesconcernedinthe
DCPwillbecometheRMS.ThecompetentagencyoftheRMSundertakesthescientificevaluationofthemedicinalproductonbehalfoftheotherCMSsand
coordinatestheprocedure.Ifallthememberstatesinvolved(RMSandCMS)agreetograntmarketingauthorizations,thisdecisionformsthebasisforthegranting
ofthenationalmarketingauthorizationsintherespectivememberstates.
NeithertheMRnorDCPsresultinautomaticapprovalinallmemberstates.Ifanymemberstatehasobjections,particularlyinrelationtopotentialserious
risktopublichealth,whichcannotberesolvedwithintheprocedurescopeandtimelines,theywillbereferredtothecoordinationgroupforMRandDCPsand
reviewedina60-dayprocedure.Ifthis60-dayproceduredoesnotresultinaconsensusbyallmemberstates,theproductcanbemarketedinthecountrieswhose
healthauthoritiesagreethattheproductcanbelicensed.Theissueraisedwillthenenterasecondreferralprocedure.
AswiththeMRprocedure,theadvantageoftheDCPisthatthepharmaceuticalcompanyreceivesidenticalmarketingauthorizationsforitsmedicinal
productinallthememberstatesoftheEUinwhichitwantstomarkettheproduct.Thisleadstoconsiderablestreamliningofallregulatoryactivitiesinregardto
theproduct.Variations,lineextensions,renewals,etc.arealsohandledinacoordinatedmannerwiththeRMSleadingtheactivity.
OnceaDCPhasbeencompleted,thepharmaceuticalcompanycansubsequentlyapplyformarketingauthorizationsforthemedicinalproductin
additionalEUmemberstatesbymeansoftheMRprocedure.
Allproducts,whethercentrallyauthorizedorauthorizedbytheMRorDCP,mayonlybesoldinothermemberstatesiftheproductinformationisinthe
officiallanguageofthestateinwhichtheproductwillbesold,whicheffectivelyrequiresspecificpackagingandlabelingoftheproduct.
Underthenationalprocedure,acompanyappliesforamarketingauthorizationinonememberstate.Thenationalprocedurecannowonlybeusedifthe
pharmaceuticalcompanydoesnotseekauthorizationinmorethanonememberstate.Ifitdoesseekwidermarketingauthorizations,itmustusetheMRorDCP.
BeforeagenericpharmaceuticalproductcanbemarketedintheEU,amarketingauthorizationmustbeobtained.Ifagenericpharmaceuticalproductis
showntobeessentiallythesameas,orbioequivalentto,onethatisalreadyonthemarketandwhichhasbeenauthorizedintheEUforaspecifiednumberofyears,
asexplainedinthesectionondataexclusivitybelow,nofurtherpreclinicalorclinicaltrialsarerequiredforthatnewgenericpharmaceuticalproducttobe
authorized.Thegeneric
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applicantcanfileanabridgedapplicationformarketingauthorization,butinordertotakeadvantageoftheabridgedprocedure,thegenericmanufacturermust
demonstratespecificsimilarities,includingbioequivalence,tothealreadyauthorizedproduct.Accesstoclinicaldataofthereferencedrugisgovernedbythe
Europeanlawsrelatingtodataexclusivity,whichareoutlinedbelow.Otherproducts,suchasnewdosagesofestablishedproducts,mustbesubjectedtofurther
testing,andbridgingdatainrespectofthesefurthertestsmustbesubmittedalongwiththeabridgedapplication.
AnapplicantforagenericmarketingauthorizationcurrentlycannotavailitselfoftheabridgedprocedureintheEUbyrelyingontheoriginator
pharmaceuticalcompanysdatauntilexpiryoftherelevantperiodofexclusivitygiventothatdata.ForproductsfirstauthorizedpriortoOctober30,2005,this
periodissixortenyears(dependingonthememberstateinquestionand/ortheregulatoryprocedureusedbytheoriginator)afterthegrantofthefirstmarketing
authorizationsoughtfortherelevantproduct,duetodataexclusivityprovisionswhichhavebeeninplace.FromOctober30,2005,theimplementationofanew
EUdirective(2004/27/EC)harmonizedthedataexclusivityperiodfororiginatorpharmaceuticalproductsthroughouttheEUmemberstates,whichwerelegally
obligedtohaveimplementedthedirectivebyOctober30,2005.Thenewregimefordataexclusivityprovidesforaneight-yeardataexclusivityperiod
commencingfromthegrantoffirstmarketingauthorization.Aftertheeight-yearperiodhasexpired,agenericapplicantcanrefertothedataoftheoriginator
pharmaceuticalcompanyinordertofileanabridgedapplicationforapprovalofitsgenericequivalentproduct.Yet,conductingthenecessarystudiesandtrialsfor
anabridgedapplication,withinthedataexclusivityperiod,isnotregardedascontrarytopatentrightsortosupplementaryprotectioncertificatesformedicinal
products.However,theapplicantwillnotbeabletolaunchitsproductforanadditionaltwoyears.Thisten-yeartotalperiodmaybeextendedto11yearsifthe
originalmarketingauthorizationholderobtains,withinthoseinitialeightyears,afurtherauthorizationforanewtherapeuticuseoftheproductwhichisshownto
beofsignificantclinicalbenefit.Further,specificdataexclusivityforoneyearmaybeobtainedforanewindicationforawell-establishedsubstance,providedthat
significantpreclinicalorclinicalstudieswerecarriedoutinrelationtothenewindication.Thisnewregimefordataexclusivityappliestoproductsfirstauthorized
afterOctober30,2005.
Inadditiontoobtainingapprovalforeachproduct,inmostEUcountriesthepharmaceuticalproductmanufacturersfacilitiesmustobtainapprovalfrom
thenationalsupervisoryauthority.TheEUhasacodeofgoodmanufacturingpractice,withwhichthemarketingauthorizationholdermustcomply.Regulatory
authoritiesintheEUmayconductinspectionsofthemanufacturingfacilitiestoreviewprocedures,operatingsystemsandpersonnelqualifications.
Inordertocontrolexpendituresonpharmaceuticals,mostmemberstatesintheEUregulatethepricingandreimbursementofproductsandinsomecases
limittherangeofdifferentformsofdrugsavailableforprescriptionbynationalhealthservices.Thesecontrolscanresultinconsiderablepricedifferencesbetween
memberstates.Inaddition,inpastyears,aspartofoverallprogramstoreducehealthcarecosts,certainEuropeangovernmentshaveprohibitedpriceincreasesand
haveintroducedvarioussystemsdesignedtolowerprices.SomeEuropeangovernmentshavealsosetminimumtargetsforgenericsprescribing.
CertainmarketsinwhichMylandoesbusinesshaverecentlyundergone,someforthefirsttime,orwillsoonundergo,government-imposedprice
reductionsorsimilarpricingpressuresonpharmaceuticalproducts.Inaddition,anumberofmarketsinwhichweoperatehaveimplementedormayimplement
tender,ortender-like,systemsforgenericpharmaceuticalsinanefforttolowerprices.Suchmeasuresarelikelytohaveanegativeimpactonsalesandgrossprofit
inthesemarkets.However,somepro-genericgovernmentinitiativesincertainmarketscouldhelptooffsetsomeofthisunfavorableeffectbypotentiallyincreasing
genericutilization.
Rest of World
Australia
ThepharmaceuticalindustryisoneofthemosthighlyregulatedindustriesinAustralia.TheAustraliangovernmentisheavilyinvolvedintheoperationof
theindustry,throughtheregistrationofmedicinesandlicensingofmanufacturingfacilities,aswellassubsidizingpatientcostofmostprescriptionmedicinessold
inAustralia.TheAustraliangovernmentauthority,theTherapeuticGoodsAdministration(theTGA),regulatesthequality,safetyandefficacyoftherapeutic
goodsandisresponsibleforgrantingauthorizationtomarketpharmaceuticalproductsinAustraliaandforinspectingandapprovingmanufacturingfacilities.
TheTGAoperatesaccordingtotheCommonwealthofAustraliasTherapeuticGoodsAct1989(Cth)(theAct).SpecificallytheActregulatesthe
registration,listing,quality,safety,efficacy,promotionandsaleoftherapeuticgoods,includingpharmaceuticals,suppliedinAustralia.TheTGAcarriesouta
rangeofassessmentandmonitoringactivitiestoensurethattherapeuticgoodsavailableinAustraliaareofanacceptablestandardwithagoalofensuringthatthe
Australiancommunityhasaccesswithinareasonabletimetotherapeuticadvances.Australianmanufacturersofallmedicinesmustbe
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licensedunderPart3-3oftheActandtheirmanufacturingprocessesmustcomplywiththeprinciplesofthegoodmanufacturingpracticesinAustralia.Similar
standardsandauditsapplyforbothdomesticandforeignmanufacturedproducts.
GenericmedicinesaresubjecttoanabbreviatedreviewprocessbytheTGA,iftheproductcandemonstrateessentialsimilaritytotheoriginatorbrand.
Essentialsimilaritymeansthesameactiveingredientinthesamedoseform,deliveringtheactiveingredienttothepatientatthesamerateandextent,comparedto
theoriginalbrand.Ifproven,safetyandefficacyisassumedtobethesame.
AlltherapeuticgoodsmanufacturedforsupplyinAustraliamustbelistedorregisteredintheAustralianRegisterofTherapeuticGoods(theARTG),
beforetheycanbepromotedorsuppliedforuseand/orsaleinAustralia.TheARTGisadatabasekeptforthepurposeofcompilinginformationinrelationto
therapeuticgoodsforuseinhumansandliststherapeuticgoodswhichareapprovedforsupplyinAustralia.
Medicinesassessedashavingahigherlevelofriskmustberegistered,whilethosewithalowerlevelofriskcanbelisted.Themajorityoflisted
medicinesareself-selectedbyconsumersandusedforself-treatment.Inassessingthelevelofrisk,factorssuchasthestrengthofaproduct,sideeffects,potential
harmthroughprolongeduse,toxicityandtheseriousnessofthemedicalconditionforwhichtheproductisintendedtobeusedaretakenintoaccount.
Labeling,packagingandadvertisingofpharmaceuticalproductsarealsoregulatedbytheActandotherrelevantstatutesincludingfairtradinglawsand
pharmaceuticalindustrycodes.
Australiahasafive-yeardataexclusivityperiod,wherebyanydatarelatingtoapharmaceuticalproductcannotbereferredtoorusedintheexamination
bytheTGAofanothercompany'sdossier,untilfiveyearsaftertheoriginalproductwasapproved.
ThePharmaceuticalBenefitsScheme(thePBS),whichhasbeeninplacesince1948,subsidizesthecosttoconsumersofmedicineslistedonthePBS,if
themedicineshavedemonstratedacceptableclinicalneed,costandeffectiveness.ThegoalofthePBSistomakemedicinesavailableatthelowestcostcompatible
withreliablesupplyandtobaseaccessonmedicalneedratherthanabilitytopay.
ThegovernmentexertsasignificantdegreeofcontroloverthepharmaceuticalsmarketthroughthePBS.Morethan80%ofallprescriptionmedicinesold
inAustraliaisreimbursedbythePBS.ThePBSisoperatedundertheCommonwealthofAustralia'sNationalHealthAct1953.Thisstatutegovernsmatterssuchas
whomaysellpharmaceuticalproducts,thepricesatwhichpharmaceuticalproductsmaybesoldtoconsumersandthepricesgovernmentpaysmanufacturers,
wholesalersandpharmacistsforsubsidizedmedicines.
IfanewmedicineistobeconsideredforlistingonthePBS,thepriceisdeterminedthroughafullhealtheconomicanalysissubmittedtothegovernment's
advisorycommittee,thePharmaceuticalBenefitsAdvisoryCommittee(thePBAC),basedonincrementalbenefittohealthoutcome.Iftheincrementalbenefit
justifiesthepricerequested,thePBACthenmakesarecommendationtothegovernmenttoconsiderlistingtheproductonthePBS.InMay2014,aspartofa
governmentreformprograminAustralia,thePharmaceuticalBenefitsPricingAuthoritywasabolishedandtheMinisterforHealth(Minister),ordelegate,
considerspricingmattersforapproximatelyfivetosixweeksfollowingPBACmeetings.Factorscontributingtopricingdecisionsincludeitemssuchas
informationontheclaimsmadeinasubmission,advicefromthePBAC,informationabouttheproposedprice,thepriceanduseofcomparativemedicinesandthe
costofproducingthemedicinealthoughwithadditionalassociatedcosts.TheMinistermayrecommendthattheproposedpriceisaccepted;furthernegotiations
takeplaceforalowerpriceorpriceswithinaspecificrange;orforsomeproducts,risksharingarrangementstobedevelopedandagreedupon.TheAustralian
government'spurchasingpowerisusedtoobtainlowerpricesasameansofcontrollingthecostoftheprogram.ThePBSalsostipulatesthewholesalermarginfor
drugslistedonthePBS.Wholesalersthereforehavelittlepricingpoweroverthemajorityoftheirproductrangeandasaresultareunabletoincreaseprofitability
byincreasingprices.
Followingentryofthefirstgenericproductsontothemarket,thePBSpricereimbursedtopharmaciesdecreasesby16%forboththeoriginatorproduct
andgenericproductswithabrandequivalenceindicatorpermittingsubstitutionatthepharmacylevel.Thereafter,boththeoriginatorandgenericsuppliersare
requiredtodisclosepricinginformationrelatingtothesaleofmedicinestothePriceDisclosureDataAdministrator,andtwelvemonths(upuntilOctober2014,it
was18months)afterinitialgenericentry,thereisafurtherPBSpricereductionbasedontheweightedaveragedisclosedpriceiftheweightedaveragedisclosed
priceis10%ormorebelowtheexistingPBSprice.Ongoingpricedisclosurecyclesandcalculationoftheweightedaveragedisclosedpriceoccureverysix
months,andfurtherreductionsaremadetothePBSpricewhenevertheweightedaveragedisclosedpriceis10%ormorebelowtheexistingPBSprice.Theprice
disclosuresystemhashad,andwillcontinuetohaveforseveralyearsbeyond2015,anegativeimpactonsalesandgrossprofitinthismarket.
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Japan
InJapan,wearegovernedbyvariouslawsandregulations,includingthePharmaceuticalAffairsLaw(LawNo.145,1960),asamendedbythe
PharmaceuticalsandMedicalDevicesLaw(PMDL),andtheProductsLiabilityLaw(LawNo.85,1994).ThePMDLwasamendedinNovember2014to
establishafast-trackauthorizationprocessforregenerativemedicineproducts,restructuremedicaldeviceregulationandestablishreportingobligationsforpackage
insertsfordrugsandmedicaldevices.RegenerativemedicineproductsarenewlydefinedundertheamendedPMDLasaproductformedicaluseinhumansto
reconstruct,restore,orformthestructureorfunctionofahumanbody,inwhichcellsofhumansareculturedorotherwiseprocessed.
UndertheamendedPMDL,therearetworoutestoobtainauthorizationtomanufactureandmarketamedicineproduct.Thefirstrouteisthestandard
authorizationsystemfordrugsinwhichtheefficacyandsafetyoftheproductmustbeshowninordertoobtainauthorization.Thestandardauthorizationprocedure
maytakeasignificantamountoftimetolauncharegenerativemedicineproductbecausethequalityofregenerativemedicineproductsisheterogeneousbynature
andthereforeitisdifficulttocollectthedatanecessarytoevaluateanddemonstratetheefficacy.Assuch,theamendedPMDLinstitutedthesecondrouteas
follows:iftheregenerativemedicineproductisheterogeneous,theefficacyoftheregenerativemedicineproductisassumed.Thus,ifthesafetyoftheregenerative
medicineproductisdemonstratedthroughclinicaltrials,theMinisteroftheMinistryofHealth,LaborandWelfare(MHLW)mayauthorizetheapplicantto
manufactureandmarkettheregenerativemedicineproductwithcertainconditionsforafixedtermafterreceivinganexpertopinionfromthePharmaceutical
AffairsandFoodSanitationCouncil.
TheamendedPMDLalsorestructuredmedicaldeviceregulationsincludingexpandingthescopeforcertificationinaccordancewiththeclassifications
agreeduponbytheGlobalHarmonizationTaskForce,newregulationsonmedicaldevicesoftwareinwhichsoftwaremaybeauthorizedasamedicaldevice
independentofthemedicaldevicehardwareintowhichitisincorporated,systemchangeformedicaldevicemanufacturingsothatacompanymaymanufacturea
medicaldevicewhenthecompanyregisterssuchmedicaldeviceandstreamlinedQualityManagementServiceInspectionsuchthattheinspectionisperformedfor
eachcategoryofmedicalproducts.
Inaddition,undertheamendedPMDL,theholderofabusinesslicenseforthemanufactureandmarketingofregenerativemedicineproductsormedical
devicesmustnotifytheMHLWofthecontentsofthepackageinsert,includinganycautionarystatementsnecessarytouseanddealwiththeproducts,beforeit
manufacturesandmarketsthem.ThelicenseholdermustalsopublishthecontentsofthepackageinsertsonthewebsiteofthePharmaceuticalsandMedical
DevicesAgency.
UndertheamendedPMDL,theretailingorsupplyofapharmaceuticalthatapersonhasmanufactured(includingmanufacturingunderlicense)or
importedisdefinedasmarketing,andinordertomarketpharmaceuticals,onehastoobtainalicense,whichwerefertohereinasaMarketingLicense,fromthe
MHLW.TheauthoritytogranttheMarketingLicenseisdelegatedtoprefecturalgovernors;therefore,therelevantapplicationmustbefiledwiththerelevant
prefecturalgovernor.AMarketingLicensewillnotbegrantedifthequalitycontrolsystemforthepharmaceuticalforwhichtheMarketingLicensehasbeen
appliedorthepost-marketingsafetymanagementsystemfortherelevantpharmaceuticaldoesnotcomplywiththestandardsspecifiedbytherelevantMinisterial
OrdinancemadeundertheamendedPMDL.
InadditiontotheMarketingLicense,apersonintendingtomarketapharmaceuticalmust,foreachproduct,obtainmarketingapprovalfromtheMHLW
withrespecttosuchmarketing,whichwerefertohereinasMarketingApproval.MarketingApprovalisgrantedsubjecttoexaminationofthename,ingredients,
quantities,structure,administrationanddosage,methodofuse,indicationsandeffects,performanceandadversereactions,andthequality,efficacyandsafetyof
thepharmaceutical.ApersonintendingtoobtainMarketingApprovalmustattachmaterials,suchasdatarelatedtotheresultsofclinicaltrials(includinga
bioequivalencestudy,inthecaseofgenericpharmaceuticals)orconditionsofusageinforeigncountries.Japanprovidesformarketexclusivitythrougha
reexaminationsystem,whichpreventstheentryofgenericpharmaceuticalsuntiltheendofthere-examinationperiod,whichcanbeuptoeightyears,andtenyears
inthecaseofdrugsusedtotreatrarediseases(orphandrugs).
TheauthoritytograntMarketingApprovalinrelationtopharmaceuticalsforcertainspecifiedpurposes(e.g.,coldmedicinesanddecongestants)is
delegatedtotheprefecturalgovernorsbytheMHLW,andapplicationsinrelationtosuchpharmaceuticalsmustbefiledwiththegovernoroftherelevant
prefecturewheretherelevantcompanysheadofficeislocated.ApplicationsforpharmaceuticalsforwhichtheauthoritytogranttheMarketingApprovalremains
withtheMHLWmustbefiledwiththePharmaceuticalsandMedicalDevicesAgency.Whenanapplicationissubmittedforapharmaceuticalwhoseactive
ingredients,quantities,administrationanddosage,methodofuse,indicationsandeffectsaredistinctlydifferentfrom
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thoseofpharmaceuticalswhichhavealreadybeenapproved,theMHLWmustseektheopinionofthePharmaceuticalAffairsandFoodSanitationCouncil.
TheamendedPMDLprovidesthatwhen(a)thepharmaceuticalthatisthesubjectofanapplicationisshownnottoresultintheindicatedeffectsor
performanceindicatedintheapplication,(b)thepharmaceuticalisfoundtohavenovalueasapharmaceuticalbecauseithasharmfuleffectsoutweighingits
indicatedeffectsorperformance,or(c)inadditionto(a)and(b)above,whenthepharmaceuticalfallswithinthecategorydesignatedbytherelevantMinisterial
Ordinanceasnotbeingappropriateasapharmaceutical,MarketingApprovalshallnotbegranted.
TheMHLWmustcancelaMarketingApproval,afterhearingtheopinionofthePharmaceuticalAffairsandFoodSanitationCouncil,whentheMHLW
findsthattherelevantpharmaceuticalfallsunderanyof(a)through(c)above.Inaddition,theMHLWcanordertheamendmentofaMarketingApprovalwhenit
isnecessarytodosofromtheviewpointofpublichealthandhygiene.Moreover,theMHLWcanorderthecancellationoramendmentofaMarketingApproval
when(1)thenecessarymaterialsforre-examinationorre-evaluation,whichtheMHLWhasorderedconsideringthecharacterofpharmaceuticals,havenotbeen
submitted,falsematerialshavebeensubmittedorthematerialssubmitteddonotcomplywiththecriteriaspecifiedbytheMHLW,(2)therelevantcompanys
MarketingLicensehasexpiredorhasbeencanceled(aMarketingLicenseneedstoberenewedeveryfiveyears),(3)theregulationsregardinginvestigationsof
facilitiesinrelationtomanufacturingmanagementstandardsorqualitycontrolhavebeenviolated,(4)theconditionssetinrelationtotheMarketingApprovalhave
beenviolated,or(5)therelevantpharmaceuticalhasnotbeenmarketedforthreeconsecutiveyearswithoutaduereason.
Doctorsandpharmacistsprovidingmedicalservicespursuanttonationalhealthinsuranceareprohibitedfromusingpharmaceuticalsotherthanthose
specifiedbytheMHLW.TheMHLWalsospecifiesthestandardsofpharmaceuticalprices,whichwerefertohereinasDrugPriceStandards.TheDrugPrice
Standardsareusedasthebasisofthecalculationofthepricepaidbymedicalinsuranceforpharmaceuticals.Thegovernmentalpolicyrelatingtomedicalservices
andthehealthinsurancesystem,aswellastheDrugPriceStandards,isrevisedeverytwoyears.
Brazil
InBrazil,pharmaceuticalmanufacturersandallproductsandservicesthataffectthehealthofthepopulationareregulatedbytheNationalAgencyof
SanitarySurveillance(ANVISA),createdbyLawNo.9,782,ofJanuary26,1999.ANVISAisagovernmentalbodydirectlylinkedtotheMinistryofHealthand
ispartoftheUnifiedHealthSystem,responsibleforthesanitarycontrolofproduction,storage,distribution,importationandmarketingofproductsandservices
subjecttosanitarysurveillance.ANVISAisalsoresponsibleforregisteringdrugsandsupervisingqualitycontrol,aswellasissuinglicensestocompaniesforthe
manufacturing,handling,packaging,distribution,advertising,importationandexportationofpharmaceuticalproducts.ANVISAregularlymonitorsthemarkets
economicregulationsandisresponsibleforthepricecontrolofpharmaceuticaldrugs.
Active Pharmaceutical Ingredients
TheprimaryregulatoryoversightofAPImanufacturersisthroughinspectionofthemanufacturingfacilityinwhichAPIsareproduced,aswellasthe
manufacturingprocessesandstandardsemployedinthefacility.TheregulatoryprocessbywhichAPImanufacturersgenerallyregistertheirproductsfor
commercialsaleintheU.S.andothersimilarlyregulatedcountriesisviathefilingofaDMF.DMFsareconfidentialdocumentscontaininginformationonthe
manufacturingfacilityandprocessesusedinthemanufacture,characterization,qualitycontrol,packagingandstorageofanAPI.TheDMFisreviewedfor
completenessbytheFDA,orothersimilarregulatoryagenciesinothercountries,inconjunctionwithapplicationsfiledbyFDFmanufacturers,requestingapproval
tousethegivenAPIintheproductionoftheirdrugproducts.
Specialty Segment
TheprocessrequiredbytheFDAbeforeapharmaceuticalproductwithactiveingredientsthathavenotbeenpreviouslyapprovedmaybemarketedinthe
U.S.generallyinvolvesthefollowing:

laboratoryandpreclinicaltests;

submissionofanInvestigationalNewDrug(IND)application,whichmustbecomeeffectivebeforeclinicalstudiesmaybegin;

adequateandwell-controlledhumanclinicalstudiestoestablishthesafetyandefficacyoftheproposedproductforitsintendeduse;
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submissionofanNDAorBLAcontainingtheresultsofthepreclinicaltestsandclinicalstudiesestablishingthesafetyandefficacyoftheproposed
productforitsintendeduse,aswellasextensivedataaddressingmatterssuchasmanufacturingandqualityassurance;

scale-uptocommercialmanufacturing;and

FDAapprovalofanNDAorBLA.

Preclinicaltestsincludelaboratoryevaluationoftheproductanditschemistry,formulationandstability,aswellastoxicologyandpharmacologystudies
tohelpdefinethepharmacologicalprofileofthedrugandassessthepotentialsafetyandefficacyoftheproduct.Theresultsofthesestudiesaresubmittedtothe
FDAaspartoftheIND.Theymustdemonstratethattheproductdeliverssufficientquantitiesofthedrugtothebloodstreamorintendedsiteofactiontoproduce
thedesiredtherapeuticresultsbeforehumanclinicaltrialsmaybegin.Thesestudiesmustalsoprovidetheappropriatesupportivesafetyinformationnecessaryfor
theFDAtodeterminewhethertheclinicalstudiesproposedtobeconductedundertheINDcansafelyproceed.TheINDautomaticallybecomeseffective30days
afterreceiptbytheFDAunlesstheFDA,duringthat30-dayperiod,raisesconcernsorquestionsabouttheconductoftheproposedtrials,asoutlinedintheIND.In
suchcases,theINDsponsorandtheFDAmustresolveanyoutstandingconcernsbeforeclinicaltrialsmaybegin.Inaddition,anindependentinstitutionalreview
boardmustreviewandapproveanyclinicalstudypriortoinitiation.
Humanclinicalstudiesaretypicallyconductedinthreesequentialphases,whichmayoverlap:

Phase I Thedrugisinitiallyintroducedintoarelativelysmallnumberofhealthyhumansubjectsorpatientsandistestedforsafety,dosage
tolerance,mechanismofaction,absorption,metabolism,distributionandexcretion.

Phase II Studiesareperformedwithalimitedpatientpopulationtoidentifypossibleadverseeffectsandsafetyrisks,toassesstheefficacyofthe
productforspecifictargeteddiseasesorconditions,andtodeterminedosagetoleranceandoptimaldosage.

Phase III WhenPhaseIIevaluationsdemonstratethatadosagerangeoftheproductiseffectiveandhasanacceptablesafetyprofile,PhaseIII

trialsareundertakentoevaluatefurtherdosageandclinicalefficacyandtotestfurtherforsafetyinanexpandedpatientpopulationat
geographicallydispersedclinicalstudysites.

Theresultsoftheproductdevelopment,preclinicalstudiesandclinicalstudiesarethensubmittedtotheFDAaspartoftheNDAorBLA.TheNDA/BLA
drugdevelopmentandapprovalprocesscouldtakefromthreetomorethantenyears.
Research and Development
R&Deffortsareconductedonaglobalbasis,primarilytoenableustodevelop,manufactureandmarketapprovedpharmaceuticalproductsinaccordance
withapplicablegovernmentregulations.Throughvariousacquisitions,wehavesignificantlybolsteredourglobalR&Dcapabilitiesoverthepastseveralyears,
particularlyininjectablesandrespiratorytherapies.IntheU.S.,ourlargestmarket,theFDAistheprincipalregulatorybodywithrespecttopharmaceutical
products.Eachofourothermarketshaveseparatepharmaceuticalregulatorybodies,including,butnotlimitedto,theNationalAgencyforMedicinesandHealth
ProductsinFrance,HealthCanada,theMedicinesandHealthcareProductsRegulatoryAgencyintheU.K.,theEMA(adecentralizedbodyoftheEU),theFederal
InstituteforDrugsandMedicalDevicesinGermany,theIrishMedicinesBoardinIreland,theItalianMedicinesAgency,theSpanishAgencyofMedicinesand
MedicalDevices,theTGAinAustralia,theMHLWinJapan,DrugControllerGeneralofIndia,ANVISAinBrazilandtheWorldHealthOrganization(WHO),
theregulatorybodyoftheUnitedNations.
OurglobalR&Dstrategyemphasizesthefollowingareas:

developmentofbothbrandedandgenericfinisheddoseproductsfortheglobalmarketplace,includingARVprograms;

developmentofpharmaceuticalproductsthataretechnicallydifficulttoformulateormanufacturebecauseofeitherunusualfactorsthataffecttheir
stabilityorbioequivalenceorunusuallystringentregulatoryrequirements;

developmentofnovelcontrolled-releasetechnologiesandtheapplicationofthesetechnologiestoreferenceproducts;

developmentofdrugsthattargetsmaller,specializedorunderservedmarkets;

developmentofgenericdrugsthatrepresentfirst-to-fileopportunitiesintheU.S.market;
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expansionoftheexistingoralsoliddosageproductportfolio,includingwithrespecttoadditionaldosagestrengths;

developmentofinjectableproducts;

developmentofunitdoseoralinhalationproductsfornebulization;

developmentofAPIs;

developmentofcompoundsusingadrypowderinhalerand/ormetered-doseinhalerforthetreatmentofasthma,COPDandotherrespiratory
therapies;

developmentofmonoclonalanti-bodies(whichareregulatedasbiologics);

completionofadditionalpreclinicalandclinicalstudiesforapprovedNDAproductsrequiredbytheFDA,knownaspost-approval(Phase
IV)commitments;and

conductinglife-cyclemanagementstudiesintendedtofurtherdefinetheprofileofproductssubjecttopendingorapprovedNDAs.

Thesuccessofbiosimilarsinthemarketplaceandourabilitytobesuccessfulinthisemergingmarketwilldependontheimplementationofbalanced
scientificstandardsforapproval,whilenotimposingexcessiveclinicaltestingdemandsorotherhurdlesforwell-establishedproducts.Furthermore,anefficient
patentresolutionmechanismandawell-definedmechanismtograntinterchangeabilityaftertheestablishmentofbiosimilaritywiththereferencebiologicalproduct
willbekeyelementsdeterminingourfuturesuccessinthisarea.
Wehavearobustgenericpipeline.AsofDecember31,2015,wehadapproximately4,109marketinglicenseapprovalspending.During2015,we
completed1,049globalcountrylevelproductsubmissions,whichincluded41inNorthAmerica,522inEuropeand486inRestofWorld.Thesesubmissions
includedthoseforexistingproductsinnewmarketsaswellasproductsnewtotheMylanportfolio.
DuringtheyearendedDecember31,2015,wereceived731individualcountryproductapprovalsglobally,whichwasequalto1,205approvednew
marketinglicenses.Ofthosetotalindividualcountryproductapprovalsglobally,therewere77approvalsinNorthAmerica,including56intheU.S.;396approvals
inEurope;and258approvalsinRestofWorld,ofwhich44approvalswereforARVproducts.The44countrylevelARVapprovalsreceivedconsistedof14
productsin13differentcountries.The56approvalsintheU.S.consistedof45finalANDAapprovalsand11tentativeANDAapprovals.The396approvalsin
Europecovered59differentproductsresultinginatotalof869productmarketinglicenses.The258approvalsinRestofWorldincluded222approvalsfrom
emergingmarketswhichrepresented56productsin45countries.
AsofDecember31,2015,wehad270ANDAspendingFDAapproval,representingapproximately$101.5billioninannualsalesforthebrandname
equivalentsoftheseproductsfortheyearendedDecember31,2015.Ofthosependingproductapplications,50werefirst-to-fileParagraphIVANDApatent
challenges,representingapproximately$35.6billioninannualbrandsalesfortheyearendedDecember31,2015.Thehistoricbrandeddrugsalesarenot
indicativeoffuturegenericsales,butareincludedtoillustratethesizeofthebrandedproductmarket.OurR&Dspendingwas$672million,$582millionand
$508millionfortheyearsendedDecember31,2015,2014and2013,respectively.
Patents, Trademarks and Licenses
WeownorlicenseanumberofpatentsintheU.S.andothercountriescoveringcertainproductsandhavealsodevelopedbrandnamesandtrademarksfor
otherproducts.Generally,thebrandedpharmaceuticalbusinessreliesuponpatentprotectiontoensuremarketexclusivityforthelifeofthepatent.Weconsiderthe
overallprotectionofourpatents,trademarksandlicenserightstobeofsignificantvalueandacttoprotecttheserightsfrominfringement.
Inthebrandedpharmaceuticalindustry,themajorityofaninnovativeproductscommercialvalueisusuallyrealizedduringtheperiodinwhichthe
producthasmarketexclusivity.IntheU.S.andsomeothercountries,whenmarketexclusivityexpiresandgenericversionsofaproductareapprovedand
marketed,therecanoftenbeverysubstantialandrapiddeclinesinthebrandedproductssales.Therateofthisdeclinevariesbycountryandbytherapeutic
category;however,followingpatentexpiration,brandedproductsoftencontinuetohavemarketviabilitybaseduponthegoodwilloftheproductname,which
typicallybenefitsfromtrademarkprotection.
Aninnovatorproductsmarketexclusivityisgenerallydeterminedbytwoformsofintellectualproperty:patentrightsheldbytheinnovatorcompanyand
anyregulatoryformsofexclusivitytowhichtheinnovatorisentitled.
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Patentsareakeydeterminantofmarketexclusivityformostbrandedpharmaceuticals.Patentsprovidetheinnovatorwiththerighttolawfullyexclude
othersfrompracticinganinventionrelatedtothemedicine.Patentsmaycover,amongotherthings,theactiveingredient(s),varioususesofadrugproduct,
pharmaceuticalformulations,drugdeliverymechanismsandprocessesfor(orintermediatesusefulin)themanufactureofproducts.Protectionforindividual
productsextendsforvaryingperiodsinaccordancewiththeexpirationdatesofpatentsinthevariouscountries.Theprotectionafforded,whichmayalsovaryfrom
countrytocountry,dependsuponthetypeofpatent,itsscopeofcoverageandtheavailabilityofmeaningfullegalremediesinthecountry.
Marketexclusivityisalsosometimesinfluencedbyregulatoryintellectualpropertyrights.Manydevelopedcountriesprovidecertainnon-patent
incentivesforthedevelopmentofmedicines.Forexample,theU.S.,theEUandJapaneachprovideforaminimumperiodoftimeaftertheapprovalofanewdrug
duringwhichtheregulatoryagencymaynotrelyupontheinnovatorsdatatoapproveacompetitorsgenericcopy.Regulatoryintellectualpropertyrightsarealso
availableincertainmarketsasincentivesforresearchonnewindications,onorphandrugsandonmedicinesusefulintreatingpediatricpatients.Regulatory
intellectualpropertyrightsareindependentofanypatentrightsandcanbeparticularlyimportantwhenadruglacksbroadpatentprotection.However,most
regulatoryformsofexclusivitydonotpreventacompetitorfromgainingregulatoryapprovalpriortotheexpirationofregulatorydataexclusivityonthebasisof
thecompetitorsownsafetyandefficacydataonitsdrug,evenwhenthatdrugisidenticaltothatmarketedbytheinnovator.
Weestimatethelikelymarketexclusivityperiodforeachofourbrandedproductsonacase-by-casebasis.Itisnotpossibletopredictthelengthofmarket
exclusivityforanyofourbrandedproductswithcertaintybecauseofthecomplexinteractionbetweenpatentandregulatoryformsofexclusivityandinherent
uncertaintiesconcerningpatentlitigation.Therecanbenoassurancethataparticularproductwillenjoymarketexclusivityforthefullperiodoftimethatwe
currentlyestimateorthattheexclusivitywillbelimitedtotheestimate.
Inadditiontopatentsandregulatoryformsofexclusivity,wealsomarketproductswithtrademarks.Trademarkshavenoeffectonmarketexclusivityfor
aproduct,butareconsideredtohavemarketingvalue.Trademarkprotectioncontinuesinsomecountriesaslongasused;inothercountries,aslongasregistered.
Registrationisforfixedtermsandmayberenewedindefinitely.
Customers and Marketing
Generics Segment
InNorthAmerica,wemarketproductsdirectlytowholesalers,distributors,retailpharmacychains,long-termcarefacilitiesandmailorderpharmacies.
Wealsomarketourgenericproductsindirectlytoindependentpharmacies,managedcareorganizations,hospitals,nursinghomes,pharmacybenefitmanagement
companies,GPOsandgovernmententities.Thesecustomers,calledindirectcustomers,purchaseourproductsprimarilythroughourwholesalecustomers.In
NorthAmerica,wholesalers,retaildrugchainsandmanagedcareorganizations,pharmacybenefitsmanagers(collectively,payers)haveundergone,andare
continuingtoundergo,significantconsolidation,whichmayresultinthesegroupsgainingadditionalpurchasingleverage.
InEuropeandRestofWorld,genericpharmaceuticalsaresoldtowholesalers,independentpharmaciesand,incertaincountries,directlytohospitals.
Throughabroadnetworkofsalesrepresentatives,weadaptourmarketingstrategytothedifferentmarketsasdictatedbytheirrespectiveregulatoryand
competitivelandscapes.OurAPIissoldprimarilytogenericFDFmanufacturersthroughouttheworld,aswellastootherMylansubsidiaries.
FollowingtheacquisitionoftheacquiredEPDBusiness,welaunchedacomprehensiveadvertisingcampaigncalledBetterhealthforabetterworld.
ThecampaignrepresentsMylanspromiseforthefutureaswetransformintoahealthcarecompanybysettingnewstandardsintheindustryandproviding7billion
peopleaccesstohighqualitymedicine,onepersonatatime.ThecampaignsgoalsaretoeducateconsumersandcustomersaboutMylanandtohelpensurea
smoothtransitionaswecontinueintegratingtheacquiredEPDBusinesssproductsintoourportfolio.Wehavelaunchedthecampaigninapproximately25nonU.S.developedmarketsand,during2016,plantointroducethecampaigninmorethan40additionalcountries.
Specialty Segment
MylanSpecialtymarketsitsproductstoanumberofdifferentcustomeraudiencesintheU.S.,includinghealthcarepractitioners,wholesalers,pharmacists
andpharmacychains,hospitals,payers,pharmacybenefitmanager,healthmaintenance
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organizations(HMOs),homehealthcare,long-termcareandpatients.Wereachthesecustomersthroughourfield-basedsalesforceandNationalAccountsteam,
toincreaseourcustomersunderstandingoftheuniqueclinicalcharacteristicsandbenefitsofourbrandedproducts.Additionally,MylanSpecialtysupports
educationalprogramstoconsumers,physiciansandpatients.
Overthepastfewyears,wehavesuccessfullychampionedandexpandedlegislationandpoliciesthatalloworrequireschoolstostockepinephrineautoinjectors.InAugust2012,welaunchedtheEpiPen4Schoolsprogram,providingU.S.schoolsfreeEpiPenAuto-Injectorsalongwitheducationaltraining
resources.InNovember2014,weannouncedamulti-yearstrategicallianceagreementwithWaltDisneyParksandResortstohelpincreaseanaphylaxisawareness.
Aspartofthecollaborationwehaveintroducedaneducationalwebsiteforfamiliesmanagingpotentiallylife-threatening(severe)allergiesandhavedevelopeda
seriesofstorybooksforfamilieslivingwithsevereallergies,thefirstofwhichwasdistributedin2015.Mylanalsosponsorsactivitieswithadvocacygroupsinthe
severeallergyspace,includingtheFoodAllergyResearchandEducation(FARE)Walks,andlaunchedabrandedcampaign,EpiPenOnLocation,encouraging
thoselivingwithsevereallergiesandtheircaregiverstounderstandtheimportanceofavoidingallergictriggersandhavingaccesstotwoEpiPenAuto-Injectors
atalltimes.
Major Customers
ThefollowingtablerepresentsthepercentageofconsolidatedthirdpartynetsalestoMylansmajorcustomersduringtheyearsendedDecember31,2015
,2014and2013.

Percentage of Third Party Net Sales

2015

2014

2013

AmeriSourceBergenCorporation

16%

13%

10%

McKessonCorporation

15%

19%

14%

CardinalHealth,Inc.

12%

12%

15%

Consistentwithindustrypractice,wehaveareturnpolicythatallowsourcustomerstoreturnproductwithinaspecifiedperiodpriortoandsubsequentto
theexpirationdate.SeetheApplication of Critical Accounting Policies sectionofourManagementsDiscussionandAnalysisofResultsofOperationsand
FinancialConditionforadiscussionofourmoresignificantrevenuerecognitionprovisions.
Competition
Ourprimarycompetitorsincludeothergenericcompanies(bothmajormultinationalgenericdrugcompaniesandvariouslocalgenericdrugcompanies)
andbrandeddrugcompaniesthatcontinuetosellorlicensebrandedpharmaceuticalproductsafterpatentexpirationsandotherstatutoryexpirations.Inthebranded
space,keycompetitorsaregenerallyotherbrandeddrugcompaniesthatcompetebasedontheirclinicalcharacteristicsandbenefits.Competitivefactorsinthe
majormarketsinwhichweparticipatecanbesummarizedasfollows:
North America
TheU.S. pharmaceuticalindustryisverycompetitive.Ourcompetitorsvarydependingupontherapeuticareasandproductcategories.Primary
competitorsincludethemajormanufacturersofbrandnameandgenericpharmaceuticals.Theprimarymeansofcompetitionareinnovationanddevelopment,
timelyFDAapproval,manufacturingcapabilities,productquality,marketing,portfoliosize,customerservice,reputationandprice.Theenvironmentofthe
U.S.pharmaceuticalmarketplaceishighlysensitivetoprice.Tocompeteeffectively,werelyoncost-effectivemanufacturingprocessestomeettherapidly
changingneedsofourcustomersaroundareliable,highqualitysupplyofgenericpharmaceuticalproducts.WithregardtoourSpecialtysegmentbusiness,
significantsalesandmarketingeffortisrequiredtobedirectedtoeachtargetedcustomersegmentinordertocompeteeffectively.
Ourcompetitorsincludeothergenericmanufacturers,aswellasbrandedcompaniesthatlicensetheirproductstogenericmanufacturerspriortopatent
expirationorasrelevantpatentsexpire.Furtherregulatoryapprovalisnotrequiredforabrandedmanufacturertosellitspharmaceuticalproductsdirectlyor
throughathird-partytothegenericmarket,nordosuchmanufacturersfaceanyothersignificantbarrierstoentryintosuchmarket.RelatedtoourSpecialty
segmentbusiness,ourcompetitorsincludebrandedmanufacturerswhoofferproductsforthetreatmentofCOPDandsevereallergies,aswellasbrandcompanies
thatlicensetheirproductstogenericmanufacturerspriortopatentexpiration.

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TheU.S.pharmaceuticalmarketisundergoing,andisexpectedtocontinuetoundergo,rapidandsignificanttechnologicalchanges,andweexpect
competitiontointensifyastechnologicaladvancesaremade.Weintendtocompeteinthismarketplaceby(1)developingtherapeuticequivalentstobranded
productsthatofferuniquemarketingopportunities,aredifficulttoformulateand/orhavesignificantmarketsize,(2)developingorlicensingbrandpharmaceutical
productsthatareeitherpatentedorproprietaryand(3)developingorlicensingpharmaceuticalproductsthatareprimarilyforindicationshavingrelativelylarge
patientpopulationsorthathavelimitedorinadequatetreatmentsavailable,amongotherstrategies.
Oursalescanbeimpactedbynewstudiesthatindicatethatacompetitorsproducthasgreaterefficacyfortreatingadiseaseorparticularformofadisease
thanoneofourproducts.Salesonsomeofourproductscanalsobeimpactedbyadditionallabelingrequirementsrelatingtosafetyorconveniencethatmaybe
imposedonourproductsbytheFDAorbysimilarregulatoryagencies.Ifcompetitorsintroducenewproductsandprocesseswiththerapeuticorcostadvantages,
ourproductscanbesubjecttoprogressivepricereductionsand/ordecreasedvolumeofsales.
Medicaid,aU.S.federalhealthcareprogram,requirespharmaceuticalmanufacturerstopayrebatestostateMedicaidagencies.Therebatesarebasedon
thevolumeofdrugsthatarereimbursedbythestatesforMedicaidbeneficiaries.SalesofMedicaid-reimbursednon-innovatorproductsrequiremanufacturersto
rebate13%oftheaveragemanufacturerspriceand,effective2017,adjustedbytheConsumerPriceIndex-Urban(theCPI-U)basedoncertaindata.Salesofthe
Medicaid-reimbursedinnovatororsingle-sourceproductsrequiremanufacturestotherebatethegreaterofapproximately23%oftheaveragemanufacturersprice
orthedifferencebetweentheaveragemanufacturerspriceandthebestpriceadjustedbytheCPI-Ubasedoncertaindata.Webelievethatfederalorstate
governmentswillcontinuetoenactmeasuresaimedatreducingthecostofdrugstothepublic.
UnderPartDoftheMedicareModernizationAct,Medicarebeneficiariesareeligibletoobtaindiscountedprescriptiondrugcoveragefromprivatesector
providers.Asaresult,usageofpharmaceuticalshasincreased,whichisatrendthatwebelievewillcontinuetobenefitthegenericpharmaceuticalindustry.
However,suchpotentialsalesincreasesmaybeoffsetbyincreasedpricingpressures,duetotheenhancedpurchasingpoweroftheprivatesectorprovidersthatare
negotiatingonbehalfofMedicarebeneficiaries.
Canada isawell-establishedgenericsmarketcharacterizedbyanumberoflocalandmulti-nationalcompetitors.TheindividualCanadianprovinces
controlpharmaceuticalpricingandreimbursement.AnumberofCanadasprovincesaremovingtowardsatendersystem,whichhasandmaycontinueto
negativelyaffectthepricingofpharmaceuticalproducts.
Europe
InFrance ,genericpenetrationisrelativelylowcomparedtootherlargepharmaceuticalmarkets,withlowpricesresultingfromgovernmentinitiatives.
Aspharmacistsaretheprimarycustomersinthismarket,establishedrelationships,drivenbybreadthofportfolioandeffectivesupplychainmanagement,arekey
competitiveadvantages.
InItaly ,thegenericmarketisrelativelysmallduetofewincentivesformarketstakeholdersandinparttolowpricesonavailablebrandnamedrugs.
AlsotobeconsideredisthefactthatthegenericmarketinItalysufferedacertaindelaycomparedtootherEuropeancountriesduetoextendedpatentprotection.
TheItaliangovernmenthasputforthonlylimitedmeasuresaimedatincreasinggenericusage,andassuchgenericsubstitutionisstillinitsearlystages.
Pharmacistswillplayakeyroleinfuturemarketexpansion,duetohighermarginsprovidedbygenericversusbrandedproductsaswellasaspecificlegislative
provisionwhichrequiresthemtoproposegenericproductstopatients,whenavailable.
TheU.K. isoneofthemostcompetitiveoff-patentmarkets,withlowbarrierstoentryandahighdegreeoffragmentation.Competitionamong
manufacturers,alongwithindirectcontrolofpricingbythegovernment,hasledtostrongdownwardpricingpressure.CompaniesintheU.K.willcontinueto
competeonprice,withconsistentsupplychainandbreadthofproductportfolioalsocomingintoplay.
Spain isarapidlygrowing,highlyfragmentedgenericmarketwithmanyparticipants.Asaresultoflegislativechanges,allregionswithinSpainhave
moved,orwillmove,toINNprescribingandsubstitution,thusmakingthepharmaciststhekeydriverofgenericusage.Withinthelastfewyears,theAndalusia
region,representingapproximately21%ofthetotalretailmarket,hasevolvedintoatenderingcommercialmodel.CompaniescompeteinSpainbasedonbeing
firsttomarket,offeringawideportfolio,buildingstrongrelationshipswithcustomersandprovidingaconsistentsupplyofqualityproducts.
ThemarketsintheNetherlandsandGermanyhavebecomehighlycompetitiveasaresultofalargenumberofgenericplayers,bothhavingoneofthe
highestgenericpenetrationratesinEuropeandthecontinueduseoftendersystems.Underatendersystem,healthinsurersareentitledtoissueinvitationstotender
products.Pricingpressuresresultingfromaneffortto

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winthetendershoulddrivenear-termcompetition.Mylanisabletoplayasignificantroleintendersbutalsohasstrongnon-tenderedsaleswhichprovidesfurther
opportunitiesforgrowth.
Rest of World
InIndia ,thecommercialpharmaceuticalmarketisarapidlygrowing,highlyfragmentedgenericmarketwithasignificantnumberofparticipants.
CompaniescompeteinIndiabasedonprice,productportfolioandtheabilitytoprovideaconsistentsupplyofqualityproducts.IntensecompetitionbyotherAPI
suppliersintheIndianpharmaceuticalsmarkethas,inrecentyears,ledtoincreasedpressureonprices.WeexpectthattheexportsofAPIandgenericFDFproducts
fromIndiatodevelopedmarketswillcontinuetoincrease.ThesuccessofIndianpharmaceuticalcompaniesisattributabletoestablisheddevelopmentexpertisein
chemicalsynthesisandprocessengineering,developmentofFDF,availabilityofhighlyskilledlaborandthelowcostmanufacturingbase.
InAustralia ,thegenericmarketissmallbyinternationalstandards,intermsofprescriptions,valueandthenumberofactiveparticipants.Patent
extensionsthatdelaypatentexpirationaresomewhatresponsibleforunder-penetrationofgenericproducts.
InJapan ,governmentinitiativeshavehistoricallykeptalldrugpriceslow,resultinginlittleincentiveforgenericusage.Morerecentpro-genericactions
bythegovernmentshouldleadtogrowthinthegenericsmarket,inwhichdoctors,pharmacistsandhospitalpurchaserswillallplayakeyrole.
TheBrazilianpharmaceuticalmarketisthelargestinSouthAmerica.SincetheentryinforceofgenericdruglawsinBrazil ,thegenericsegmentofthe
pharmaceuticalmarkethasgrownrapidly.Theindustryishighlycompetitivewithabroadpresenceofmultinationalandnationalcompetitors.
Product Liability
Globalproductliabilitylitigationrepresentsaninherentrisktofirmsinthepharmaceuticalindustry.Weutilizeacombinationofself-insurance(including
throughourwhollyownedcaptiveinsurancesubsidiary)andtraditionalthird-partyinsurancepolicieswithregardtoourproductliabilityclaims.Suchinsurance
coverageatanygiventimereflectsmarketconditions,includingcostandavailability,existingatthetimethepolicyiswrittenandthedecisiontoobtain
commercialinsurancecoverageortoself-insurevariesaccordingly.
Raw Materials
Mylanutilizesaglobalapproachtomanagingrelationshipswithitssuppliers.TheAPIsandothermaterialsandsuppliesusedinourpharmaceutical
manufacturingoperationsaregenerallyavailableandpurchasedfrommanydifferentU.S.andnon-U.S.suppliers,includingMylanIndia.However,insomecases,
therawmaterialsusedtomanufacturepharmaceuticalproductsareavailableonlyfromasinglesupplier.Evenwhenmorethanonesupplierexists,wemaychoose,
andinsomecaseshavechosen,onlytolistonesupplierinourapplicationssubmittedtotheFDA.Anychangeinasuppliernotpreviouslyapprovedmustthenbe
submittedthroughaformalapprovalprocesswiththeFDA.
Seasonality
Certainpartsofourbusinessareaffectedbyseasonality,includingproductsinourSpecialtysegmentandproductswithinourEuropeandRestofWorld
regionswithinourGenericssegment.Theseasonalimpactoftheseparticularbusinessesmayaffectaquarterlycomparisonwithinanyfiscalyear;however,this
impactisgenerallynotmaterialtoourannualconsolidatedresults.
Environment
Westrivetocomplyinallmaterialrespectswithapplicablelawsandregulationsconcerningtheenvironment.Whileitisimpossibletopredictaccurately
thefuturecostsassociatedwithenvironmentalcomplianceandpotentialremediationactivities,compliancewithenvironmentallawsisnotexpectedtorequire
significantcapitalexpendituresandhasnothad,andisnotexpectedtohave,amaterialadverseeffectonouroperationsorcompetitiveposition.
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Employees
AsofDecember31,2015,Mylansglobalworkforceincludednearly35,000employeesandexternalcontractors.Certainproductionandmaintenance
employeesatourmanufacturingfacilityinMorgantown,WestVirginia,arerepresentedbytheUnitedSteel,PaperandForestry,Rubber,Manufacturing,Energy,
AlliedIndustrialandServiceWorkersInternationalUnionanditsLocalUnion8-957AFL-CIOunderacontractthatexpiresonApril21,2017.Inaddition,there
arenon-U.S.Mylanlocationsthathaveemployeeswhoareunionizedorpartofworkscouncilsortradeunions.
Securities Exchange Act Reports
MylanmaintainsanInternetwebsiteatthefollowingaddress:mylan.com.Wemakeavailableonorthroughourwebsitecertainreportsandamendments
tothosereportsthatMylanfileswiththeSecuritiesandExchangeCommission(theSEC)inaccordancewiththeSecuritiesExchangeActof1934(the
ExchangeAct).TheseincludeourannualreportsonForm10-K,quarterlyreportsonForm10-QandcurrentreportsonForm8-K.Wemakethisinformation
availableonourwebsitefreeofcharge,assoonasreasonablypracticableafterelectronicallyfiledwith,orfurnishedto,theSEC.Thecontentsofourwebsiteare
notincorporatedbyreferenceinthisReportonForm10-KandshallnotbedeemedfiledundertheExchangeAct.
ThepublicmayalsoreadandcopyanymaterialsthatwefilewiththeSECattheSECsPublicReferenceRoomat100FStreetNE,Washington,D.C.
20549.YoumayobtaininformationaboutthePublicReferenceRoombycontactingtheSECat1.800.SEC.0330.ReportsfiledwiththeSECarealsomade
availableontheSECwebsite(www.sec.gov).
ITEM 1A.

Risk Factors

Weoperateinacomplexandrapidlychangingenvironmentthatinvolvesrisks,manyofwhicharebeyondourcontrol.Anyofthefollowingrisks,ifthey
occur,couldhaveamaterialadverseeffectonourbusiness,financialcondition,resultsofoperations,cashflows,and/orshareprice.Theserisksshouldbereadin
conjunctionwiththeotherinformationinthisAnnualReportonForm10-K.
Risks Related to the Business of Mylan
ABBOTTS SUBSIDIARIES THAT HOLD ORDINARY SHARES ARE COLLECTIVELY A SIGNIFICANT BENEFICIAL SHAREHOLDER OF OURS
AND THE PRESENCE OF A SIGNIFICANT BENEFICIAL SHAREHOLDER MAY AFFECT THE ABILITY OF OUR OTHER SHAREHOLDERS TO
EXERCISE INFLUENCE OVER US, ESPECIALLY IN LIGHT OF CERTAIN VOTING OBLIGATIONS UNDER OUR SHAREHOLDER AGREEMENT
WITH ABBOTT AND ITS SUBSIDIARIES.
Abbottssubsidiariescurrentlyownapproximately14.2%ofouroutstandingordinaryshares.ThesharesownedbyAbbottssubsidiariesaresubjecttothe
termsofashareholderagreement,whichrequirestheAbbottsubsidiariestovoteinfavorofthedirectornomineesrecommendedbyourboardofdirectorsandin
accordancewiththerecommendationofourboardofdirectorsonallothermatters,subjecttocertainexceptionsforextraordinarytransactions.Thisvoting
agreementisinforcewithrespecttoordinarysharesownedbyAbbottssubsidiariessolongastheycollectivelybeneficiallyownatleastfivepercentofourissued
andoutstandingordinaryshares.Abbottssubsidiariesthatholdordinarysharesarecollectivelyasignificantbeneficialshareholderofours.Havingasignificant
beneficialshareholderthatisrequiredinmanyinstancestovotewiththerecommendationofourboardofdirectorsmaymakeitmoredifficultforourother
shareholderstoexerciseinfluenceovermostmatterssubmittedtoshareholdersforapproval,includingtheelectionofdirectors,issuancesofsecuritiesforequity
compensationplans,amendmentstotheArticles,andshareholderproposalssubmittedpursuanttoRule14a-8oftheExchangeAct.Additionally,suchAbbott
subsidiariesareobligated,pursuanttoashareholderagreement,nottotenderanyordinarysharesinanytenderorexchangeofferthatourboardofdirectors
recommendsthattheshareholdersrejectand,ifourboardofdirectorshasrecommendedagainstatransaction,suchAbbottsubsidiariesarerequiredtovoteagainst
suchtransaction,whichmayhavetheeffectofmakingitmoredifficultforathirdpartytoacquire,ordiscouragingathirdpartyfromseekingtoacquire,amajority
ofouroutstandingordinarysharesinapublictakeoveroffer,orcontrolofourboardofdirectorsthroughaproxysolicitation.
PROVISIONS IN OUR GOVERNANCE ARRANGEMENTS OR THAT ARE OTHERWISE AVAILABLE UNDER DUTCH LAW COULD DISCOURAGE,
DELAY, OR PREVENT A CHANGE IN CONTROL OF US AND MAY AFFECT THE MARKET PRICE OF OUR ORDINARY SHARES.
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SomeprovisionsofourgovernancearrangementsthatareavailableunderDutchlaw,suchasourgranttoaDutchfoundation(stichting)ofacalloptionto
acquirepreferredsharestosafeguardtheinterestsoftheCompany,itsbusinessesanditsstakeholdersagainstthreatstoourstrategy,mission,independence,
continuityand/oridentity,maydiscourage,delay,orpreventachangeincontrolofus,evenifsuchachangeincontrolissoughtbyourshareholders.
WE MAY BE FORCED TO DELIST, OR OTHERWISE CHOOSE TO DELIST, FROM THE TEL AVIV STOCK EXCHANGE IN THE FUTURE AND
THIS COULD HAVE A NEGATIVE IMPACT ON OUR ORDINARY SHARE PRICE AND ON THE LIQUIDITY OF OUR ORDINARY SHARES.
OnOctober29,2015,theTelAvivStockExchange(theTASE)approvedthelistingofourordinarysharesontheTASE,andourordinarysharesbegan
tradingontheTASEonNovember4,2015.Asaresult,ourordinarysharesarenowlistedonboththeNASDAQGlobalSelectStockMarket(NASDAQ)and
theTASE.InconnectionwithouroffertoacquirePerrigoCompanyplc,wehaveundertakenthatourordinaryshareswillbelistedontheTASEforaperiodofnot
lessthanoneyearfromthedatetheyfirststartedtradingontheTASE.WehavealsoundertakenwiththeTASEthatforaslongasourordinarysharesarelistedfor
tradingontheTASE,ifnewMylanpreferredsharesareissued,inresponsetotheDutchfoundation(stichting)describedaboveexercisingitscalloptiontoacquire
preferredsharesorotherwise,wewilltakeallnecessaryactions,assoonaspracticableandnolaterthanthreeIsraelibusinessdaysfollowingtheissuanceofsuch
preferredshares,tonotifytheTASEthatwearedelistingourordinarysharesfromtheTASE(withsuchdelistingtotakeeffect90dayslater).Accordingly,there
canbenoguaranteeastohowlongourordinaryshareswillcontinuetobelistedontheTASE.IfwedelistfromtheTASE,thatcouldhaveanegativeimpacton
ourordinarysharepriceandontheliquidityofourordinarysharesforourshareholders,particularlyinIsrael.
WE DO NOT ANTICIPATE PAYING DIVIDENDS FOR THE FORESEEABLE FUTURE, AND OUR SHAREHOLDERS MUST RELY ON INCREASES
IN THE TRADING PRICE OF THE ORDINARY SHARES TO OBTAIN A RETURN ON THEIR INVESTMENT.
MylanN.V.doesnotanticipatepayingdividendsintheimmediatefuture.Weanticipatethatwewillretainallearnings,ifany,tosupportouroperationsand
topursueadditionaltransactionstodeliveradditionalshareholdervalue.Anyfuturedeterminationastothepaymentofdividendswill,subjecttoDutchlaw
requirements,beatthesolediscretionofourboardofdirectorsandwilldependonourfinancialposition,resultsofoperations,capitalrequirements,andother
factorsourboardofdirectorsdeemsrelevantatthattime.HoldersofMylanN.V.sordinarysharesmustrelyonincreasesinthetradingpriceoftheirsharesto
obtainareturnontheirinvestmentintheforeseeablefuture.
THE MARKET PRICE OF THE ORDINARY SHARES MAY BE VOLATILE, AND THE VALUE OF YOUR INVESTMENT COULD MATERIALLY
DECLINE.
InvestorswhoholdMylanN.V.sordinarysharesmaynotbeabletoselltheirsharesatorabovethepriceatwhichtheypurchasedsuchshares.Theshare
priceofMylanN.V.sordinarysharesfluctuatemateriallyfromtimetotime,andwecannotpredictthepriceoftheordinarysharesatanygiventime.Therisk
factorsdescribedhereincouldcausethepriceoftheordinarysharestofluctuatematerially.Inaddition,thestockmarketingeneral,includingthemarketfor
genericandspecialtypharmaceuticalcompanies,hasexperiencedpriceandvolumefluctuations.Thesebroadmarketandindustryfactorsmaymateriallyharmthe
marketpriceoftheordinaryshares,regardlessofouroperatingperformance.Inaddition,thepriceoftheordinarysharesmaybeaffectedbythevaluationsand
recommendationsoftheanalystswhocoverus,andifourresultsdonotmeettheanalystsforecastsandexpectations,thepriceoftheordinarysharescoulddecline
asaresultofanalystsloweringtheirvaluationsandrecommendationsorotherwise.Inthepast,followingperiodsofvolatilityinthemarketand/orinthepriceofa
companysstock,securitiesclass-actionlitigationhasoftenbeeninstitutedagainstothercompanies.Suchlitigation,ifinstitutedagainstus,couldresultin
substantialcostsanddiversionofmanagementsattentionandresources,whichcouldhaveamaterialadverseeffectonourbusiness,financialcondition,resultsof
operations,cashflows,and/orordinaryshareprice.Wemayissueadditionalordinarysharesupontheexerciseofexistingwarrants,andweorourshareholdersalso
mayofferorsellourordinarysharesorsecuritiesconvertibleintoorexchangeableorexercisableforordinaryshares.Anincreaseinthenumberoftheordinary
sharesissuedandoutstandingandthepossibilityofsalesofordinarysharesorsecuritiesconvertibleintoorexchangeableorexercisableforordinarysharesmay
depressthefuturetradingpriceoftheordinaryshares.Inaddition,ifadditionalofferingsoccur,thevotingpowerofourthenexistingshareholdersmaybediluted.
THE EPD TRANSACTION MAY NOT ACHIEVE ALL INTENDED BENEFITS OR MAY DISRUPT OUR PLANS AND OPERATIONS.
TherecanbenoassurancethatwewillbeabletosuccessfullycompletetheintegrationoftheacquiredEPDBusinesswiththebusinessofMylanInc.or
otherwisefullyrealizetheexpectedbenefitsoftheEPDTransaction.Ourabilitytofully

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realizetheanticipatedbenefitsoftheEPDTransactionwilldepend,toalargeextent,onourabilitytointegratetheacquiredEPDBusinesswiththebusinessof
MylanInc.andrealizethebenefitsofthecombinedbusiness.Thecombinationoftwoindependentbusinessesisacomplex,costly,andtime-consumingprocess.
Ourbusinessmaybenegativelyimpactedifweareunabletoeffectivelymanageitsexpandedoperations.Theintegrationisongoingandcontinuestorequire
significanttimeandfocusfrommanagementandmaydivertattentionfromtheday-to-dayoperationsofourbusiness.Additionally,theintegrationofthe
businessescoulddisruptourplansandoperations,whichcoulddelaytheachievementofourstrategicobjectives.

TheexpectedsynergiesandoperatingefficienciesoftheEPDTransactionmaynotbefullyrealized,whichcouldresultinincreasedcostsandhavea
materialadverseeffectonourbusiness,financialcondition,resultsofoperations,cashflows,and/orordinaryshareprice.Inaddition,theoverallintegrationofthe
businessesmayresultinmaterialunanticipatedproblems,expenses,liabilities,competitiveresponses,lossofcustomerrelationships,anddiversionof
managementsattention,amongotherpotentialadverseconsequences.Thedifficultiesofcombiningtheoperationsofthebusinessesinclude,amongothers:

thediversionofmanagementsattentiontointegrationmatters;

difficultiesinachievinganticipatedsynergies,operatingefficiencies,businessopportunities,andgrowthprospectsfromcombiningtheacquiredEPD
BusinesswiththebusinessofMylanInc.;

difficultiesintheintegrationofoperationsandITapplications,includingenterpriseresourceplanning(ERP)systems;

difficultiesintheintegrationofemployees;

difficultiesinmanagingtheexpandedoperationsofasignificantlylargerandmorecomplexcompany;

challengesinkeepingexistingcustomersandobtainingnewcustomers;

challengesinattractingandretainingkeypersonnel;and

thecomplexitiesofmanagingtheongoingrelationshipwithAbbott,andcertainofitsbusinesspartners,whichincludesagreementsprovidingfor
transitionservices,developmentandmanufacturingrelationships,andlicensearrangements.

Manyofthesefactorsareoutsideofourcontrolandanyoneofthemcouldresultinincreasedcosts,decreasesintheamountofexpectedrevenues,and
diversionofmanagementstimeandenergy,whichcouldhaveamaterialadverseeffectonourbusiness,financialcondition,resultsofoperations,cashflows,
and/orordinaryshareprice.Inaddition,theoverallintegrationofthebusinessesmayresultinmaterialunanticipatedproblems,expenses,liabilities,competitive
responses,lossofcustomerrelationships,anddiversionofmanagementsattention,amongotherpotentialadverseconsequences.Furthermore,evenifthe
operationsofMylanInc.andtheacquiredEPDBusinessareintegratedsuccessfully,wemaynotrealizethefullbenefitsoftheEPDTransaction,includingthe
synergies,operatingefficiencies,orsalesorgrowthopportunitiesthatareexpected.Thesebenefitsmaynotbeachievedwithintheanticipatedtimeframeoratall.
Allofthesefactorscouldcausedilutiontoourearningspershare,decreaseordelaytheexpectedaccretiveeffectoftheEPDTransaction,and/ornegativelyimpact
thepriceofourordinaryshares.
WE EXPECT TO BE TREATED AS A NON-U.S. CORPORATION FOR U.S. FEDERAL INCOME TAX PURPOSES. ANY CHANGES TO THE TAX LAWS
OR CHANGES IN OTHER LAWS (INCLUDING UNDER APPLICABLE INCOME TAX TREATIES), REGULATIONS, RULES, OR INTERPRETATIONS
THEREOF APPLICABLE TO INVERTED COMPANIES AND THEIR AFFILIATES, WHETHER ENACTED BEFORE OR AFTER THE EPD
TRANSACTION, MAY MATERIALLY ADVERSELY AFFECT US.
UndercurrentU.S.law,webelievethatweshouldnotbetreatedasaU.S.corporationforU.S.federalincometaxpurposesasaresultoftheEPD
Transaction.ChangestoSection7874oftheInternalRevenueCode(theCode)or,totheU.S.TreasuryRegulationspromulgatedthereunder,orinterpretations
thereof,ortootherrelevanttaxlaws(includingapplicableincometaxtreaties),couldaffectourstatusasanon-U.S.corporationforU.S.federalincometax
purposesandthetaxconsequencestousandouraffiliates.Anysuchchangescouldhaveprospectiveorretroactiveapplication,andmayapplyevenifenactedor
promulgatednowthattheEPDTransactionhasclosed.IfweweretobetreatedasaU.S.corporationforU.S.federalincometaxpurposes,oriftherelevanttax
laws(includingapplicableincometaxtreaties)change,wewouldlikelybesubjecttosignificantlygreaterU.S.taxliabilitythancurrentlycontemplatedasanonU.S.corporationoriftherelevanttaxlaws(includingapplicableincometaxtreaties)hadnotchanged.

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OnAugust5,2014,theU.S.TreasuryDepartmentannouncedthatitisreviewingabroadrangeofauthoritiesforpossibleadministrativeactionsthatcould
limittheabilityofaU.S.corporationtocompleteatransactioninwhichitbecomesasubsidiaryofanon-U.S.corporation(commonlyknownasaninversion
transaction)orreducecertaintaxbenefitsafteraninversiontransactiontakesplace.OnSeptember22,2014andNovember19,2015,theU.S.Treasury
DepartmentissuednoticesannouncingitsintentiontopromulgatecertainregulationsthatwillapplytoinversiontransactionscompletedonorafterSeptember22,
2014.
Inthenotices,theU.S.TreasuryDepartmentalsoannouncedthatitexpectstoissueadditionalguidancetofurtherlimitandreducethebenefitsofcertain
inversiontransactions.Inparticular,itisconsideringregulationsthatmaylimitincometaxtreatyeligibilityandtheabilityofcertainforeign-ownedU.S.
corporationstodeductcertaininterestpayments(so-calledearningsstripping).Anysuchfutureguidancewillapplyprospectively,buttotheextentitapplies
onlytocompaniesthathavecompletedinversiontransactions,itwillspecificallyapplytocompaniesthathavecompletedsuchtransactionsonorafterSeptember
22,2014.Additionally,therehavebeenrecentlegislativeproposalsintendedtolimitordiscourageinversiontransactionsandonMay20,2015,theU.S.Treasury
Departmentannounceditsintentiontorevisecertainprovisionsofthemodelincometaxtreaties,which,ifultimatelyadoptedbytheU.S.andrelevantjurisdictions,
couldreducepotentialtaxbenefitsforusandouraffiliatesbyimposingU.S.withholdingtaxesonparticularpaymentsfromourU.S.affiliatestorelatedand
unrelatedforeignpersons.Anysuchfutureregulatoryorlegislativeactionsregardinginversiontransactionsoranyotherchangesinrelevanttaxlaws(including
underapplicableincometaxtreaties),iftaken,couldapplytous,coulddisadvantageusascomparedtoothercorporations,includingnon-U.S.corporationsthat
havecompletedinversiontransactionspriortoSeptember22,2014,andcouldhaveamaterialadverseeffectonourbusiness,financialcondition,resultsof
operations,cashflows,and/orordinaryshareprice.
THE IRS MAY NOT AGREE THAT WE SHOULD BE TREATED AS A NON-U.S. CORPORATION FOR U.S. FEDERAL INCOME TAX PURPOSES.
TheU.S.InternalRevenueService(theIRS)maynotagreethatweshouldbetreatedasanon-U.S.corporationforU.S.federalincometaxpurposes.
AlthoughwearenotincorporatedintheU.S.andexpecttobetreatedasanon-U.S.corporationforU.S.federalincometaxpurposes,theIRSmayassertthatwe
shouldbetreatedasaU.S.corporationforU.S.federalincometaxpurposes.IfweweretobetreatedasaU.S.corporationforU.S.federalincometaxpurposes,
wewouldlikelybesubjecttosignificantlygreaterU.S.taxliabilitythancurrentlycontemplatedasanon-U.S.corporation.
IF THE INTERCOMPANY TERMS OF CROSS BORDER ARRANGEMENTS THAT WE HAVE AMONG OUR SUBSIDIARIES ARE DETERMINED TO
BE INAPPROPRIATE OR INEFFECTIVE, OUR TAX LIABILITY MAY INCREASE.
Wehavepotentialtaxexposuresresultingfromthevaryingapplicationofstatutes,regulations,andinterpretationswhichincludeexposuresonintercompany
termsofcross-borderarrangementsamongoursubsidiaries(includingintercompanyloans,sales,andservicesagreements)inrelationtovariousaspectsofour
business,includingmanufacturing,marketing,sales,anddeliveryfunctions.Althoughwebelieveourcross-borderarrangementsamongoursubsidiariesarebased
uponinternationallyacceptedstandardsandapplicablelaw,taxauthoritiesinvariousjurisdictionsmaydisagreewithandsubsequentlychallengetheamountof
profitstaxedintheircountry,whichmayresultinincreasedtaxliability,includingaccruedinterestandpenalties,whichwouldcauseourtaxexpensetoincrease
andcouldhaveamaterialadverseeffectonourbusiness,financialcondition,resultsofoperations,cashflows,and/orordinaryshareprice.
WE MAY NOT BE ABLE TO MAINTAIN COMPETITIVE FINANCIAL FLEXIBILITY AND OUR CORPORATE TAX RATE.
Webelievethatourstructureandoperationswillgiveustheabilitytoachievecompetitivefinancialflexibilityandacompetitiveworldwideeffective
corporatetaxrate.Thematerialassumptionsunderlyingourexpectedtaxratesincludethefactthatweexpectcertainofourbusinesseswillbeoperatedoutsideof
theU.S.and,assuch,willbesubjecttoalowertaxratethanoperationsintheU.S.,whichwillresultinalowerblendedworldwidetaxratewewerepreviously
abletoachieve.Wemustalsomakeassumptionsregardingtheeffectofcertaininternalreorganizationtransactions,includingvariousintercompanytransactions.
Wecannotgiveanyassuranceastowhatoureffectivetaxratewillbe,however,becauseof,amongotherreasons,uncertaintyregardingthetaxpoliciesofthe
jurisdictionswhereweoperate,potentialchangesoflawsandinterpretationsthereof,andthepotentialfortaxauditsorchallenges.Ouractualeffectivetaxratemay
varyfromourexpectationandthatvariancemaybematerial.Additionally,thetaxlawsoftheU.K.,theNetherlandsandotherjurisdictionscouldchangeinthe
future,andsuchchangescouldcauseamaterialchangeinoureffectivetaxrate.Suchamaterialchangecouldhaveamaterialadverseeffectonourbusiness,
financialcondition,resultsofoperations,cashflows,and/orordinaryshareprice.

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UNANTICIPATED CHANGES IN OUR TAX PROVISIONS OR EXPOSURE TO ADDITIONAL INCOME TAX LIABILITIES AND CHANGES IN
INCOME TAX LAWS AND TAX RULINGS MAY HAVE A SIGNIFICANT ADVERSE IMPACT ON OUR EFFECTIVE TAX RATE AND INCOME TAX
EXPENSE.
Wearesubjecttoincometaxesinmanyjurisdictions.Significantanalysisandjudgmentarerequiredindeterminingourworldwideprovisionforincome
taxes.Intheordinarycourseofbusiness,therearemanytransactionsandcalculationswheretheultimatetaxdeterminationisuncertain.Thefinaldeterminationof
anytaxauditsorrelatedlitigationcouldbemateriallydifferentfromourincometaxprovisionsandaccruals.
Additionally,changesintheeffectivetaxrateasaresultofachangeinthemixofearningsincountrieswithdifferingstatutorytaxrates,changesinour
overallprofitability,changesinthevaluationofdeferredtaxassetsandliabilities,theresultsofauditsandtheexaminationofpreviouslyfiledtaxreturnsbytaxing
authorities,andcontinuingassessmentsofourtaxexposurescouldimpactourtaxliabilitiesandaffectourincometaxexpense,whichcouldhaveamaterial
adverseeffectonourbusiness,financialcondition,resultsofoperations,cashflows,and/orordinaryshareprice.
Finally,potentialchangestoincometaxlawsintheU.S.includemeasureswhichwoulddeferthedeductionofinterestexpenserelatedtodeferredincome;
determinetheforeigntaxcreditonapoolingbasis;taxcurrentlyexcessreturnsassociatedwithtransfersofintangiblesoffshore;andlimitearningsstrippingby
expatriatedentities.Inaddition,proposalshavebeenmadetoencouragemanufacturingintheU.S.,includingreducedratesoftaxandincreaseddeductionsrelated
tomanufacturing.Wecannotdeterminewhethertheseproposalswillbemodifiedorenacted,whetherotherproposalsunknownatthistimewillbemade,orthe
extenttowhichthecorporatetaxratemightbereducedandlessentheadverseimpactofsomeoftheseproposals.Ifenacted,anddependingonitspreciseterms,
suchlegislationcouldmateriallyincreaseouroveralleffectiveincometaxrateandincometaxexpenseandcouldhaveamaterialadverseeffectonourbusiness,
financialcondition,resultsofoperations,cashflows,and/orordinaryshareprice.
WE MAY BECOME TAXABLE IN A JURISDICTION OTHER THAN THE UNITED KINGDOM AND THIS MAY INCREASE THE AGGREGATE TAX
BURDEN ON US.
BasedonourcurrentmanagementstructureandcurrenttaxlawsoftheUnitedStates,theUnitedKingdom,andtheNetherlands,aswellasapplicable
incometaxtreaties,andcurrentinterpretationsthereof,theUnitedKingdomandtheNetherlandscompetentauthoritieshavedeterminedthatwearetaxresident
solelyintheUnitedKingdomforthepurposesoftheNetherlands-U.K.taxtreaty.WehavereceivedabindingrulingfromthecompetentauthoritiesintheUnited
KingdomandintheNetherlandsconfirmingthistreatment.WewillthereforebetaxresidentsolelyintheUnitedKingdomsolongasthefactsandcircumstances
setforthintherelevantapplicationletterssenttothoseauthoritiesremainaccurate.Eventhoughwereceivedabindingruling,theapplicabletaxlawsor
interpretationsthereofmaychange,ortheassumptionsonwhichsuchrulingswerebasedmaydifferfromthefacts.Asaconsequence,wemaybecomeatax
residentofajurisdictionotherthantheU.K.Asaconsequence,ouroveralleffectiveincometaxrateandincometaxexpensecouldmateriallyincrease,which
couldhaveamaterialadverseeffectonourbusiness,financialcondition,resultsofoperations,cashflows,and/orordinaryshareprice.
WE HAVE AND WILL INCUR DIRECT AND INDIRECT COSTS AS A RESULT OF OUR CORPORATE STRUCTURE.
Wehaveincurredcostsandexpensesinconnectionwith,andwillincurfurthercostsandexpensesasaresultof,becomingaDutchcompanythatisatax
residentoftheUnitedKingdom.Certaincostsarenotreadilyascertainableandaredifficulttoquantifyanddetermine.Thesecostsandexpensesinclude
professionalfeesassociatedwithcomplyingwithDutchcorporatelawandfinancialreportingrequirements,professionalfeesassociatedwithcomplyingwiththe
taxlawsoftheUnitedKingdom,andcostsandexpensesincurredinconnectionwithholdingamajorityofthemeetingsofourboardofdirectorsandcertain
executivemanagementmeetingsintheU.K.,aswellasanyadditionalcostswemayincurgoingforwardasaresultofournewcorporatestructure.Thesecosts
maymateriallyexceedthecostshistoricallybornebyus,whichcouldhaveamaterialadverseeffectonourbusiness,financialcondition,resultsofoperations,cash
flows,and/orordinaryshareprice.
WE HAVE GROWN AT A VERY RAPID PACE AND EXPECT TO AGGRESSIVELY PURSUE ADDITIONAL ACQUISITION OPPORTUNITIES THAT
MAKE FINANCIAL AND STRATEGIC SENSE FOR US. OUR INABILITY TO EFFECTIVELY MANAGE OR SUPPORT THIS GROWTH MAY HAVE A
MATERIAL ADVERSE EFFECT ON OUR BUSINESS, FINANCIAL CONDITION, RESULTS OF OPERATIONS, CASH FLOWS, AND/OR ORDINARY
SHARE PRICE.
Wehavegrownveryrapidlyoverthepastseveralyearsasaresultofincreasingsalesandseveralacquisitionsandothertransactions,andexpectto
aggressivelypursueadditionalacquisitionopportunitiesthatmakefinancialandstrategicsensefor

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us.Weevaluatevariousstrategictransactionsandbusinessarrangements,includingacquisitions,assetpurchases,partnerships,jointventures,restructurings,
divestituresandinvestments,onanongoingbasis.Thesetransactionsandarrangementsmaybematerialbothfromastrategicandfinancialperspective.
Wearecurrentlyintheprocessofevaluatingcertainpotentialstrategictransactions,includingacquisitions,andwemaychoosetoaggressivelypursueone
ormoreoftheseopportunitiesatanytime.Someoftheseopportunitieswouldbematerialifpursuedandconsummated.Ourgrowthhas,andwillcontinueto,put
significantdemandsonourprocesses,systems,andemployees.Wehavemadeandexpecttomakefurtherinvestmentsinadditionalpersonnel,systems,and
internalcontrolprocessestohelpmanageourgrowth.Attracting,retainingandmotivatingkeyemployeesinvariousdepartmentsandlocationstosupportour
growtharecriticaltoourbusiness,andcompetitionforthesepeoplecanbesignificant.Ifweareunabletohireand/orretainqualifiedemployeesand/orifwedo
noteffectivelyinvestinsystemsandprocessestomanageandsupportourrapidgrowthandthechallengesanddifficultiesassociatedwithmanagingalarger,more
complexbusiness,and/orifwecannoteffectivelymanageandintegrateourincreasinglydiverseandglobalplatform,therecouldbeamaterialadverseeffecton
ourbusiness,financialcondition,resultsofoperations,cashflows,and/orordinaryshareprice.
CURRENT AND CHANGING ECONOMIC CONDITIONS MAY ADVERSELY AFFECT OUR INDUSTRY, BUSINESS, PARTNERS AND SUPPLIERS,
FINANCIAL CONDITION, RESULTS OF OPERATIONS, CASH FLOWS, AND/OR ORDINARY SHARE PRICE.
Theglobaleconomycontinuestoexperiencesignificantvolatility,andtheeconomicenvironmentmaycontinuetobe,orbecome,lessfavorablethanthatof
pastyears.Amongothermatters,thecontinuedriskofadefaultonsovereigndebtbyoneormoreEuropeancountries,relatedfinancialrestructuringeffortsin
Europe,and/orevolvingdeficitandspendingreductionprogramsinstitutedbytheU.S.andothergovernmentscouldnegativelyimpacttheglobaleconomyand/or
thepharmaceuticalindustry.Thishasled,and/orcouldlead,toreducedconsumerandcustomerspendingand/orreducedoreliminatedgovernmentalorthirdparty
payorcoverageorreimbursementintheforeseeablefuture,andthismayincludereducedspendingonhealthcare,includingbutnotlimitedtopharmaceutical
products.Whilegenericdrugspresentanalternativetohigher-pricedbrandedproducts,oursalescouldbenegativelyimpactedifpatientsforegoobtaining
healthcare,patientsandcustomersreducespendingorpurchases,and/orifgovernmentsand/orthird-partypayorsreduceoreliminatecoverageorreimbursement
amountsforpharmaceuticalsand/orimposepriceorothercontrolsadverselyimpactingthepriceoravailabilityofpharmaceuticals.Inaddition,reducedconsumer
andcustomerspending,and/orreducedgovernmentand/orthird-partypayorcoverageorreimbursement,and/ornewgovernmentcontrols,maydriveusandour
competitorstodecreasepricesand/ormayreducetheabilityofcustomerstopayand/ormayresultinreduceddemandforourproducts.Theoccurrenceofanyof
theseriskscouldhaveamaterialadverseeffectonourindustry,business,financialcondition,resultsofoperations,cashflows,and/orordinaryshareprice.
OUR BUSINESS, FINANCIAL CONDITION, AND RESULTS OF OPERATIONS ARE SUBJECT TO RISKS ARISING FROM THE INTERNATIONAL
SCOPE OF OUR OPERATIONS.
OuroperationsextendtonumerouscountriesoutsidetheU.S.andaresubjecttotherisksinherentinconductingbusinessgloballyandunderthelaws,
regulations,andcustomsofvariousjurisdictions.Theserisksinclude,butarenotlimitedto:

compliancewithavarietyofnationalandlocallawsofcountriesinwhichwedobusiness,including,butnotlimitedto,dataprivacyandsecurityand
restrictionsontheimportandexportofcertainintermediates,drugs,andtechnologies;

compliancewithavarietyofU.S.lawsincluding,butnotlimitedto,theIranThreatReductionandSyriaHumanRightsActof2012;andrules
relatingtotheuseofcertainconflictmineralsunderSection1502oftheDodd-FrankWallStreetReformandtheConsumerProtectionAct;

changesinlaws,regulations,andpracticesaffectingthepharmaceuticalindustryandthehealthcaresystem,includingbutnotlimitedtoimports,
exports,manufacturing,quality,cost,pricing,reimbursement,approval,inspection,anddeliveryofhealthcare;

fluctuationsinexchangeratesfortransactionsconductedincurrenciesotherthanthefunctionalcurrency;

differinglocalproductpreferencesandproductrequirements;

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adversechangesintheeconomiesinwhichweorourpartnersandsuppliersoperateasaresultofaslowdowninoverallgrowth,achangein
governmentoreconomicpolicies,orfinancial,political,orsocialchangeorinstabilityinsuchcountriesthataffectsthemarketsinwhichweoperate,
particularlyemergingmarkets;

changesinemploymentlaws,wageincreases,orrisinginflationinthecountriesinwhichweorourpartnersandsuppliersoperate;

supplydisruptions,andincreasesinenergyandtransportationcosts;

naturaldisasters,includingdroughts,floods,andearthquakesinthecountriesinwhichweoperate;

localdisturbances,terroristattacks,riots,socialdisruption,orregionalhostilitiesinthecountriesinwhichweorourpartnersandsuppliersoperate;
and

governmentuncertainty,includingasaresultofneworchangedlawsandregulations.

Wealsofacetheriskthatsomeofourcompetitorshavemoreexperiencewithoperationsinsuchcountriesorwithinternationaloperationsgenerallyand
maybeabletomanageunexpectedcrisesmoreeasily.Furthermore,whetherduetolanguage,culturalorotherdifferences,publicandotherstatementsthatwe
makemaybemisinterpreted,misconstrued,ortakenoutofcontextindifferentjurisdictions.Moreover,theinternalpoliticalstabilityof,ortherelationship
between,anycountryorcountrieswhereweconductbusinessoperationsmaydeteriorate.Changesinacountryspoliticalstabilityorthestateofrelationsbetween
anysuchcountriesaredifficulttopredictandcouldadverselyaffectouroperations.Anysuchchangescouldleadtoadeclineinourprofitabilityand/oradversely
impactourabilitytodobusiness.Anymeaningfuldeteriorationofthepoliticalorsocialstabilityinand/ordiplomaticrelationsbetweenanycountriesinwhichwe
orourpartnersandsuppliersdobusinesscouldhaveamaterialadverseeffectonouroperations.Theoccurrenceofanyoftheaboveriskscouldhaveamaterial
adverseeffectonourbusiness,financialcondition,resultsofoperations,cashflows,and/orordinaryshareprice.
WE ARE SUBJECT TO THE U.S. FOREIGN CORRUPT PRACTICES ACT, U.K. BRIBERY ACT, AND SIMILAR WORLDWIDE ANTI-CORRUPTION
LAWS, WHICH IMPOSE RESTRICTIONS ON CERTAIN CONDUCT AND MAY CARRY SUBSTANTIAL FINES AND PENALTIES.
WearesubjecttotheU.S.ForeignCorruptPracticesAct,theU.K.BriberyActandsimilaranti-corruptionlawsinotherjurisdictions.Theselawsgenerally
prohibitcompaniesandtheirintermediariesfromengaginginbriberyormakingotherprohibitedpaymentstogovernmentofficialsforthepurposeofobtainingor
retainingbusiness,andsomehaverecordkeepingrequirements.Thefailuretocomplywiththeselawscouldresultinsubstantialcriminaland/ormonetary
penalties.Weoperateinjurisdictionsthathaveexperiencedcorruption,bribery,pay-offsandothersimilarpracticesfromtime-to-timeand,incertain
circumstances,suchpracticesmaybelocalcustom.Wehaveimplementedinternalcontrolpoliciesandproceduresthatmandatecompliancewiththeseanticorruptionlaws.However,wecannotbecertainthatthesepoliciesandprocedureswillprotectusagainstliability.Therecanbenoassurancethatouremployeesor
otheragentswillnotengageinsuchconductforwhichwemightbeheldresponsible.Ifouremployeesoragentsarefoundtohaveengagedinsuchpractices,we
couldsufferseverecriminalorcivilpenaltiesandotherconsequencesthatcouldhaveamaterialadverseeffectonourbusiness,financialcondition,resultsof
operations,cashflows,and/orordinaryshareprice.
OUR FAILURE TO COMPLY WITH APPLICABLE ENVIRONMENTAL AND OCCUPATIONAL HEALTH AND SAFETY LAWS AND REGULATIONS
WORLDWIDE COULD ADVERSELY IMPACT OUR BUSINESS, FINANCIAL CONDITION, RESULTS OF OPERATIONS, CASH FLOWS, AND/OR
ORDINARY SHARE PRICE.
WearesubjecttovariousU.S.federal,state,andlocalandnon-U.S.lawsandregulationsconcerning,amongotherthings,theenvironment,climatechange,
regulationofchemicals,employeesafetyandproductsafety.Theserequirementsincluderegulationofthehandling,manufacture,transportation,storage,useand
disposalofmaterials,includingthedischargeofhazardousmaterialsandpollutantsintotheenvironment.Inthenormalcourseofourbusiness,weareexposedto
risksrelatingtopossiblereleasesofhazardoussubstancesintotheenvironment,whichcouldcauseenvironmentalorpropertydamageorpersonalinjuries,and
whichcouldresultin(i)ournoncompliancewithsuchenvironmentalandoccupationalhealthandsafetylawsandregulationsand(ii)regulatoryenforcement
actionsorclaimsforpersonalinjuryandpropertydamageagainstus.Ifanunapprovedorillegalenvironmentaldischargeoccurs,orifwediscovercontamination
causedbyprioroperations,includingbypriorownersandoperatorsofpropertiesweacquire,wecouldbeliableforcleanupobligations,damagesandfines.The
substantialunexpectedcostswemayincurcouldhaveamaterialandadverseeffectonourbusiness,financialcondition,resultsofoperations,cashflows,and/or
ordinaryshareprice.Inaddition,ourenvironmentalcapitalexpendituresandcostsforenvironmentalcompliancemayincreasesubstantiallyinthefutureasaresult
ofchangesin

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environmentallawsandregulations,thedevelopmentandmanufacturingofanewproductorincreaseddevelopmentormanufacturingactivitiesatanyofour
facilities.Wemayberequiredtoexpendsignificantfundsandourmanufacturingactivitiescouldbedelayedorsuspended,whichcouldhaveamaterialadverse
effectonourbusiness,financialcondition,resultsofoperations,cashflows,and/orordinaryshareprice.
CURRENCY FLUCTUATIONS AND CHANGES IN EXCHANGE RATES COULD ADVERSELY AFFECT OUR BUSINESS, FINANCIAL CONDITION,
RESULTS OF OPERATIONS, CASH FLOWS, AND/OR ORDINARY SHARE PRICE.
AlthoughwereportourfinancialresultsinU.S.Dollars,asignificantportionofourrevenues,indebtednessandotherliabilitiesandourcostsare
denominatedinnon-U.S.currencies,includingamongotherstheEuro,IndianRupee,BritishPound,CanadianDollar,JapaneseYen,AustralianDollarand
BrazilianReal.Ourresultsofoperationsand,insomecases,cashflows,haveinthepastbeenandmayinthefuturebeadverselyaffectedbycertainmovementsin
currencyexchangerates.Inparticular,theriskofadebtdefaultbyoneormoreEuropeancountriesandrelatedEuropeanornationalfinancialrestructuringefforts
maycausevolatilityinthevalueoftheEuro.Defaultsorrestructuringsinothercountriescouldhaveasimilaradverseimpact.Fromtimetotime,wemay
implementcurrencyhedgesintendedtoreduceourexposuretochangesinforeigncurrencyexchangerates.However,ourhedgingstrategiesmaynotbesuccessful,
andanyofourunhedgedforeignexchangeexposureswillcontinuetobesubjecttomarketfluctuations.Theoccurrenceofanyoftheaboveriskscouldcausea
materialadverseeffectonourbusiness,financialcondition,resultsofoperations,cashflows,and/orordinaryshareprice.
OUR SIGNIFICANT OPERATIONS IN INDIA MAY BE ADVERSELY AFFECTED BY REGULATORY, ECONOMIC, SOCIAL, AND POLITICAL
UNCERTAINTIES OR CHANGE, MAJOR HOSTILITIES, MILITARY ACTIVITY, AND/OR ACTS OF TERRORISM IN SOUTHERN ASIA.
Inrecentyears,ourIndiansubsidiarieshavebenefitedfrommanypoliciesoftheGovernmentofIndiaandtheIndianstategovernmentsinwhichthey
operate,whicharedesignedtopromoteforeigninvestmentgenerally,includingsignificanttaxincentives,liberalizedimportandexportduties,andpreferential
rulesonforeigninvestmentandrepatriation.Thereisnoassurancethatsuchpolicieswillcontinue.Variousfactors,suchaschangesinthecurrentfederal
government,couldtriggersignificantchangesinIndiaseconomicliberalizationandderegulationpoliciesanddisruptbusinessandeconomicconditionsinIndia
generallyandourbusinessinparticular.
Inaddition,ourfinancialperformancemaybeadverselyaffectedbygeneraleconomicconditions;economic,fiscalandsocialpolicyinIndia,including
changesinexchangeratesandcontrols,interestratesandtaxationpolicies;andsocialinstabilityandpolitical,economic,ordiplomaticdevelopmentsaffecting
Indiainthefuture.Inparticular,Indiahasexperiencedsignificanteconomicgrowthoverthelastseveralyears,butfacesmajorchallengesinsustainingthatgrowth
intheyearsahead.Thesechallengesincludetheneedforsubstantialinfrastructuredevelopmentandimprovingaccesstohealthcareandeducation.Ourabilityto
recruit,train,andretainqualifiedemployeesanddevelopandoperateourmanufacturingfacilitiesinIndiacouldbeadverselyaffectedifIndiadoesnotsuccessfully
meetthesechallenges.
SouthernAsiahas,fromtimetotime,experiencedinstancesofcivilunrestandhostilitiesamongneighboringcountries,includingIndiaandPakistan,and
withinthecountriesthemselves.Terroristattacks,militaryactivity,rioting,orcivilorpoliticalunrestinthefuturecouldinfluencetheIndianeconomyandour
operationsandemployeesbydisruptingoperationsandcommunicationsandmakingtravelandtheconductofourbusinessmoredifficult.Resultingpoliticalor
socialtensionscouldcreateagreaterperceptionthatinvestmentsincompanieswithIndianoperationsinvolveahighdegreeofrisk,andthatthereisariskof
disruptionofservicesprovidedbycompanieswithIndianoperations,whichcouldimpactourcustomerswillingnesstodobusinesswithusandhaveamaterial
adverseeffectonthemarketforourproducts.Furthermore,ifIndiaweretobecomeengagedinarmedhostilities,includingbutnotlimitedtohostilitiesthatwere
protractedorinvolvedthethreatoruseofnuclearorotherweaponsofmassdestruction,ourIndiaoperationsmightnotbeabletocontinue.Wegenerallydonot
haveinsuranceforlossesandinterruptionscausedbyterroristattacks,militaryconflictsandwars.Theoccurrenceofanyoftheseriskscouldcauseamaterial
adverseeffectonourbusiness,financialcondition,resultsofoperations,cashflows,and/orordinaryshareprice.
AN INABILITY TO IDENTIFY OR SUCCESSFULLY BID FOR SUITABLE ACQUISITION TARGETS, OR CONSUMMATE AND EFFECTIVELY
INTEGRATE RECENT AND FUTURE POTENTIAL ACQUISITIONS, OR TO EFFECTIVELY DEAL WITH AND RESPOND TO UNSOLICITED
BUSINESS PROPOSALS COULD LIMIT OUR FUTURE GROWTH AND HAVE A MATERIAL ADVERSE EFFECT ON OUR BUSINESS, FINANCIAL
CONDITION, RESULTS OF OPERATIONS, CASH FLOWS, AND/OR ORDINARY SHARE PRICE.

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Weintendtocontinuetoseektoexpandourproductlineand/orbusinessplatformorganicallyaswellasthroughcomplementaryorstrategicacquisitionsof
othercompanies,products,orassetsorthroughjointventures,licensingagreements,orotherarrangements.Acquisitionsorsimilararrangementsmayprovetobe
complexandtimeconsumingandrequiresubstantialresourcesandeffort.Wemaycompeteforcertainacquisitiontargetswithcompanieshavinggreaterfinancial
resourcesthanusorotheradvantagesoverusthatmayhinderorpreventusfromacquiringatargetcompanyorcompletinganothertransaction,whichcouldalso
resultinsignificantdiversionofmanagementtime,aswellassubstantialout-of-pocketcosts.
Ifanacquisitionisconsummated,theintegrationofsuchacquiredbusiness,product,orotherassetsintousmayalsobecomplex,timeconsuming,andresult
insubstantialcostsandrisks.Theintegrationprocessmaydistractmanagementand/ordisruptourongoingbusinesses,whichmayadverselyaffectour
relationshipswithcustomers,employees,partners,suppliers,regulators,andotherswithwhomwehavebusinessorotherdealings.Inaddition,thereare
operationalrisksassociatedwiththeintegrationofacquiredbusinesses.Theserisksinclude,butarenotlimitedto,difficultiesinachievingorinabilitytoachieve
identifiedoranticipatedfinancialandoperatingsynergies,costsavings,revenuesynergies,andgrowthopportunities;difficultiesinconsolidatingorinabilityto
effectivelyconsolidateinformationtechnologyandmanufacturingplatforms,businessapplications,andcorporateinfrastructure;theimpactofpre-existinglegal
and/orregulatoryissues,suchasqualityandmanufacturingconcerns,amongothers;therisksthatacquiredcompaniesorbusinessesdonotoperatetothesame
quality,manufacturing,orotherstandardsasus;theimpactsofsubstantialindebtednessandassumedliabilities;challengesassociatedwithoperatinginnew
markets;andtheunanticipatedeffectsofexportcontrols,exchangeratefluctuations,domesticandforeignpoliticalconditions,and/ordomesticandforeign
economicconditions.
Inaddition,inApril2015wereceivedanunsolicitedandsubsequentlywithdrawnnon-bindingexpressionofinterestfromTevaPharmaceuticalIndustries
Ltd.toacquireallofouroutstandingsharesandmayreceivesimilarproposalsinthefuture.Suchunsolicitedbusinessproposalsmaynotbeconsistentwithor
enhancingtoourfinancial,operational,ormarketstrategies(whichwebelievehaveproventobesuccessful)andmaynotfurthertheinterestsofourshareholders
andotherstakeholders,includingemployees,creditors,customers,suppliers,relevantpatientpopulationsandcommunitiesinwhichMylanoperatesandmay
jeopardizethesustainablesuccessofMylansbusiness.However,theevaluationofandresponsetosuchunsolicitedbusinessproposalsmayneverthelessdistract
managementand/ordisruptourongoingbusinesses,whichmayadverselyaffectourrelationshipswithcustomers,employees,partners,suppliers,regulators,and
otherswithwhomwehavebusinessorotherdealings.
Wemaybeunabletorealizesynergiesorotherbenefits,includingtaxsavings,expectedtoresultfromacquisitions,jointventures,orothertransactionsor
investmentswemayundertake,orwemaybeunabletogenerateadditionalrevenuetooffsetanyunanticipatedinabilitytorealizetheseexpectedsynergiesor
benefits.Realizationoftheanticipatedbenefitsofacquisitionsorothertransactionscouldtakelongerthanexpected,andimplementationdifficulties,unforeseen
expenses,complicationsanddelays,marketfactors,ordeteriorationindomesticandglobaleconomicconditionscouldreducetheanticipatedbenefitsofanysuch
transactions.Wealsomayinheritlegal,regulatory,andotherrisksthatoccurredpriortotheacquisition,whetherknownorunknowntous.
Anyoneofthesechallengesorriskscouldimpairourgrowthandabilitytocompete,requireustofocusadditionalresourcesonintegrationofoperations
ratherthanmoreprofitableactivities,requireustoreexamineourbusinessstrategy,orotherwisecauseamaterialadverseeffectonourbusiness,financial
condition,resultsofoperations,cashflows,and/orordinaryshareprice.
WE MAY DECIDE TO SELL ASSETS, WHICH COULD ADVERSELY AFFECT OUR PROSPECTS AND OPPORTUNITIES FOR GROWTH.
Wemayfromtimetotimeconsidersellingcertainassetsif(i)wedeterminethatsuchassetsarenotcriticaltoourstrategyor(ii)webelievetheopportunity
tomonetizetheassetisattractiveorforvariousotherreasons,includingforthereductionofindebtedness.Wehaveexploredandwillcontinuetoexplorethesale
ofcertainnon-coreassets.Althoughourexpectationistoengageinassetsalesonlyiftheyadvanceorotherwisesupportouroverallstrategy,anysuchsalecould
reducethesizeorscopeofourbusiness,ourmarketshareinparticularmarketsorouropportunitieswithrespecttocertainmarkets,productsortherapeutic
categories.Asaresult,anysuchsalecouldhaveanadverseeffectonourbusiness,prospectsandopportunitiesforgrowth,financialcondition,resultsof
operations,cashflows,and/orordinaryshareprice.
CHARGES TO EARNINGS RESULTING FROM ACQUISITIONS COULD HAVE A MATERIAL ADVERSE EFFECT ON OUR BUSINESS, FINANCIAL
CONDITION, RESULTS OF OPERATIONS, CASH FLOWS AND/OR ORDINARY SHARE PRICE.

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UnderU.S.GAAPbusinessacquisitionaccountingstandards,werecognizetheidentifiableassetsacquired,theliabilitiesassumed,andanynoncontrolling
interestsinacquiredcompaniesgenerallyattheiracquisitiondatefairvaluesand,ineachcase,separatelyfromgoodwill.Goodwillasoftheacquisitiondateis
measuredastheexcessamountofconsiderationtransferred,whichisalsogenerallymeasuredatfairvalue,andthenetoftheacquisitiondateamountsofthe
identifiableassetsacquiredandtheliabilitiesassumed.Ourestimatesoffairvaluearebaseduponassumptionsbelievedtobereasonablebutwhichareinherently
uncertain.Afterwecompleteanacquisition,thefollowingfactorscouldresultinmaterialchargesandadverselyaffectouroperatingresultsandmayadversely
affectourcashflows:

costsincurredtocombinetheoperationsofcompaniesweacquire,suchastransitionalemployeeexpensesandemployeeretention,redeploymentor
relocationexpenses;

impairmentofgoodwillorintangibleassets,includingacquiredin-processresearchanddevelopment;

amortizationofintangibleassetsacquired;

areductionintheusefullivesofintangibleassetsacquired;

identificationoforchangestoassumedcontingentliabilities,including,butnotlimitedto,contingentpurchasepriceconsideration,incometax
contingenciesandothernon-incometaxcontingencies,afterourfinaldeterminationoftheamountsforthesecontingenciesortheconclusionofthe
measurementperiod(generallyuptooneyearfromtheacquisitiondate),whichevercomesfirst;

chargestoouroperatingresultstoeliminatecertainduplicativepre-acquisitionactivities,torestructureouroperationsortoreduceourcoststructure;

chargestoouroperatingresultsresultingfromexpensesincurredtoeffecttheacquisition;and

changestocontingentconsiderationliabilities,includingaccretionandfairvalueadjustments.

Asignificantportionoftheseadjustmentscouldbeaccountedforasexpensesthatwilldecreaseournetincomeandearningspersharefortheperiodsin
whichthosecostsareincurred.Suchchargescouldcauseamaterialadverseeffectonourbusiness,financialcondition,resultsofoperations,cashflows,and/or
ordinaryshareprice.
THE SIGNIFICANT AND INCREASING AMOUNT OF INTANGIBLE ASSETS AND GOODWILL RECORDED ON OUR BALANCE SHEET, MAINLY
RELATED TO ACQUISITIONS, MAY LEAD TO SIGNIFICANT IMPAIRMENT CHARGES IN THE FUTURE WHICH COULD LEAD US TO HAVE TO
TAKE SIGNIFICANT CHARGES AGAINST EARNINGS.
Weregularlyreviewourlong-livedassets,includingidentifiableintangibleassetsandgoodwill,forimpairment.Goodwillandindefinite-livedintangible
assetsaresubjecttoimpairmentassessmentatleastannually.Otherlong-livedassetsarereviewedwhenthereisanindicationthatanimpairmentmayhave
occurred.Theamountofgoodwillandidentifiableintangibleassetsonourconsolidatedbalancesheethasincreasedsignificantlyasaresultofouracquisitionsand
othertransactionsandmayincreasefurtherfollowingfuturepotentialacquisitions.Inaddition,wemayfromtimetotimesellassetsthatwedeterminearenot
criticaltoourstrategyorexecution.Futureeventsordecisionsmayleadtoassetimpairmentsand/orrelatedcharges.Certainnon-cashimpairmentsmayresult
fromachangeinourstrategicgoals,businessdirectionorotherfactorsrelatingtotheoverallbusinessenvironment.Anyimpairmentofthevalueofgoodwillor
otherintangibleassetswillresultinachargeagainstearnings,whichcouldhaveamaterialadverseeffectonourbusiness,financialcondition,resultsofoperations,
shareholdersequity,and/orordinaryshareprice.
THE PHARMACEUTICAL INDUSTRY IS HEAVILY REGULATED AND WE FACE SIGNIFICANT COSTS AND UNCERTAINTIES ASSOCIATED
WITH OUR EFFORTS TO COMPLY WITH APPLICABLE LAWS AND REGULATIONS.
Thepharmaceuticalindustryissubjecttoregulationbyvariousgovernmentalauthorities.Forinstance,wemustcomplywithapplicablelawsand
requirementsoftheFDAandcomparableregulatoryagencies,includingforeignauthorities,inourothermarketswithrespecttotheresearch,development,
manufacture,quality,safety,effectiveness,approval,labeling,storage,record-keeping,reporting,pharmacovigilance,sale,distribution,import,export,marketing,
advertising,andpromotionofpharmaceuticalproducts.FailuretocomplywithregulationsoftheFDAandotherforeignregulatorscouldresultinarangeof
consequences,including,butnotlimitedto,fines,penalties,disgorgement,unanticipatedcomplianceexpenditures,suspension

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ofreviewofapplicationsorothersubmissions,rejectionordelayinapprovalofapplications,recallorseizureofproducts,totalorpartialsuspensionofproduction
and/ordistribution,ourinabilitytosellproducts,thereturnbycustomersofourproducts,injunctions,and/orcriminalprosecution.Undercertaincircumstances,a
regulatormayalsohavetheauthoritytorevokeorvarypreviouslygranteddrugapprovals.
ThesafetyprofileofanyproductwillcontinuetobecloselymonitoredbytheFDAandcomparableforeignregulatoryauthoritiesafterapproval.IftheFDA
orcomparableforeignregulatoryauthoritiesbecomeawareofnewsafetyinformationaboutanyofourmarketedorinvestigationalproducts,thoseauthoritiesmay
requirelabelingchanges,establishmentofariskevaluationandmitigationstrategyorsimilarstrategy,restrictionsonaproductsindicatedusesormarketing,or
post-approvalstudiesorpost-marketsurveillance.
TheFDAandcomparableregulatoryauthoritiesalsoregulatethefacilitiesandoperationalproceduresthatweusetomanufactureourproducts.Wemust
registerourfacilitieswiththeFDAandsimilarregulatorsinothercountries.Productsmustbemanufacturedinourfacilitiesinaccordancewithcurrentgood
manufacturingpractices(cGMP)orsimilarstandardsineachterritoryinwhichwemanufacture.Compliancewithsuchregulationsrequiressubstantial
expendituresoftime,money,andeffortinmultipleareas,includingtrainingofpersonnel,record-keeping,production,andqualitycontrolandqualityassurance.
TheFDAandotherregulatoryauthorities,includingforeignauthorities,periodicallyinspectourmanufacturingfacilitiesforcompliancewithcGMPorsimilar
standardsintheapplicableterritory.Regulatoryapprovaltomanufactureadrugisgrantedonasite-specificbasis.FailuretocomplywithcGMPandother
regulatorystandardsatoneofourorourpartnersorsuppliersmanufacturingfacilitiescouldresultinanadverseactionbroughtbytheFDAorotherregulatory
authorities,whichcouldresultinareceiptofanuntitledorwarningletter,fines,penalties,disgorgement,unanticipatedcomplianceexpenditures,rejectionordelay
inapprovalofapplications,suspensionofreviewofapplicationsorothersubmissions,suspensionofongoingclinicaltrials,recallorseizureofproducts,totalor
partialsuspensionofproductionand/ordistribution,ourinabilitytosellproducts,thereturnbycustomersofourproducts,orderstosuspend,vary,orwithdraw
marketingauthorizations,injunctions,consentdecrees,requirementstomodifypromotionalmaterialsorissuecorrectiveinformationtohealthcarepractitioners,
refusaltopermitimportorexport,criminalprosecutionand/orotheradverseactions.
Ifanyregulatorybodyweretodelay,withhold,orwithdrawapprovalofanapplication;requirearecallorotheradverseproductaction;requireoneofour
manufacturingfacilitiestoceaseorlimitproduction;orsuspend,vary,orwithdrawrelatedmarketingauthorization,ourbusinesscouldbeadverselyaffected.
DelayandcostinobtainingFDAorotherregulatoryapprovaltomanufactureatadifferentfacilityalsocouldhaveamaterialadverseeffectonourbusiness,
financialcondition,resultsofoperations,cashflows,and/orordinaryshareprice.
Althoughwehaveestablishedinternalregulatorycomplianceprogramsandpolicies,thereisnoguaranteethattheseprogramsandpolicies,ascurrently
designed,willmeetregulatoryagencystandardsinthefutureorwillpreventinstancesofnon-compliancewithapplicablelawsandregulations.Additionally,
despiteoureffortsatcompliance,fromtimetotimewereceivenoticesofmanufacturingandquality-relatedobservationsfollowinginspectionsbyregulatory
authoritiesaroundtheworld,aswellasofficialagencycorrespondenceregardingcompliance.Wemayreceivesimilarobservationsandcorrespondenceinthe
future.Ifweareunabletoresolvetheseobservationsandaddressregulatorsconcernsinatimelyfashion,ourbusiness,financialcondition,resultsofoperations,
cashflows,and/orordinarysharepricecouldbemateriallyaffected.
OnSeptember9,2013,priortoourcompletionoftheAgilaacquisition,theFDAissuedawarninglettertoStridesArcolabforitsAgilaSterile
ManufacturingFacility2inBangalore,India.OnAugust6,2015,theFDAissuedasecondwarningletterregardingthisfacility,theAgilaOncoTherapiesLimited
facilityandtheAgilaSterileProductDivisionfacility.WeareworkingtoresolvethismatterexpeditiouslyandwecontinuetoworkcloselywiththeFDAand
otherregulatoryentitiestoaddressourimprovementsatallAgilafacilities.NoassurancescanbeprovidedthattheresolutionoftheissuesidentifiedintheFDAs
letterswillnothaveamaterialadverseeffectonourglobalinjectablesbusiness.FailingtoresolvetheissuesidentifiedintheFDAslettercouldhaveamaterial
adverseeffectonourbusiness,financialcondition,resultsofoperations,cashflows,and/orordinaryshareprice.
Wearesubjecttovariousfederal,stateandlocallawsregulatingworkingconditions,aswellasenvironmentalprotectionlawsandregulations,including
thosegoverningthedischargeofmaterialsintotheenvironmentandthoserelatedtoclimatechange.Ifchangestosuchenvironmentallawsandregulationsare
madeinthefuturethatrequiresignificantchangesinouroperations,orifweengageinthedevelopmentandmanufacturingofnewproductsrequiringnewor
differentenvironmentalorothercontrols,orifwearefoundtohaveviolatedanyapplicablerules,wemayberequiredtoexpendsignificantfunds.Suchchanges,
delays,and/orsuspensionsofactivitiesortheoccurrenceofanyoftheaboverisks,couldhaveamaterialadverseeffectonourbusiness,financialcondition,results
ofoperations,cashflows,and/orordinaryshareprice.

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THE USE OF LEGAL, REGULATORY, AND LEGISLATIVE STRATEGIES BY BOTH BRAND AND GENERIC COMPETITORS, INCLUDING BUT
NOT LIMITED TO AUTHORIZED GENERICS AND REGULATORY PETITIONS, AS WELL AS THE POTENTIAL IMPACT OF PROPOSED AND
NEWLY ENACTED LEGISLATION, MAY INCREASE COSTS ASSOCIATED WITH THE INTRODUCTION OR MARKETING OF OUR GENERIC
PRODUCTS, COULD DELAY OR PREVENT SUCH INTRODUCTION, AND COULD SIGNIFICANTLY REDUCE OUR REVENUE AND PROFIT.
Ourcompetitors,bothbrandedandgeneric,oftenpursuestrategiestoprevent,delay,oreliminatecompetitionfromgenericalternativestobrandedproducts.
Thesestrategiesinclude,butarenotlimitedto:

enteringintoagreementswherebyothergenericcompanieswillbegintomarketanauthorizedgeneric,agenericequivalentofabrandedproduct,at
thesametimeoraftergenericcompetitioninitiallyentersthemarket;

launchingagenericversionoftheirownbrandedproductpriortooratthesametimeoraftergenericcompetitioninitiallyentersthemarket;

filingpetitionswiththeFDAorotherregulatorybodiesseekingtopreventordelayapprovals,includingtimingthefilingssoastothwartgeneric
competitionbycausingdelaysofourproductapprovals;

seekingtoestablishregulatoryandlegalobstaclesthatwouldmakeitmoredifficulttodemonstratebioequivalenceortomeetotherrequirementsfor
approval,and/ortopreventregulatoryagencyreviewofapplications,suchasthroughtheestablishmentofpatentlinkage(lawsandregulations
barringtheissuanceofregulatoryapprovalspriortopatentexpiration);

initiatinglegislativeorothereffortstolimitthesubstitutionofgenericversionsofbrandpharmaceuticals;

filingsuitsforpatentinfringementandotherclaimsthatmaydelayorpreventregulatoryapproval,manufacture,and/orscaleofgenericproducts;

introducingnext-generationproductspriortotheexpirationofmarketexclusivityforthereferenceproduct,whichoftenmateriallyreducesthe
demandforthegenericorthereferenceproductforwhichweseekregulatoryapproval;

persuadingregulatorybodiestowithdrawtheapprovalofbrandnamedrugsforwhichthepatentsareabouttoexpireandconvertingthemarketto
anotherproductofthebrandcompanyonwhichlongerpatentprotectionexists;

obtainingextensionsofmarketexclusivitybyconductingclinicaltrialsofbranddrugsinpediatricpopulationsorbyothermethods;and

seekingtoobtainnewpatentsondrugsforwhichpatentprotectionisabouttoexpire.

IntheU.S.,somecompanieshavelobbiedCongressforamendmentstotheHatch-WaxmanActthatwouldgivethemadditionaladvantagesovergeneric
competitors.Forexample,althoughthetermofacompanysdrugpatentcanbeextendedtoreflectaportionofthetimeanNDAisunderregulatoryreview,some
companieshaveproposedextendingthepatenttermbyafullyearforeachyearspentinclinicaltrialsratherthantheone-halfyearthatiscurrentlypermitted.
IfproposalsliketheseintheU.S.,Europe,orinothercountrieswhereweorourpartnersandsuppliersoperateweretobecomeeffective,orifanyother
actionsbyourcompetitorsandotherthirdpartiestopreventordelayactivitiesnecessarytotheapproval,manufacture,ordistributionofourproductsare
successful,ourentryintothemarketandourabilitytogeneraterevenuesassociatedwithnewproductsmaybedelayed,reduced,oreliminated,whichcouldhavea
materialadverseeffectonourbusiness,financialcondition,resultsofoperations,cashflows,and/orordinaryshareprice.
IF WE ARE UNABLE TO SUCCESSFULLY INTRODUCE NEW PRODUCTS IN A TIMELY MANNER, OUR FUTURE REVENUE AND PROFIT MAY
BE ADVERSELY AFFECTED.
Ourfuturerevenuesandprofitabilitywilldepend,inpart,uponourabilitytosuccessfullyandtimelydevelop,license,orotherwiseacquireand
commercializenewgenericproductsaswellasbrandedpharmaceuticalproductsprotectedbypatentorstatutoryauthority.Productdevelopmentisinherently
risky,especiallyfornewdrugsforwhichsafetyandefficacyhavenot

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beenestablishedand/orthemarketisnotyetprovenaswellasforcomplexgenericdrugsandbiosimilars.Likewise,productlicensinginvolvesinherentrisks,
includingamongothersuncertaintiesduetomattersthatmayaffecttheachievementofmilestones,aswellasthepossibilityofcontractualdisagreementswith
regardtowhetherthesupplyofproductmeetscertainspecificationsortermssuchaslicensescopeorterminationrights.Thedevelopmentandcommercialization
process,particularlywithregardtonewandcomplexdrugs,alsorequiressubstantialtime,effortandfinancialresources.We,orapartner,maynotbesuccessfulin
commercializinganyofsuchproductsonatimelybasis,ifatall,whichcouldadverselyaffectourbusiness,financialcondition,resultsofoperations,cashflows,
and/orordinaryshareprice.
Beforeanyprescriptiondrugproduct,includinggenericdrugproducts,canbemarketed,marketingauthorizationapprovalisrequiredbytherelevant
regulatoryauthoritiesand/ornationalregulatoryagencies(forexampletheFDAintheU.S.andtheEMAintheEU).Theprocessofobtainingregulatoryapproval
tomanufactureandmarketnewbrandedandgenericpharmaceuticalproductsisrigorous,timeconsuming,costly,andinherentlyunpredictable.
OutsidetheU.S.,theapprovalprocessmaybemoreorlessrigorous,dependingonthecountry,andthetimerequiredforapprovalmaybelongerorshorter
thanthatrequiredintheU.S.Bioequivalence,clinical,orotherstudiesconductedinonecountrymaynotbeacceptedinothercountries,therequirementsfor
approvalmaydifferamongcountries,andtheapprovalofapharmaceuticalproductinonecountrydoesnotnecessarilymeanthattheproductwillbeapprovedin
anothercountry.We,orapartnerorsupplier,maybeunabletoobtainrequisiteapprovalsonatimelybasis,oratall,fornewgenericorbrandedproductsthatwe
maydevelop,licenseorotherwiseacquire.Moreover,ifweobtainregulatoryapprovalforadrug,itmaybelimited,forexample,withrespecttotheindicateduses
anddeliverymethodsforwhichthedrugmaybemarketed,ormayincludewarnings,precautionsorcontraindicationsinthelabeling,whichcouldrestrictour
potentialmarketforthedrug.Aregulatoryapprovalmayalsoincludepost-approvalstudyorriskmanagementrequirementsthatmaysubstantiallyincreasethe
resourcesrequiredtomarketthedrug.Also,forproductspendingapproval,wemayobtainrawmaterialsorproducebatchesofinventorytobeusedinefficacyand
bioequivalencetesting,aswellasinanticipationoftheproductslaunch.Intheeventthatregulatoryapprovalisdeniedordelayed,wecouldbeexposedtotherisk
ofthisinventorybecomingobsolete.
Theapprovalprocessforgenericpharmaceuticalproductsoftenresultsintherelevantregulatoryagencygrantingfinalapprovaltoanumberofgeneric
pharmaceuticalproductsatthetimeapatentclaimforacorrespondingbrandedproductorothermarketexclusivityexpires.Thisoftenforcesustofaceimmediate
competitionwhenweintroduceagenericproductintothemarket.Additionally,furthergenericapprovalsoftencontinuetobegrantedforagivenproduct
subsequenttotheinitiallaunchofthegenericproduct.Thesecircumstancesgenerallyresultinsignificantlylowerprices,aswellasreducedmargins,forgeneric
productscomparedtobrandedproducts.Newgenericmarketentrantsgenerallycausecontinuedprice,margin,andsaleserosionoverthegenericproductlifecycle.
IntheU.S.,theHatch-WaxmanActprovidesforaperiodof180daysofgenericmarketingexclusivityforafirstapplicant,thatisthefirstsubmitted
ANDAcontainingacertificationofinvalidity,non-infringementorunenforceabilityrelatedtoapatentlistedwiththeANDAsreferencedrugproduct,commonly
referredtoasaParagraphIVcertification.Duringthisexclusivityperiod,whichundercertaincircumstancesmaybesharedwithotherANDAsfiledonthesame
day,theFDAcannotgrantfinalapprovaltolater-submittedANDAsforthesamegenericequivalent.IfanANDAisawarded180-dayexclusivity,theapplicant
generallyenjoyshighermarketshare,netrevenues,andgrossmarginforthatgenericproduct.However,ourabilitytoobtain180daysofgenericmarketing
exclusivitymaybedependentuponourabilitytoobtainFDAapprovalortentativeapprovalwithinanapplicabletimeperiodoftheFDAsacceptanceofour
ANDA.Ifweareunabletoobtainapprovalortentativeapprovalwithinthattimeperiod,wemayriskforfeitureofsuchmarketingexclusivity.Bycontrast,ifwe
arenotafirstapplicanttochallengealistedpatentforsuchaproduct,wemaylosesignificantadvantagestoacompetitorwith180-dayexclusivity,evenifwe
obtainFDAapprovalforourgenericdrugproduct.ThesamewouldbetrueinsituationswherewearerequiredtoshareourexclusivityperiodwithotherANDA
sponsorswithParagraphIVcertifications.
IntheEUandothercountriesandregions,thereisnoexclusivityperiodforthefirstgenericproduct.TheEuropeanCommissionornationalregulatory
agenciesmaygrantmarketingauthorizationstoanynumberofgenerics.
Ifweareunabletonavigateourproductsthroughtheapprovalprocessinatimelymanner,therecouldbeanadverseeffectonourproductintroduction
plans,business,financialcondition,resultsofoperations,cashflows,and/orordinaryshareprice.
WE EXPEND A SIGNIFICANT AMOUNT OF RESOURCES ON RESEARCH AND DEVELOPMENT EFFORTS THAT MAY NOT LEAD TO
SUCCESSFUL PRODUCT INTRODUCTIONS.
Muchofourdevelopmenteffortisfocusedontechnicallydifficult-to-formulateproductsand/orproductsthatrequireadvancedmanufacturingtechnology,
includingourgenericbiologicsprogramandrespiratoryplatform.WeconductR&D

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primarilytoenableustogainapprovalfor,manufacture,andmarketpharmaceuticalsinaccordancewithapplicablelawsandregulations.Wealsopartnerwith
thirdpartiestodevelopproducts.Typically,researchexpensesrelatedtothedevelopmentofinnovativeorcomplexcompoundsandthefilingofmarketing
authorizationapplicationsforinnovativeandcomplexcompounds(suchasNDAsandbiosimilarapplicationsintheU.S.)aresignificantlygreaterthanthose
expensesassociatedwiththedevelopmentofandfilingofmarketingauthorizationapplicationsformostgenericproducts(suchasANDAsintheU.S.andabridged
applicationsinEurope).Asweandourpartnerscontinuetodevelopnewand/orcomplexproducts,ourresearchexpenseswilllikelyincrease.Becauseofthe
inherentriskassociatedwithR&Deffortsinourindustry,includingthehighcostanduncertaintyofconductingclinicaltrials(whererequired)particularlywith
respecttonewand/orcomplexdrugs,our,orapartners,researchanddevelopmentexpendituresmaynotresultinthesuccessfulintroductionofnew
pharmaceuticalproductsapprovedbytherelevantregulatorybodies.Also,afterwesubmitamarketingauthorizationapplicationforanewcompoundorgeneric
product,therelevantregulatoryauthoritymaychangestandardsand/orrequestthatweconductadditionalstudiesorevaluationsand,asaresult,wemayincur
approvaldelaysaswellasR&Dcostsinexcessofwhatweanticipated.
Clinicaltestingisexpensiveandcantakemanyyearstocomplete,anditsoutcomeisinherentlyuncertain.Failurecanoccuratanytimeduringtheclinical
trialprocess.Weorourpartnersmayexperiencedelaysinourongoingorfutureclinicaltrials,andwedonotknowwhetherplannedclinicaltrialswillbeginor
enrollsubjectsontime,needtoberedesigned,orbecompletedonschedule,ifatall.
Clinicaltrialsmaybedelayed,suspendedorprematurelyterminatedforavarietyofreasons.Ifweexperiencedelaysinthecompletionof,orthetermination
of,anyclinicaltrialofourproductcandidates,thecommercialprospectsofourproductcandidateswillbeharmed,andourabilitytogenerateproductrevenues
fromanyoftheseproductcandidateswillbedelayed.Inaddition,anydelaysincompletingourclinicaltrialswillincreaseourcosts,slowdownourproduct
candidatedevelopmentandapprovalprocess,andjeopardizeourabilitytocommenceproductsalesandgeneraterevenues.Anyoftheseoccurrencesmayharmour
business,financialconditionandprospectssignificantly.Inaddition,manyofthefactorsthatcause,orleadto,adelayinthecommencementorcompletionof
clinicaltrialsmayalsoultimatelyleadtothedenialofregulatoryapprovalofourproductcandidates.
Finally,wecannotbecertainthatanyinvestmentmadeindevelopingproductswillberecovered,evenifwearesuccessfulincommercialization.Tothe
extentthatweexpendsignificantresourcesonR&Deffortsandarenotable,ultimately,tointroducesuccessfulnewand/orcomplexproductsasaresultofthose
efforts,therecouldbeamaterialadverseeffectonourbusiness,financialcondition,resultsofoperations,cashflows,and/orordinaryshareprice.
EVEN IF OUR PRODUCTS IN DEVELOPMENT RECEIVE REGULATORY APPROVAL, SUCH PRODUCTS MAY NOT ACHIEVE EXPECTED
LEVELS OF MARKET ACCEPTANCE.
Evenifweareabletoobtainregulatoryapprovalsforournewgenericorbrandedpharmaceuticalproducts,thesuccessofthoseproductsisdependentupon
marketacceptance.Levelsofmarketacceptanceforourproductscouldbeimpactedbyseveralfactors,includingbutnotlimitedto:

theavailability,perceivedadvantages,andrelativesafetyandefficacyofalternativeproductsfromourcompetitors;

thedegreetowhichtheapprovedlabelingsupportspromotionalinitiativesforcommercialsuccess;

thepricesofourproductsrelativetothoseofourcompetitors;

thetimingofourmarketentry;

theeffectivenessofourmarketing,sales,anddistributionstrategyandoperations;

othercompetitoractions;and

thecontinuedacceptanceofand/orreimbursementforourproductsbygovernmentandprivateformulariesand/orthirdpartypayors,aswellasthe
willingnessandabilityofpatientstopayforourproducts.

Additionally,studiesoftheproperutilization,safety,andefficacyofpharmaceuticalproductsarebeingconductedbytheindustry,governmentagencies,
andothers.Suchstudies,whichincreasinglyemploysophisticatedmethodsandtechniques,cancallintoquestiontheutilization,safety,andefficacyofpreviously
marketedaswellasfutureproducts.Insomecases,suchstudieshaveresulted,andmayinthefutureresult,inthediscontinuationorvariationofproductmarketing
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requirementsforriskmanagementprograms,suchasapatientregistry.Anyoftheseeventscouldadverselyaffectourprofitability,business,financialcondition,
resultsofoperations,cashflows,and/orordinaryshareprice.
THE DEVELOPMENT, APPROVAL PROCESS, MANUFACTURE AND COMMERCIALIZATION OF BIOSIMILAR PRODUCTS INVOLVE UNIQUE
CHALLENGES AND UNCERTAINTIES, AND OUR FAILURE TO SUCCESSFULLY INTRODUCE BIOSIMILAR PRODUCTS COULD HAVE A
NEGATIVE IMPACT ON OUR BUSINESS AND FUTURE OPERATING RESULTS.
Weandourpartnersandsuppliersareactivelyworkingtodevelopandcommercializebiosimilarproducts-thatis,abiologicalproductthatishighlysimilar
toanalreadyapprovedreferencebiologicalproduct,andforwhichtherearenoclinicallymeaningfuldifferencesbetweenthebiosimilarandthereference
biologicalproductintermsofsafety,purityandpotency.AlthoughtheBiologicsPriceCompetitionandInnovationActof2009establishedaframeworkforthe
reviewandapprovalofbiosimilarproductsandtheFDAhasbeguntoreviewandapprovebiosimilarproductapplications,therecontinuestobesignificant
uncertaintyregardingtheregulatorypathwayintheU.S.andinothercountriestoobtainapprovalforbiosimilarproducts.Thereisalsouncertaintyregardingthe
commercialpathwaytosuccessfullymarketandsellsuchproducts.
Moreover,biosimilarproductswilllikelybesubjecttoextensivepatentclearancesandpatentinfringementlitigation,whichcoulddelayorpreventthe
commerciallaunchofabiosimilarproductformanyyears.IfweareunabletoobtainFDAorothernon-U.S.regulatoryauthorityapprovalforourproducts,we
willbeunabletomarketthem.Evenifourbiosimilarproductsareapprovedformarketing,theproductsmaynotbecommerciallysuccessfulandmaynotgenerate
profitsinamountsthataresufficienttooffsettheamountinvestedtoobtainsuchapprovals.Marketsuccessofbiosimilarproductswilldependondemonstratingto
regulators,patients,physiciansandpayors(suchasinsurancecompanies)thatsuchproductsaresafeandeffectiveyetofferamorecompetitivepriceorother
benefitoverexistingtherapies.Inaddition,thedevelopmentandmanufactureofbiosimilarsposeuniquechallengesrelatedtothesupplyofthematerialsneededto
manufacturebiosimilars.Accesstoandthesupplyofnecessarybiologicalmaterialsmaybelimited,andgovernmentregulationsrestrictaccesstoandregulatethe
transportanduseofsuchmaterials.Wemaynotbeabletogeneratefuturesalesofbiosimilarproductsincertainjurisdictionsandmaynotrealizetheanticipated
benefitsofourinvestmentsinthedevelopment,manufactureandsaleofsuchproducts.Ifourdevelopmenteffortsdonotresultinthedevelopmentandtimely
approvalofbiosimilarproductsorifsuchproducts,oncedevelopedandapproved,arenotcommerciallysuccessful,orupontheoccurrenceofanyoftheabove
risks,ourbusiness,financialcondition,resultsofoperations,cashflows,and/orordinarysharepricecouldbemateriallyadverselyaffected.
OUR BUSINESS IS HIGHLY DEPENDENT UPON MARKET PERCEPTIONS OF US, OUR BRANDS, AND THE SAFETY AND QUALITY OF OUR
PRODUCTS, AND MAY BE ADVERSELY IMPACTED BY NEGATIVE PUBLICITY OR FINDINGS.
Marketperceptionsofusareveryimportanttoourbusiness,especiallymarketperceptionsofourcompanyandbrandsandthesafetyandqualityofour
products.Ifwe,ourpartnersandsuppliers,orourbrandssufferfromnegativepublicity,orifanyofourproductsorsimilarproductswhichothercompanies
distributearesubjecttomarketwithdrawalorrecallorareproventobe,orareclaimedtobe,ineffectiveorharmfultoconsumers,thenthiscouldhaveamaterial
adverseeffectonourbusiness,financialcondition,resultsofoperations,cashflows,and/orordinaryshareprice.Also,becausewearedependentonmarket
perceptions,negativepublicityassociatedwithproductquality,patientillness,orotheradverseeffectsresultingfrom,orperceivedtoberesultingfrom,our
products,orourpartnersandsuppliersmanufacturingfacilities,couldhaveamaterialadverseeffectonourbusiness,financialcondition,resultsofoperations,
cashflows,and/orordinaryshareprice.
THE ILLEGAL DISTRIBUTION AND SALE BY THIRD PARTIES OF COUNTERFEIT VERSIONS OF OUR PRODUCTS OR OF DIVERTED OR
STOLEN PRODUCTS COULD HAVE A NEGATIVE IMPACT ON OUR REPUTATION AND OUR BUSINESS.
Thepharmaceuticaldrugsupplyhasbeenincreasinglychallengedbythevulnerabilityofdistributionchannelstoillegalcounterfeitingandthepresenceof
counterfeitproductsinagrowingnumberofmarketsandovertheInternet.
Thirdpartiesmayillegallydistributeandsellcounterfeitversionsofourproductsthatdonotmeettherigorousmanufacturingandtestingstandardsthatour
productsundergo.Counterfeitproductsarefrequentlyunsafeorineffective,andcanbepotentiallylife-threatening.Counterfeitmedicinesmaycontainharmful
substances,thewrongdoseofAPIornoAPIatall.However,todistributorsandusers,counterfeitproductsmaybevisuallyindistinguishablefromtheauthentic
version.
Reportsofadversereactionstocounterfeitdrugsorincreasedlevelsofcounterfeitingcouldmateriallyaffectpatientconfidenceintheauthenticproduct.Itis
possiblethatadverseeventscausedbyunsafecounterfeitproductswillmistakenlybe

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attributedtotheauthenticproduct.Inaddition,unauthorizeddiversionsofproductsortheftsofinventoryatwarehouses,plants,orwhilein-transit,whicharenot
properlystoredandwhicharesoldthroughunauthorizedchannels,couldadverselyimpactpatientsafety,ourreputation,andourbusiness.
Publiclossofconfidenceintheintegrityofpharmaceuticalproductsasaresultofcounterfeiting,diversion,ortheftcouldhaveamaterialadverseeffecton
ourbusiness,financialcondition,resultsofoperations,cashflows,and/orordinaryshareprice.
OUR COMPETITORS, INCLUDING BRANDED PHARMACEUTICAL COMPANIES, AND/OR OTHER THIRD PARTIES, MAY ALLEGE THAT WE
AND/OR OUR SUPPLIERS ARE INFRINGING UPON THEIR INTELLECTUAL PROPERTY, INCLUDING IN AN AT RISK LAUNCH SITUATION,
IMPACTING OUR ABILITY TO LAUNCH A PRODUCT, AND/OR OUR ABILITY TO CONTINUE MARKETING A PRODUCT, AND/OR FORCING US
TO EXPEND SUBSTANTIAL RESOURCES IN RESULTING LITIGATION, THE OUTCOME OF WHICH IS UNCERTAIN.
Companiesthatproducebrandedpharmaceuticalproductsandotherpatentholdersroutinelybringlitigationagainstentitiessellingorseekingregulatory
approvaltomanufactureandmarketgenericformsoftheirbrandedproducts,aswellasotherentitiesinvolvedinthemanufacture,supply,testing,marketing,and
otheraspectsrelatingtoactivepharmaceuticalingredientsandfinishedpharmaceuticalproducts.Thesecompaniesandotherpatentholdersallegepatent
infringementorotherviolationsofintellectualpropertyrightsasthebasisforfilingsuitagainstanapplicantforagenericproductlicenseaswellasotherswho
maybeinvolvedinsomeaspectoftheresearch,production,distribution,ortestingprocess.Litigationofteninvolvessignificantexpenseandcandelayorprevent
introductionorsaleofourgenericproducts.Ifpatentsareheldvalidandinfringedbyourproductsinaparticularjurisdiction,weand/oroursupplier(s)or
partner(s)would,unlessweorthesupplier(s)orpartner(s)couldobtainalicensefromthepatentholder,needtoceasemanufacturingandotheractivities,including
butnotlimitedtosellinginthatjurisdiction,andmayneedtosurrenderorwithdrawtheproduct,ordestroyexistingstockinthatjurisdiction.
Therealsomaybesituationswhereweuseourbusinessjudgmentanddecidetomanufacture,market,and/orsellproducts,directlyorthroughthirdparties,
notwithstandingthefactthatallegationsofpatentinfringement(s)havenotbeenfinallyresolvedbythecourts(i.e.,anat-risklaunch).Theriskinvolvedindoing
socanbesubstantialbecausetheremediesavailabletotheownerofapatentforinfringementmayinclude,amongotherthings,damagesmeasuredbytheprofits
lostbythepatentholderandnotnecessarilybytheprofitsearnedbytheinfringer.Inthecaseofafindingbyacourtofwillfulinfringement,thedefinitionofwhich
issubjective,suchdamagesmaybeincreasedbyanadditional200%incertainjurisdictions,includingtheU.S.Moreover,becauseofthediscountpricingtypically
involvedwithbioequivalent(generic)products,patentedbrandedproductsgenerallyrealizeasubstantiallyhigherprofitmarginthanbioequivalentproducts.An
adversedecisioninacasesuchasthisorinothersimilarlitigation,orajudicialorderpreventingusoroursuppliersandpartnersfrommanufacturing,marketing,
selling,and/orotheractivitiesnecessarytothemanufactureanddistributionofourproducts,couldhaveamaterialadverseeffectonourbusiness,financial
condition,resultsofoperations,cashflows,and/orordinaryshareprice.
IF WE OR ANY PARTNER OR SUPPLIER FAIL TO OBTAIN OR ADEQUATELY PROTECT OR ENFORCE OUR INTELLECTUAL PROPERTY
RIGHTS, THEN WE COULD LOSE REVENUE UNDER OUR LICENSING AGREEMENTS OR LOSE SALES TO GENERIC COPIES OF OUR
BRANDED PRODUCTS.
Oursuccess,particularlyinourspecialtyandbrandedbusinesses,dependsinpartonouroranypartnersorsuppliersabilitytoobtain,maintainandenforce
patents,andprotecttrademarks,tradesecrets,know-how,andotherintellectualpropertyandproprietaryinformation.Ourabilitytocommercializeanybranded
productsuccessfullywilllargelydependuponouroranypartnersorsuppliersabilitytoobtainandmaintainpatentsandtrademarksofsufficientscopetolawfully
preventthird-partiesfromdevelopingand/ormarketinginfringingproducts.Intheabsenceofintellectualpropertyorotherprotection,competitorsmayadversely
affectourbrandedproductsbusinessbyindependentlydevelopingand/ormarketingsubstantiallyequivalentproducts.Itisalsopossiblethatwecouldincur
substantialcostsifwearerequiredtoinitiatelitigationagainstotherstoprotectorenforceourintellectualpropertyrights.
Wehavefiledpatentapplicationscoveringthecompositionof,methodsofmaking,and/ormethodsofusing,ourbrandedproductsandbrandedproduct
candidates.Wemaynotbeissuedpatentsbasedonpatentapplicationsalreadyfiledorthatwefileinthefuture.Further,duetootherfactorsthataffect
patentability,andifpatentsareissued,theymaybeinsufficientinscopetocoverorotherwiseprotectourbrandedproducts.Patentsarenationalinscopeand
thereforetheissuanceofapatentinonecountrydoesnotensuretheissuanceofapatentinanyothercountry.Furthermore,thepatentpositionofcompaniesinthe
pharmaceuticalindustrygenerallyinvolvescomplexlegalandfactualquestionsandhasbeenandremainsthesubjectofsignificantlitigation.Legalstandards
relatingtoscopeandvalidityofpatentclaimsareevolvingandmaydifferinvarious

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countries.Anypatentswehaveobtained,orobtaininthefuture,maybechallenged,invalidatedorcircumvented.Moreover,theU.S.PatentandTrademarkOffice
oranyothergovernmentalagencymaycommenceoppositionorinterferenceproceedingsinvolving,orconsiderotherchallengesto,ourpatentsorpatent
applications.Inaddition,brandedproductsoftenhavemarketviabilitybaseduponthegoodwilloftheproductname,whichtypicallybenefitsfromtrademark
protection.Ourbrandedproductsmaythereforealsobesubjecttorisksrelatedtothelossoftrademarkorpatentprotectionortocompetitionfromgenericorother
brandedproducts.Challengescancomefromotherbusinessesorgovernments,andgovernmentscouldrequirecompulsorylicensingofthisintellectualproperty.
Anychallengeto,orinvalidationorcircumventionof,ourintellectualproperty(includingpatentsorpatentapplicationsandtrademarkprotection)wouldbe
costly,wouldrequiresignificanttimeandattentionofourmanagement,andcouldcauseamaterialadverseeffectonourbusiness,financialcondition,resultsof
operations,cashflows,and/orordinaryshareprice.
BOTH OUR GENERICS AND SPECIALTY BUSINESSES DEVELOP, FORMULATE, MANUFACTURE, OR IN-LICENSE AND MARKET PRODUCTS
THAT ARE SUBJECT TO ECONOMIC RISKS RELATING TO INTELLECTUAL PROPERTY RIGHTS, COMPETITION, AND MARKET
UNPREDICTABILITY.
Ourproductsmaybesubjecttothefollowingrisks,amongothers:

limitedpatentlife,orthelossofpatentprotection;

competitionfromgenericorotherbrandedproducts;

reductionsinreimbursementratesbygovernmentandotherthird-partypayors;

importationbyconsumers;

productliability;

drugresearchanddevelopmentrisks;and

unpredictabilitywithregardtoestablishingamarket.

Inaddition,developingandcommercializingbrandedproductsisgenerallymorecostlythangenericproducts.Ifsuchbusinessexpendituresdonot
ultimatelyresultinthelaunchofcommerciallysuccessfulbrandproducts,orifanyoftherisksaboveweretooccur,therecouldbeamaterialadverseeffectonour
business,financialcondition,resultsofoperations,cashflows,and/orordinaryshareprice.
WE FACE VIGOROUS COMPETITION FROM OTHER PHARMACEUTICAL MANUFACTURERS THAT THREATENS THE COMMERCIAL
ACCEPTANCE AND PRICING OF OUR PRODUCTS.
Thepharmaceuticalindustryishighlycompetitive.WefacecompetitionfrommanyU.S.andnon-U.S.manufacturers,someofwhomaresignificantly
largerthanweare.Ourcompetitorsmaybeabletodevelopproductsandprocessescompetitivewithorsuperiortoourownformanyreasons,includingbutnot
limitedtothepossibilitythattheymayhave:

proprietaryprocessesordeliverysystems;

largerormoreproductiveresearchanddevelopmentandmarketingstaffs;

largerormoreefficientproductioncapabilitiesinaparticulartherapeuticarea;

moreexperienceinpreclinicaltestingandhumanclinicaltrials;

moreproducts;or

moreexperienceindevelopingnewdrugsandgreaterfinancialresources,particularlywithregardtomanufacturersofbrandedproducts.

Theoccurrenceofanyoftheaboveriskscouldhaveanadverseeffectonourbusiness,financialcondition,resultsofoperations,cashflows,and/orordinary
shareprice.

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Wealsofaceincreasingcompetitionfromlower-costgenericproductsandotherbrandedproducts.Certainofourproductsarenotprotectedbypatentrights
orhavelimitedpatentlifeandwillsoonlosepatentprotection.Lossofpatentprotectionforaproducttypicallyisfollowedpromptlybygenericsubstitutes.Asa
result,salesofmanyoftheseproductsmaydeclineorstopgrowingovertime.Variousfactorsmayresultinthesalesofcertainofourproducts,particularlythose
acquiredintheEPDTransaction,decliningfasterthanhasbeenprojected,whichcouldhaveamaterialadverseeffectonourbusiness,financialcondition,results
ofoperations,cashflows,and/orordinaryshareprice.Inaddition,legislativeproposalsemergefromtimetotimeinvariousjurisdictionstofurtherencouragethe
earlyandrapidapprovalofgenericdrugs.Anysuchproposalthatisenactedintolawcouldincreasecompetitionandworsenthisnegativeeffectonoursalesand,
potentially,ourbusiness,financialcondition,resultsofoperations,cashflowsand/orordinaryshareprice.
Competitorsproductsmayalsobesafer,moreeffective,moreeffectivelymarketedorsold,orhavelowerpricesorbetterperformancefeaturesthanours.
Wecannotpredictwithcertaintythetimingorimpactofcompetitorsproducts.Inaddition,oursalesmaysufferasaresultofchangesinconsumerdemandforour
products,includingthoserelatedtofluctuationsinconsumerbuyingpatternstiedtoseasonalityortheintroductionofnewproductsbycompetitors,whichcould
haveamaterialadverseeffectonourbusiness,financialcondition,resultsofoperations,cashflows,and/orordinaryshareprice.
A RELATIVELY SMALL GROUP OF PRODUCTS MAY REPRESENT A SIGNIFICANT PORTION OF OUR REVENUES, GROSS PROFIT, OR NET
EARNINGS FROM TIME TO TIME.
Salesofalimitednumberofourproductsfromtimetotimerepresentasignificantportionofourrevenues,grossprofit,andnetearnings.Fortheyears
endedDecember31,2015and2014,Mylanstoptenproductsintermsofsales,intheaggregate,representedapproximately29%and33%,respectively,ofits
consolidatedtotalrevenues.Ifthevolumeorpricingofourlargestsellingproductsdeclinesinthefuture,ourbusiness,financialcondition,resultsofoperations,
cashflows,and/orordinarysharepricecouldbemateriallyadverselyaffected.
A SIGNIFICANT PORTION OF OUR REVENUES IS DERIVED FROM SALES TO A LIMITED NUMBER OF CUSTOMERS.
Asignificantportionofourrevenuesarederivedfromsalestoalimitednumberofcustomers.Ifweweretoexperienceasignificantreductioninorlossof
businesswithoneormoresuchcustomers,orifoneormoresuchcustomersweretoexperiencedifficultyinpayingusonatimelybasis,ourbusiness,financial
condition,resultsofoperations,cashflows,and/orordinarysharepricecouldbemateriallyadverselyaffected.
DuringtheyearsendedDecember31,2015,2014and2013,MylansconsolidatedthirdpartynetsalestoCardinalHealth,Inc.wereapproximately12%,
12%and15%,respectively;MylansconsolidatedthirdpartynetsalestoMcKessonCorporationwereapproximately15%,19%and14%,respectively;and
MylansconsolidatedthirdpartynetsalestoAmeriSourceBergenCorporationwereapproximately16%,13%and10%,respectively,ofconsolidatedthirdparty
netsales.
OUR BUSINESS COULD BE NEGATIVELY AFFECTED BY THE PERFORMANCE OF OUR COLLABORATION PARTNERS AND SUPPLIERS.
Wehaveenteredintostrategicallianceswithpartnersandsupplierstodevelop,manufacture,marketand/ordistributecertainproducts,and/orcertain
componentsofourproducts,invariousmarkets.Wecommitsubstantialeffort,fundsandotherresourcestothesevariouscollaborations.Thereisariskthatthe
investmentsmadebyusinthesecollaborativearrangementswillnotgeneratefinancialreturns.Whilewebelieveourrelationshipswithourpartnersandsuppliers
generallyaresuccessful,disputesorconflictingprioritiesandregulatoryorlegalinterventioncouldbeasourceofdelayoruncertaintyastotheexpectedbenefits
ofthecollaboration.Afailureorinabilityofourpartnersorsupplierstofulfilltheircollaborationobligations,ortheoccurrenceofanyoftherisksabove,could
haveanadverseeffectonourbusiness,financialcondition,resultsofoperations,cashflows,and/orordinaryshareprice.
WE MAY EXPERIENCE DECLINES IN THE SALES VOLUME AND PRICES OF OUR PRODUCTS AS THE RESULT OF THE CONTINUING TREND
TOWARD CONSOLIDATION OF CERTAIN CUSTOMER GROUPS, SUCH AS THE WHOLESALE DRUG DISTRIBUTION AND RETAIL PHARMACY
INDUSTRIES, AS WELL AS THE EMERGENCE OF LARGE BUYING GROUPS.
Asignificantamountofoursalesaretoarelativelysmallnumberofdrugwholesalersandretaildrugchains.Thesecustomersrepresentanessentialpartof
thedistributionchainofgenericpharmaceuticalproducts.Drugwholesalersandretaildrugchainshaveundergone,andarecontinuingtoundergo,significant
consolidation.Thisconsolidationmayresultinthese

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groupsgainingadditionalpurchasingleverageand,consequently,increasingtheproductpricingpressuresfacingourbusiness.Additionally,theemergenceoflarge
buyinggroupsrepresentingindependentretailpharmaciesandtheprevalenceandinfluenceofmanagedcareorganizationsandsimilarinstitutionsincreasesthe
negotiatingpowerofthesegroups,potentiallyenablingthemtoattempttoextractpricediscounts,rebates,andotherrestrictivepricingtermsonourproducts.The
occurrenceofanyoftheaboveriskscouldhaveamaterialadverseaffectonourbusiness,financialcondition,resultsofoperations,cashflows,and/orordinary
shareprice.
WE DEPEND TO A LARGE EXTENT ON THIRD-PARTY SUPPLIERS AND DISTRIBUTORS FOR RAW MATERIALS, PARTICULARLY THE
CHEMICAL COMPOUND(S) THAT CONSTITUTE THE ACTIVE PHARMACEUTICAL INGREDIENTS THAT WE USE TO MANUFACTURE OUR
PRODUCTS, AS WELL AS CERTAIN FINISHED GOODS, INCLUDING CERTAIN CONTROLLED SUBSTANCES. THESE THIRD-PARTY SUPPLIERS
AND DISTRIBUTORS MAY EXPERIENCE DELAYS IN OR INABILITY TO SUPPLY US WITH RAW MATERIALS NECESSARY TO THE
DEVELOPMENT AND/OR MANUFACTURE OF OUR PRODUCTS.
WepurchasecertainAPI(i.e.,thechemicalcompoundsthatproducethedesiredtherapeuticeffectinourproducts)andothermaterialsandsuppliesthatwe
useinourmanufacturingoperations,aswellascertainfinishedproducts,frommanydifferentforeignanddomesticsuppliers.
Incertaincases,wehavelistedonlyonesupplierinourapplicationswithregulatoryagencies,andthereisnoguaranteethatwewillalwayshavetimelyand
sufficientaccesstoacriticalrawmaterialorfinishedproductsuppliedbythirdparties,evenwhenwehavemorethanonesupplier.Aninterruptioninthesupplyof
asingle-sourcedoranyotherrawmaterial,includingtherelevantAPI,orinthesupplyoffinishedproduct,couldcauseourbusiness,financialcondition,resultsof
operations,cashflows,and/orordinarysharepricetobemateriallyadverselyaffected.Inaddition,ourmanufacturingandsupplycapabilitiescouldbeadversely
impactedbyqualitydeficienciesintheproductswhichoursuppliersprovide,orattheirmanufacturingfacilities,whichcouldhaveamaterialadverseeffectonour
business,financialcondition,resultsofoperations,cashflows,and/orordinaryshareprice.
Weutilizecontrolledsubstancesincertainofourcurrentproductsandproductsindevelopment,andthereforemustmeettherequirementsoftheControlled
SubstancesActof1970andtherelatedregulationsadministeredbytheDEAintheU.S.,aswellassimilarlawsinothercountrieswhereweoperate.Theselaws
relatetothemanufacture,shipment,storage,sale,anduseofcontrolledsubstances.TheDEAandotherregulatoryagencieslimittheavailabilityofthecontrolled
substancesusedincertainofourcurrentproductsandproductsindevelopmentand,asaresult,ourprocurementquotaoftheseactiveingredientsmaynotbe
sufficienttomeetcommercialdemandorcompleteclinicaltrials.WemustannuallyapplytotheDEAandsimilarregulatoryagenciesforprocurementquotasin
ordertoobtainthesesubstances.AnydelayorrefusalbytheDEAorsuchsimilaragenciesinestablishingourprocurementquotaforcontrolledsubstancescould
delayorstopourclinicaltrialsorproductlaunches,orcouldcausetradeinventorydisruptionsforthoseproductsthathavealreadybeenlaunched,whichcould
haveamaterialadverseeffectonourbusiness,financialcondition,resultsofoperations,cashflows,and/orordinaryshareprice.
THE SUPPLY OF API INTO EUROPE MAY BE NEGATIVELY AFFECTED BY RECENT REGULATIONS PROMULGATED BY THE EUROPEAN
UNION.
AllAPIimportedintotheEUhasneededtobecertifiedascomplyingwiththegoodmanufacturingpracticestandardsestablishedbytheEUlawsand
guidance,asstipulatedbytheInternationalConferenceforHarmonization.Theseregulationsplacethecertificationrequirementontheregulatorybodiesofthe
exportingcountries.Accordingly,thenationalregulatoryauthoritiesofeachexportingcountrymust:(i)ensurethatallmanufacturingplantswithintheirborders
thatexportAPIintotheEUcomplywithEUmanufacturingstandardsand(ii)foreachAPIexported,presentawrittendocumentconfirmingthattheexporting
plantconformstoEUmanufacturingstandards.TheimpositionofthisresponsibilityonthegovernmentsofthenationsexportinganAPImaycausedelaysin
deliveryorshortagesofanAPInecessarytomanufactureourproducts,ascertaingovernmentsmaynotbewillingorabletocomplywiththeregulationinatimely
fashion,oratall.AshortageinAPImaypreventusfrommanufacturing,orcauseustohavetoceasemanufactureof,certainproducts,ortoincurcostsanddelays
toqualifyothersupplierstosubstituteforthoseAPImanufacturersunabletoexport.Theoccurrenceofanyoftheaboveriskscouldhaveamaterialadverseeffect
onourbusiness,financialcondition,resultsofoperations,cashflows,and/orordinaryshareprice.
WE HAVE A LIMITED NUMBER OF MANUFACTURING FACILITIES AND CERTAIN THIRD PARTY SUPPLIERS PRODUCING A SUBSTANTIAL
PORTION OF OUR PRODUCTS, SOME OF WHICH REQUIRE A HIGHLY EXACTING AND COMPLEX MANUFACTURING PROCESS.

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Asubstantialportionofourcapacity,aswellasourcurrentproduction,isattributabletoalimitednumberofmanufacturingfacilitiesandcertainthirdparty
suppliers.Asignificantdisruptionatanyoneofsuchfacilitieswithinourinternalorthirdpartysupplychain,evenonashort-termbasis,whetherduetoalabor
strike,failuretoreachacceptableagreementwithlaborandunions,adversequalityorcomplianceobservation,otherregulatoryaction,infringementofintellectual
propertyrights,actofGod,civilorpoliticalunrest,exportorimportrestrictions,orothereventscouldimpairourabilitytoproduceandshipproductstothemarket
onatimelybasisandcould,amongotherconsequences,subjectustoexposuretoclaimsfromcustomers.Anyoftheseeventscouldhaveamaterialadverseeffect
onourbusiness,financialcondition,resultsofoperations,cashflows,and/orordinaryshareprice.
Inaddition,themanufactureofsomeofourproductsisahighlyexactingandcomplexprocess,dueinparttostrictregulatoryrequirements.Problemsmay
ariseduringmanufacturingforavarietyofreasons,includingamongothersequipmentmalfunction,failuretofollowspecificprotocolsandprocedures,problems
withrawmaterials,naturaldisasters,poweroutages,laborunrest,andenvironmentalfactors.Ifproblemsariseduringtheproductionofabatchofproduct,that
batchofproductmayhavetobediscarded.Thiscould,amongotherthings,leadtoincreasedcosts,lostrevenue,damagetocustomerrelations,timeandexpense
spentinvestigatingthecause,and,dependingonthecause,similarlosseswithrespecttootherbatchesorproducts.Ifproblemsarenotdiscoveredbeforethe
productisreleasedtothemarket,recallandproductliabilitycostsmayalsobeincurred.Ifweoroneofoursuppliersexperiencessignificantmanufacturing
problems,suchproblemscouldhaveamaterialadverseeffectonourbusiness,financialcondition,resultsofoperations,cashflows,and/orordinaryshareprice.
OUR REPORTING AND PAYMENT OBLIGATIONS RELATED TO OUR PARTICIPATION IN U.S. FEDERAL HEALTHCARE PROGRAMS,
INCLUDING MEDICARE AND MEDICAID, ARE COMPLEX AND OFTEN INVOLVE SUBJECTIVE DECISIONS THAT COULD CHANGE AS A
RESULT OF NEW BUSINESS CIRCUMSTANCES, NEW REGULATIONS OR AGENCY GUIDANCE, OR ADVICE OF LEGAL COUNSEL. ANY
FAILURE TO COMPLY WITH THOSE OBLIGATIONS COULD SUBJECT US TO INVESTIGATION, PENALTIES, AND SANCTIONS.
Federallawsregardingreportingandpaymentobligationswithrespecttoapharmaceuticalcompanysparticipationinfederalhealthcareprograms,
includingMedicareandMedicaid,arecomplex.Becauseourprocessesforcalculatingapplicablegovernmentpricesandthejudgmentsinvolvedinmakingthese
calculationsinvolvesubjectivedecisionsandcomplexmethodologies,thesecalculationsaresubjecttoriskoferrorsanddifferinginterpretations.Inaddition,they
aresubjecttoreviewandchallengebytheapplicablegovernmentalagencies,anditispossiblethatsuchreviewscouldresultinchangesthatmayhavematerial
adverselegal,regulatory,oreconomicconsequences.
PharmaceuticalmanufacturersthatparticipateintheMedicaidDrugRebateProgram,suchasMylan,arerequiredtoreportcertainpricingdatatothe
CentersforMedicare&MedicaidServices(CMS),thefederalagencythatadministerstheMedicareandMedicaidprograms.ThisdataincludestheAverage
ManufacturerPrice(AMP)foreachofthemanufacturerscoveredoutpatientdrugs.CMScalculatesatypeofU.S.federalceilingonreimbursementratesto
pharmaciesformultiplesourcedrugsundertheMedicaidprogram,knownasthefederalupperlimit(FUL).ThePPACAincludesaprovisionrequiringCMSto
usetheweightedaverageAMPforpharmaceuticallyandtherapeuticallyequivalentmultiplesourcedrugstocalculateFULs,insteadoftheotherpricingdataCMS
previouslyused.TheprovisionwaseffectiveOctober1,2010;however,AMP-basedFULshavenotyetbeenimplementedtosetthefederalceilingon
reimbursementratesformultiplesourcedrugs.OnJanuary21,2016,CMSissuedfinalregulationstoimplementthechangestotheMedicaidDrugRebateprogram
undertheHealthReformLaws,includingAMP-basedFULs.TheseregulationsgenerallybecomeeffectiveApril1,2016.AlthoughweightedaverageAMP-based
FULswouldnotrevealMylansindividualAMP,publishingaweightedaverageAMPavailabletocustomersandthepublicatlargecouldnegativelyaffectour
commercialpricenegotiations.
Inaddition,anumberofstateandfederalgovernmentagenciesareconductinginvestigationsofmanufacturersreportingpracticeswithrespecttoAverage
WholesalePrices(AWP).ThegovernmenthasallegedthatreportingofinflatedAWPhasledtoexcessivepaymentsforprescriptiondrugs,andwemaybe
namedasadefendantinactionsrelatingtopharmaceuticalpricingissuesandwhetherallegedlyimproperactionsbypharmaceuticalmanufacturersledtoexcessive
paymentsbyMedicareand/orMedicaid.
Anygovernmentalagenciesorauthoritiesthathavecommenced,ormaycommence,aninvestigationofusrelatingtothesales,marketing,pricing,quality,
ormanufacturingofpharmaceuticalproductscouldseektoimpose,basedonaclaimofviolationofanti-fraudandfalseclaimslawsorotherwise,civiland/or
criminalsanctions,includingfines,penalties,andpossibleexclusionfromfederalhealthcareprograms,includingMedicareandMedicaid.Someoftheapplicable
lawsmayimposeliabilityevenintheabsenceofspecificintenttodefraud.Furthermore,shouldtherebeambiguitywithregardtohowtoproperlycalculateand
reportpayments-andevenintheabsenceofanysuchambiguity-agovernmentalauthoritymaytakeapositioncontrarytoapositionwehavetaken,andmay
imposeorpursueciviland/orcriminalsanctions.Governmentalagenciesmayalsomakechangesinprograminterpretations,requirementsorconditionsof
participation,someofwhichmay

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haveimplicationsforamountspreviouslyestimatedorpaid.WecannotassureyouthatoursubmissionswillnotbefoundbyCMSortheU.S.Departmentof
VeteransAffairstobeincompleteorincorrect.Anyfailuretocomplywiththeabovelawsandregulations,andanysuchpenaltiesorsanctionscouldhavea
materialadverseeffectonourbusiness,financialcondition,resultsofoperations,cashflows,and/orordinaryshareprice.
WE MAY EXPERIENCE REDUCTIONS IN THE LEVELS OF REIMBURSEMENT FOR PHARMACEUTICAL PRODUCTS BY GOVERNMENTAL
AUTHORITIES, HMOS, OR OTHER THIRD-PARTY PAYORS. IN ADDITION, THE USE OF TENDER SYSTEMS AND OTHER FORMS OF PRICE
CONTROL COULD REDUCE PRICES FOR OUR PRODUCTS OR REDUCE OUR MARKET OPPORTUNITIES.
Variousgovernmentalauthorities(including,amongothers,theU.K.NationalHealthServiceandtheGermanstatutoryhealthinsurancescheme)and
privatehealthinsurersandotherorganizations,suchasHMOsintheU.S.,providereimbursementsorsubsidiestoconsumersforthecostofcertainpharmaceutical
products.Demandforourproductsdependsinpartontheextenttowhichsuchreimbursementisavailable.IntheU.S.,third-partypayorsincreasinglychallenge
thepricingofpharmaceuticalproducts.ThistrendandothertrendstowardthegrowthofHMOs,managedhealthcare,andlegislativehealthcarereformcreate
significantuncertaintiesregardingthefuturelevelsofreimbursementforpharmaceuticalproducts.Further,anyreimbursementmaybereducedinthefuturetothe
pointthatmarketdemandforourproductsand/orourprofitabilitydeclines.Suchadeclinecouldhaveamaterialadverseeffectonourbusiness,financial
condition,resultsofoperations,cashflows,and/orordinaryshareprice.
Inaddition,anumberofmarketsinwhichweoperatehaveimplementedormayimplementtendersystemsorotherformsofpricecontrolsforgeneric
pharmaceuticalsinanefforttolowerprices.Undersuchtendersystems,manufacturerssubmitbidswhichestablishpricesforgenericpharmaceuticalproducts.
Uponwinningthetender,thewinningcompanywillreceiveapreferentialreimbursementforaperiodoftime.Thetendersystemoftenresultsincompanies
underbiddingoneanotherbyproposinglowpricinginordertowinthetender.
Certainothercountriesmayconsidertheimplementationofatendersystemorotherformsofpricecontrols.Evenifatendersystemisultimatelynot
implemented,theanticipationofsuchcouldresultinpricereductions.Failingtowintenders,ortheimplementationofsimilarsystemsorotherformsofprice
controlsinothermarketsleadingtofurtherpricedeclines,couldhaveamaterialadverseeffectonourbusiness,financialcondition,resultsofoperations,cash
flows,and/orordinaryshareprice.
LEGISLATIVE OR REGULATORY PROGRAMS THAT MAY INFLUENCE PRICES OF PHARMACEUTICAL PRODUCTS COULD HAVE A
MATERIAL ADVERSE EFFECT ON OUR BUSINESS.
CurrentorfutureU.S.federal,U.S.stateorothercountrieslawsandregulationsmayinfluencethepricesofdrugsand,therefore,couldadverselyaffectthe
paymentthatwereceiveforourproducts.Forexample,programsinexistenceincertainstatesintheU.S.seektobroadlysetprices,withinthosestates,throughthe
regulationandadministrationofthesaleofprescriptiondrugs.Expansionoftheseprograms,inparticularstateMedicareand/orMedicaidprograms,orchanges
requiredinthewayinwhichMedicarepaymentratesaresetand/orthewayMedicaidrebatesarecalculated,couldadverselyaffectthepaymentwereceiveforour
productsandcouldhaveamaterialadverseeffectonourbusiness,financialcondition,resultsofoperations,cashflows,and/orordinaryshareprice.
Inordertocontrolexpenditureonpharmaceuticals,mostmemberstatesintheEUregulatethepricingofproductsand,insomecases,limittherangeof
differentformsofpharmaceuticalsavailableforprescriptionbynationalhealthservices.Thesecontrolscanresultinconsiderablepricedifferencesbetween
memberstates.
Severalcountriesinwhichweoperatehaveimplemented,orplantoormayimplement,governmentmandatedpricereductionsand/orothercontrols.When
suchpricecutsoccur,pharmaceuticalcompanieshavegenerallyexperiencedsignificantdeclinesinrevenuesandprofitabilityanduncertaintiescontinuetoexist
withinthemarketafterthepricedecrease.Suchpricereductionsorcontrolscouldhaveanadverseeffectonourbusiness,andasuncertaintiesareresolvedorif
othercountriesinwhichweoperateenactsimilarmeasures,theycouldhaveamaterialadverseeffectonourbusiness,financialcondition,resultsofoperations,
cashflows,and/orordinaryshareprice.
HEALTHCARE REFORM LEGISLATION COULD HAVE A MATERIAL ADVERSE EFFECT ON OUR BUSINESS.
Inrecentyears,therehavebeennumerousinitiativesonthefederalandstatelevelsforcomprehensivereformsaffectingthepaymentfor,theavailabilityof
andreimbursementfor,healthcareservicesintheU.S.,anditislikelythatCongressandstatelegislaturesandhealthagencieswillcontinuetofocusonhealthcare
reforminthefuture.ThePPACAandTheHealth

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CareandEducationandReconciliationActof2010(H.R.4872),whichamendsthePPACA(collectively,theHealthReformLaws),weresignedintolawin
March2010.WhiletheHealthReformLawsmayincreasethenumberofpatientswhohaveinsurancecoverageforourproducts,theyalsoincludeprovisionssuch
astheassessmentofapharmaceuticalmanufacturerfeeandanincreaseintheamountofrebatesthatmanufacturerspayforcoverageoftheirdrugsbyMedicaid
programs.
Weareunabletopredictthefuturecourseoffederalorstatehealthcarelegislation.TheHealthReformLawsandfurtherchangesinthelaworregulatory
frameworkthatreduceourrevenuesorincreaseourcostscouldhaveamaterialadverseeffectonourbusiness,financialcondition,resultsofoperations,cash
flows,and/orordinaryshareprice.
Additionally,weencountersimilarregulatoryandlegislativeissuesinmostothercountries.IntheEUandsomeotherinternationalmarkets,thegovernment
provideshealthcareatlowcosttoconsumersandregulatespharmaceuticalprices,patienteligibilityand/orreimbursementlevelstocontrolcostsforthe
government-sponsoredhealthcaresystem.Thesesystemsofpriceregulationsmayleadtoinconsistentandlowerprices.WithintheEUandinothercountries,the
availabilityofourproductsinsomemarketsatlowerpricesunderminesoursalesinothermarketswithhigherprices.Additionally,certaincountriessetpricesby
referencetothepricesinothercountrieswhereourproductsaremarketed.Thus,ourinabilitytosecureadequatepricesinaparticularcountrymayalsoimpairour
abilitytoobtainacceptablepricesinexistingandpotentialnewmarkets,andmaycreatetheopportunityforthirdpartycrossbordertrade.
IfsignificantadditionalreformsaremadetotheU.S.healthcaresystem,ortothehealthcaresystemsofothermarketsinwhichweoperate,thosereforms
couldhaveamaterialadverseeffectonourbusiness,financialcondition,resultsofoperations,cashflows,and/orordinaryshareprice.
WE ARE INVOLVED IN VARIOUS LEGAL PROCEEDINGS AND CERTAIN GOVERNMENT INQUIRIES AND MAY EXPERIENCE UNFAVORABLE
OUTCOMES OF SUCH PROCEEDINGS OR INQUIRIES.
Weareormaybeinvolvedinvariouslegalproceedingsandcertaingovernmentinquiriesorinvestigations,including,butnotlimitedto,patent
infringement,productliability,antitrustmatters,breachofcontract,andclaimsinvolvingMedicareand/orMedicaidreimbursements,orlawsrelatingtosales,
marketing,andpricingpractices,someofwhicharedescribedinourperiodicreports,thatinvolveclaimsfor,orthepossibilityof,finesandpenaltiesinvolving
substantialamountsofmoneyorotherrelief,includingbutnotlimitedtocivilorcriminalfinesandpenaltiesandexclusionfromparticipationinvarious
governmenthealth-care-relatedprograms.Withrespecttogovernmentantitrustenforcementandprivateplaintifflitigationofso-calledpayfordelaypatent
settlements,largeverdicts,settlementsorgovernmentfinesarepossible,especiallyintheU.S.andEU.Ifanyoftheselegalproceedingsorinquiriesweretoresult
inanadverseoutcome,theimpactcouldhaveamaterialadverseeffectonourbusiness,financialcondition,resultsofoperations,cashflows,and/orordinaryshare
price.
Withrespecttoproductliability,wemaintainacombinationofself-insurance(includingthroughourwhollyownedcaptiveinsurancesubsidiary)and
commercialinsurancetoprotectagainstandmanageaportionoftherisksinvolvedinconductingourbusiness.Althoughwecarryinsurance,webelievethatno
reasonableamountofinsurancecanfullyprotectagainstallsuchrisksbecauseofthepotentialliabilityinherentinthebusinessofproducingpharmaceuticalsfor
humanconsumption.EmergingdevelopmentsintheU.S.legallandscaperelativetotheliabilityofgenericpharmaceuticalmanufacturersforcertainproduct
liabilitiesclaimscouldincreaseourexposurelitigationcostsanddamages.Totheextentthatalossoccurs,dependingonthenatureofthelossandthelevelof
insurancecoveragemaintained,itcouldhaveamaterialadverseeffectonourbusiness,financialcondition,resultsofoperations,cashflows,and/orordinaryshare
price.
Inaddition,inlimitedcircumstances,entitiesthatweacquiredarepartytolitigationinmattersunderwhichweare,ormaybe,entitledtoindemnificationby
thepreviousowners.Eveninthecaseofindemnification,therearerisksinherentinsuchindemnitiesand,accordingly,therecanbenoassurancethatwewill
receivethefullbenefitsofsuchindemnification,orthatwewillnotexperienceanadverseresultinamatterthatisnotindemnified,whichcouldhaveamaterial
adverseeffectonourbusiness,financialcondition,resultsofoperations,cashflows,and/orordinaryshareprice.
WE HAVE A NUMBER OF CLEAN ENERGY INVESTMENTS WHICH ARE SUBJECT TO VARIOUS RISKS AND UNCERTAINTIES.
WehaveinvestedincleanenergyoperationscapableofproducingrefinedcoalthatwebelievequalifyfortaxcreditsunderSection45oftheCode.Our
abilitytoclaimtaxcreditsunderSection45oftheCodedependsupontheoperationsinwhichwehaveinvestedsatisfyingcertainongoingconditionssetforthin
Section45oftheCode.Theseinclude,amongothers,theemissionsreduction,qualifyingtechnology,andplaced-in-servicerequirementsofSection45ofthe
Code,aswellastherequirementthatatleastoneoftheoperationsownersqualifiesasaproducerofrefinedcoal.Whilewehavereceivedsomedegreeof
confirmationfromtheIRSrelatingtoourabilitytoclaimthesetaxcredits,theIRScouldultimatelydetermine

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thattheoperationshavenotsatisfied,orhavenotcontinuedtosatisfy,theconditionssetforthinSection45oftheCode.Additionally,Congresscouldmodifyor
repealSection45oftheCodeandremovethetaxcreditsretroactively.
Inaddition,Section45oftheCodecontainsphaseoutprovisionsbaseduponthemarketpriceofcoal,suchthat,ifthepriceofcoalrisestospecifiedlevels,
wecouldlosesomeorallofthetaxcreditsweexpecttoreceivefromtheseinvestments.
Finally,whenthepriceofnaturalgasoroildeclinesrelativetothatofcoal,someutilitiesmaychoosetoburnnaturalgasoroilinsteadofcoal.Market
demandforcoalmayalsodeclineasaresultofaneconomicslowdownandacorrespondingdeclineintheuseofelectricity.Ifutilitiesburnlesscoal,eliminate
coalintheproductionofelectricityorareotherwiseunabletooperateforanextendedperiodoftime,theavailabilityofthetaxcreditswouldalsobereduced.The
occurrenceofanyoftheaboveriskscouldadverselyaffectourbusiness,financialcondition,resultsofoperations,cashflows,and/orordinaryshareprice.
WE HAVE SIGNIFICANT INDEBTEDNESS WHICH COULD ADVERSELY AFFECT OUR FINANCIAL POSITION AND PREVENT US FROM
FULFILLING OUR OBLIGATIONS UNDER SUCH INDEBTEDNESS. ANY REFINANCING OF THIS DEBT COULD BE AT SIGNIFICANTLY
HIGHER INTEREST RATES. OUR SUBSTANTIAL INDEBTEDNESS COULD LEAD TO ADVERSE CONSEQUENCES.
Ourlevelofindebtednesscouldhaveimportantconsequences,includingbutnotlimitedto:

increasingourvulnerabilitytogeneraladverseeconomicandindustryconditions;

requiringustodedicateasubstantialportionofourcashflowfromoperationstomakedebtservicepayments,therebyreducingtheavailabilityof
cashflowtofundworkingcapital,capitalexpenditures,acquisitionsandinvestmentsandothergeneralcorporatepurposes;

limitingourflexibilityinplanningfor,orreactingto,challengesandopportunities,andchangesinourbusinessesandthemarketsinwhichwe
operate;

limitingourabilitytoobtainadditionalfinancingtofundourworkingcapital,capitalexpenditures,acquisitionsanddebtservicerequirementsand
otherfinancingneeds;

increasingourvulnerabilitytoincreasesininterestratesingeneralbecauseasubstantialportionofourindebtednessbearsinterestatfloatingrates;
and

placingusatacompetitivedisadvantagetoourcompetitorsthathavelessdebt.

Ourabilitytoserviceourindebtednesswilldependonourfutureoperatingperformanceandfinancialresults,whichwillbesubject,inpart,tofactors
beyondourcontrol,includinginterestratesandgeneraleconomic,financialandbusinessconditions.Ifwedonothavesufficientcashflowtoserviceour
indebtedness,wemayneedtorefinanceallorpartofourexistingindebtedness,borrowmoremoneyorsellsecuritiesorassets,someorallofwhichmaynotbe
availabletousatacceptabletermsoratall.Inaddition,wemayneedtoincuradditionalindebtednessinthefutureintheordinarycourseofbusiness.Althoughthe
termsofourseniorcreditagreementandourbondindenturesallowustoincuradditionaldebt,thisissubjecttocertainlimitationswhichmayprecludeusfrom
incurringtheamountofindebtednessweotherwisedesire.
Inaddition,ifweincuradditionaldebt,therisksdescribedabovecouldintensify.Ifglobalcreditmarketsreturntotheirrecentlevelsofcontraction,future
debtfinancingmaynotbeavailabletouswhenrequiredormaynotbeavailableonacceptableterms,andasaresultwemaybeunabletogrowourbusiness,take
advantageofbusinessopportunities,respondtocompetitivepressuresorsatisfyourobligationsunderourindebtedness.Anyoftheforegoingcouldhaveamaterial
adverseeffectonourbusiness,financialcondition,resultsofoperations,cashflows,and/orordinaryshareprice.
Ourcreditfacilities,seniorunsecurednotes,accountsreceivablesecuritizationfacility,otheroutstandingindebtednessandanyadditionalindebtednesswe
incurinthefutureimpose,ormayimpose,significantoperatingandfinancialrestrictionsonus.Theserestrictionslimitourabilityto,amongotherthings,incur
additionalindebtedness,makeinvestments,paycertaindividends,prepayotherindebtedness,sellassets,incurcertainliens,enterintoagreementswithour
affiliatesorrestrictingoursubsidiariesabilitytopaydividends,mergeorconsolidate.Inaddition,ourRevolvingCreditAgreement,2014TermLoan,2015Term
Loan,andaccountsreceivablesecuritizationfacilityrequireustomaintainspecifiedfinancialratios.Abreachofanyofthesecovenantsorourinabilitytomaintain
therequiredfinancialratioscouldresultinadefaultundertherelatedindebtedness.Ifadefaultoccurs,therelevantlenderscouldelecttodeclareourindebtedness,
togetherwithaccruedinterestand

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otherfees,tobeimmediatelydueandpayable.Thesefactorscouldhaveamaterialadverseeffectonourbusiness,financialcondition,resultsofoperations,cash
flows,and/orordinaryshareprice.
WE ENTER INTO VARIOUS AGREEMENTS IN THE NORMAL COURSE OF BUSINESS WHICH PERIODICALLY INCORPORATE PROVISIONS
WHEREBY WE INDEMNIFY THE OTHER PARTY TO THE AGREEMENT.
Inthenormalcourseofbusiness,weperiodicallyenterintocommercial,employment,legalsettlement,andotheragreementswhichincorporate
indemnificationprovisions.Insomebutnotallcases,wemaintaininsurancecoveragewhichwebelievewilleffectivelymitigateourobligationsundercertainof
theseindemnificationprovisions.However,shouldourobligationunderanindemnificationprovisionexceedanyapplicablecoverageorshouldcoveragebe
denied,ourbusiness,financialcondition,resultsofoperations,cashflows,and/orordinarysharepricecouldbemateriallyadverselyaffected.
THERE ARE INHERENT UNCERTAINTIES INVOLVED IN ESTIMATES, JUDGMENTS AND ASSUMPTIONS USED IN THE PREPARATION OF
FINANCIAL STATEMENTS IN ACCORDANCE WITH U.S. GAAP. ANY FUTURE CHANGES IN ESTIMATES, JUDGMENTS AND ASSUMPTIONS
USED OR NECESSARY REVISIONS TO PRIOR ESTIMATES, JUDGMENTS OR ASSUMPTIONS OR CHANGES IN ACCOUNTING STANDARDS
COULD LEAD TO A RESTATEMENT OR REVISION TO PREVIOUSLY ISSUED FINANCIAL STATEMENTS.
TheConsolidatedandCondensedConsolidatedFinancialStatementsincludedintheperiodicreportswefilewiththeSECarepreparedinaccordancewith
U.S.GAAP.ThepreparationoffinancialstatementsinaccordancewithU.S.GAAPinvolvesmakingestimates,judgmentsandassumptionsthataffectreported
amountsofassets,liabilities,revenues,expensesandincome.Estimates,judgmentsandassumptionsareinherentlysubjecttochangeinthefutureandany
necessaryrevisionstopriorestimates,judgmentsorassumptionscouldleadtoarestatement.Furthermore,althoughwehaverecordedreservesforlitigationrelated
contingenciesbasedonestimatesofprobablefuturecosts,suchlitigationrelatedcontingenciescouldresultinsubstantialfurthercosts.Also,anyneworrevised
accountingstandardsmayrequireadjustmentstopreviouslyissuedfinancialstatements.Anysuchchangescouldresultincorrespondingchangestotheamountsof
liabilities,revenues,expensesandincome.Anysuchchangescouldhaveamaterialadverseeffectonourbusiness,financialcondition,resultsofoperations,cash
flows,and/orordinaryshareprice.
WE MUST MAINTAIN ADEQUATE INTERNAL CONTROLS AND BE ABLE ON AN ANNUAL BASIS, TO PROVIDE AN ASSERTION AS TO THE
EFFECTIVENESS OF SUCH CONTROLS.
Effectiveinternalcontrolsarenecessaryforustoprovidereasonableassurancewithrespecttoourfinancialreports.Wespendasubstantialamountof
managementandotheremployeetimeandresourcestocomplywithlaws,regulationsandstandardsrelatingtocorporategovernanceandpublicdisclosure.Inthe
U.S.,suchregulationsincludetheSarbanes-OxleyActof2002,SECregulationsandtheNASDAQlistingstandards.Inparticular,Section404oftheSarbanesOxleyActof2002(Section404)requiresmanagementsannualreviewandevaluationofourinternalcontroloverfinancialreportingandattestationastothe
effectivenessofthesecontrolsbyourindependentregisteredpublicaccountingfirm.Ifwefailtomaintaintheadequacyofourinternalcontrols,wemaynotbe
abletoensurethatwecanconcludeonanongoingbasisthatwehaveeffectiveinternalcontroloverfinancialreporting.Additionally,internalcontroloverfinancial
reportingmaynotpreventordetectmisstatementsbecauseofitsinherentlimitations,includingthepossibilityofhumanerror,thecircumventionoroverridingof
controls,orfraud.Therefore,eveneffectiveinternalcontrolscanprovideonlyreasonableassurancewithrespecttothepreparationandfairpresentationof
financialstatements.Inaddition,projectionsofanyevaluationofeffectivenessofinternalcontroloverfinancialreportingtofutureperiodsaresubjecttotherisk
thatthecontrolmaybecomeinadequatebecauseofchangesinconditions,orthatthedegreeofcompliancewiththepoliciesorproceduresmaydeteriorate.Ifwe
failtomaintaintheadequacyofourinternalcontrols,includinganyfailuretoimplementrequiredneworimprovedcontrols,thiscouldhaveamaterialadverse
effectonourbusiness,financialcondition,resultsofoperations,cashflows,and/orordinaryshareprice.
OUR FUTURE SUCCESS IS HIGHLY DEPENDENT ON OUR CONTINUED ABILITY TO ATTRACT AND RETAIN KEY PERSONNEL. LOSS OF KEY
PERSONNEL COULD LEAD TO LOSS OF CUSTOMERS, BUSINESS DISRUPTION, AND A DECLINE IN REVENUES, ADVERSELY AFFECT THE
PROGRESS OF PIPELINE PRODUCTS, OR OTHERWISE ADVERSELY AFFECT OUR OPERATIONS.
Itisimportantthatweattractandretainqualifiedpersonnelinordertodevelopandcommercializenewproducts,manageourbusiness,andcompete
effectively.Competitionforqualifiedpersonnelinthepharmaceuticalindustryisveryintense.Ifwefailtoattractandretainkeyscientific,technical,commercial,
ormanagementpersonnel,ourbusinesscouldbeaffectedadversely.Additionally,whilewehaveemploymentagreementswithcertainkeyemployeesinplace,
theiremploymentforthedurationoftheagreementisnotguaranteed.Currentandprospectiveemployeesmightalsoexperienceuncertaintyabouttheirfutureroles
withusfollowingtheconsummationoftheEPDTransaction,whichmightadverselyaffectourabilityto

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retainkeymanagersandotheremployees.Ifweareunsuccessfulinretainingourkeyemployeesorenforcingcertainpost-employmentcontractualprovisionssuch
asconfidentialityornon-competition,itcouldhaveamaterialadverseeffectonourbusiness,financialcondition,resultsofoperations,cashflows,and/orordinary
shareprice.
OUR ACTUAL FINANCIAL POSITION AND RESULTS OF OPERATIONS MAY DIFFER MATERIALLY FROM THE UNAUDITED PRO FORMA
FINANCIAL INFORMATION INCLUDED IN THIS ANNUAL REPORT.
TheunauditedproformafinancialinformationcontainedintheForm10-Kmaynotbeanindicationofwhatourfinancialpositionorresultsofoperations
wouldhavebeenhadtheEPDTransactionbeencompletedonthedateindicatednoraretheyindicativeofthefutureoperatingresultsofMylanN.V.Theunaudited
proformafinancialinformationhasbeenderivedfromthehistoricalconsolidatedfinancialstatementsofMylanN.V.,MylanInc.,andthecombinedfinancial
statementsoftheEPDBusinessandreflectcertainadjustmentsrelatedtopastoperatingperformanceandacquisitionaccountingadjustments,suchasincreased
amortizationexpensebasedonthefairvalueofassetsacquired,theimpactoftransactioncosts,andtherelatedincometaxeffects.Theinformationuponwhich
theseadjustmentshavebeenmadeissubjective,andthesetypesofadjustmentsaredifficulttomakewithcompleteaccuracy.Accordingly,theactualfinancial
positionandresultsofouroperationsfollowingtheEPDTransactionmaynotbeconsistentwith,orevidentfrom,thisunauditedproformafinancialinformation
andotherfactorsmayaffectourbusiness,financialcondition,resultsofoperations,cashflows,and/orordinaryshareprice,including,amongothers,those
describedherein.
THE EPD BUSINESS HAS A LIMITED HISTORY IN THE STRUCTURE IN WHICH IT CURRENTLY OPERATES.
PriortotheconsummationoftheEPDTransaction,theEPDBusinesshadbeenoperatedbyAbbottaspartofitsbroadercorporateorganization.Asaresult
oftheEPDBusinesssseparationfromAbbott,theEPDBusinessmayencounteroperationalorfinancialdifficultiesthatwouldnothaveoccurrediftheEPD
Businesscontinuedoperatinginitsformerstructure.Forexample,theEPDBusinesssworkingcapitalandcapitalforgeneralcorporatepurposeshavehistorically
beenprovidedaspartofthecorporate-widecashmanagementpoliciesofAbbott.WemayneedtoobtainadditionalfinancingfortheEPDBusinessfromlenders,
publicofferingsorprivateplacementsofdebtorequitysecurities,strategicrelationships,orotherarrangements.Similarly,theEPDBusinessscombinedfinancial
statementsreflectallocationsofexpensesfromAbbottforcorporatefunctionsandmaydifferfromtheexpensestheEPDBusinesswouldhaveincurredhadthe
EPDBusinessbeenoperatedbyus,andtheEPDBusinesswillneedtomakesignificantinvestmentstoreplicateoroutsourcefromotherproviderscertainfacilities,
systems,infrastructure,andpersonneltowhichitwillnolongerhaveaccessafterclosingand,forcertainservicestobeprovidedpursuanttoatransitionservices
agreemententeredintoinconnectionwiththeconsummationoftheEPDTransaction(theTransitionServicesAgreement),theexpirationoftheTransition
ServicesAgreement.Inaddition,asaresultoftheseparationoftheEPDBusinessfromAbbott,othersignificantchangesmayoccurintheEPDBusinessscost
structure,management,financing,andbusinessoperationsasaresultofoperatingseparatelyfromAbbottthatcouldhaveamaterialadverseeffectonourbusiness,
financialcondition,resultsofoperations,cashflows,and/orordinaryshareprice.
THE EPD BUSINESS AND ABBOTT ARE INTERDEPENDENT WITH RESPECT TO CERTAIN TRANSITION SERVICES AND MANUFACTURING
AND SUPPLY OF CERTAIN PRODUCTS AND SHARE CERTAIN INTELLECTUAL PROPERTY.
PriortotheEPDTransaction,AbbottoroneofitsaffiliatesperformedvariouscorporatefunctionsfortheEPDBusiness,suchasaccounting,information
technology,andfinance,amongothers.AbbottisrequiredtoprovidesomeofthesefunctionstotheEPDBusinessforaperiodoftimepursuanttotheTransition
ServicesAgreement.TheEPDBusinessmayincurtemporaryinterruptionsinbusinessoperationsifitcannotcompletethetransitioneffectivelyfromAbbotts
existingoperationalsystemsandthetransitionservicesthatsupportthesefunctionsastheEPDBusinessreplacesthesesystemsorintegratesthemwithour
systems.TheEPDBusinessisdependentonAbbottprovidingcertaintransitionservices,andwecouldbenegativelyimpactedifAbbottfailstoperformunderthe
TransitionServicesAgreement.Inaddition,AbbottoroneofitsaffiliatesisrequiredtomanufactureproductsfortheEPDBusiness,pursuanttocertainagreements
providingfor,amongotherthings,manufacturingandsupplyservices.Disruptionsordisagreementsrelatedtothethird-partymanufacturingrelationshipwith
Abbottcouldimpairourabilitytoshipproductstothemarketonatimelybasisandcould,amongotherconsequences,subjectustoexposuretoclaimsfrom
customers.
MylanhascertainobligationstoprovidetransitionservicestoAbbottandtomanufactureforandsupplyproductstoAbbott.Accordingly,wemayneedto
allocateresourcestoprovidetransitionservicesormanufacturingcapacitytoAbbottinlieuofsupplyingproductsfortheEPDBusiness,whichcouldhavea
negativeimpactonus.

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Inaddition,Abbottoroneofitsaffiliatesownsregistrations,includingmarketingauthorizations,forcertainproductsoftheEPDBusinessincertain
jurisdictions,anddisagreementscouldariseregardingAbbottsorouruseofsuchregistrationsintheterritoryallocatedtoeachparty.
TherisksrelatedtotheforegoingrelationshipsbetweenusandAbbottcouldbeexacerbatedifAbbottfailstoperformundertheagreementsbetweenMylan
andAbbottortheEPDBusinessfailstohavenecessarysystemsandservicesinplacewhentheobligationsundertheagreementsbetweenMylanandAbbott
expire,andsuchriskscouldhaveanegativeimpactonourbusiness,financialcondition,resultsofoperations,cashflows,and/orordinaryshareprice.
OUR BUSINESS RELATIONSHIPS, INCLUDING CUSTOMER RELATIONSHIPS, MAY BE SUBJECT TO DISRUPTION DUE TO THE EPD
TRANSACTION.
Partieswithwhichwecurrentlydobusinessormaydobusinessinthefuture,includingcustomersandsuppliers,mayexperienceongoinguncertainty
associatedwiththeEPDTransaction,includingwithrespecttocurrentorfuturebusinessrelationshipswithus.Asaresult,ourbusinessrelationshipsmaybe
subjecttodisruptionsifcustomers,suppliers,andothersattempttonegotiatechangesinexistingbusinessrelationshipsorconsiderenteringintobusiness
relationshipswithpartiesotherthanus.Forexample,certaincustomersandcollaboratorshavecontractualconsentrightsorterminationrightsthatmayhavebeen
triggeredbyachangeofcontrolorassignmentoftherightsandobligationsofcontractsthatweretransferredintheEPDTransaction.Inaddition,ourcontract
manufacturingbusinesscouldbeimpairedifexistingorpotentialcustomersdeterminenottocontinueorinitiatecontractmanufacturingrelationshipswithus.
Thesedisruptionscouldhaveamaterialadverseeffectonourbusiness,financialcondition,resultsofoperations,cashflows,and/orordinaryshareprice.
WE ARE IN THE PROCESS OF ENHANCING AND FURTHER DEVELOPING OUR GLOBAL ERP SYSTEMS AND ASSOCIATED BUSINESS
APPLICATIONS, WHICH COULD RESULT IN BUSINESS INTERRUPTIONS IF WE ENCOUNTER DIFFICULTIES.
WeareenhancingandfurtherdevelopingourglobalERPandotherbusinesscriticalinformationtechnology(IT)infrastructuresystemsandassociated
applicationstoprovidemoreoperatingefficienciesandeffectivemanagementofourbusinessandfinancialoperations.SuchchangestoERPsystemsandrelated
software,andotherITinfrastructurecarryriskssuchascostoverruns,projectdelaysandbusinessinterruptionsanddelays.Ifweexperienceamaterialbusiness
interruptionasaresultofourERPenhancements,itcouldhaveamaterialadverseeffectonourbusiness,financialcondition,resultsofoperations,cashflows,
and/orordinaryshareprice.
WE ARE INCREASINGLY DEPENDENT ON INFORMATION TECHNOLOGY AND OUR SYSTEMS AND INFRASTRUCTURE FACE CERTAIN
RISKS, INCLUDING CYBERSECURITY AND DATA LEAKAGE RISKS.
Significantdisruptionstoourinformationtechnologysystemsorbreachesofinformationsecuritycouldadverselyaffectourbusiness.Weareincreasingly
dependentonsophisticatedinformationtechnologysystemsandinfrastructuretooperateourbusiness.Intheordinarycourseofbusiness,wecollect,storeand
transmitlargeamountsofconfidentialinformation(includingtradesecretsorotherintellectualproperty,proprietarybusinessinformationandpersonal
information),anditiscriticalthatwedosoinasecuremannertomaintaintheconfidentialityandintegrityofsuchconfidentialinformation.Wealsohave
outsourcedsignificantelementsofouroperationstothirdparties,someofwhichareoutsidetheU.S.,includingsignificantelementsofourinformationtechnology
infrastructure,andasaresultwearemanagingmanyindependentvendorrelationshipswiththirdpartieswhomayorcouldhaveaccesstoourconfidential
information.Thesizeandcomplexityofourinformationtechnologysystems,andthoseofourthirdpartyvendorswithwhomwecontract,makesuchsystems
potentiallyvulnerabletoserviceinterruptions.Thesizeandcomplexityofourandourvendorssystemsandthelargeamountsofconfidentialinformationthatis
presentonthemalsomakesthempotentiallyvulnerabletosecuritybreachesfrominadvertentorintentionalactionsbyouremployees,partnersorvendors,orfrom
attacksbymaliciousthirdparties.Weandourvendorscouldbesusceptibletothirdpartyattacksonourinformationtechnologysystems,whichattacksareofever
increasinglevelsofsophisticationandaremadebygroupsandindividualswithawiderangeofmotivesandexpertise,includingstateandquasi-stateactors,
criminalgroups,hackersandothers.Maintainingthesecurity,confidentialityandintegrityofthisconfidentialinformation(includingtradesecretsorother
intellectualproperty,proprietary,businessinformationandpersonalinformation)isimportanttoourcompetitivebusinessposition.However,suchinformationcan
bedifficulttoprotect.Whilewehavetakenstepstoprotectsuchinformationandinvestedheavilyininformationtechnology,therecanbenoassurancethatour
effortswillpreventserviceinterruptionsorsecuritybreachesinoursystemsortheunauthorizedorinadvertentwrongfuluseordisclosureofconfidential
informationthatcouldadverselyaffectourbusinessoperationsorresultintheloss,misappropriation,and/orunauthorizedaccess,useordisclosureof,orthe
preventionofaccessto,confidentialinformation.Abreachofoursecuritymeasuresortheaccidentalloss,inadvertentdisclosure,unapproveddissemination,
misappropriationormisuseoftradesecrets,proprietaryinformation,orotherconfidentialinformation,whetherasaresultoftheft,hacking,fraud,trickeryorother
formsofdeception,

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orforanyothercause,couldenableotherstoproducecompetingproducts,useourproprietarytechnologyorinformation,and/oradverselyaffectourbusiness
position.Further,anysuchinterruption,securitybreach,orloss,misappropriation,and/orunauthorizedaccess,useordisclosureofconfidentialinformation,
includingpersonalinformationregardingourpatientsandemployees,couldresultinfinancial,legal,business,andreputationalharmtousandcouldhavea
materialadverseeffectonourbusiness,financialcondition,resultsofoperations,cashflows,and/orordinaryshareprice.
THE EXPANSION OF SOCIAL MEDIA PLATFORMS PRESENT NEW RISKS AND CHALLENGES.
Theinappropriateuseofcertainsocialmediavehiclescouldcausebranddamageorinformationleakageorcouldleadtolegalimplicationsfromthe
impropercollectionand/ordisseminationofpersonallyidentifiableinformationortheimproperdisseminationofmaterialnon-publicinformation.Inaddition,
negativepostsorcommentsaboutusonanysocialnetworkingwebsitecouldseriouslydamageourreputation.Further,thedisclosureofnon-publiccompany
sensitiveinformationthroughexternalmediachannelscouldleadtoinformationlossastheremightnotbestructuredprocessesinplacetosecureandprotect
information.Ifournon-publicsensitiveinformationisdisclosedorifourreputationisseriouslydamagedthroughsocialmedia,itcouldhaveamaterialadverse
effectonourbusiness,financialcondition,resultsofoperations,cashflows,and/orordinaryshareprice.
Risks Related to the Offer
THE OFFER MAY NOT BE COMPLETED ON FAVORABLE TERMS OR AT ALL, AND IF COMPLETED, THE OFFER MAY NOT ACHIEVE THE
INTENDED BENEFITS OR MAY DISRUPT OUR PLANS AND OPERATIONS.
OurobligationtocompletethepublicoffertotheshareholdersofMedaAB(publ.)(Meda)toacquirealloftheoutstandingsharesofMeda(theOffer
)issubjecttothesatisfactionorwaiverofanumberofcustomaryclosingconditions,including(i)holdersofatleast90%oftheoutstandingMedashares
tenderingtheirsharesintotheOfferand(ii)receiptofallnecessaryregulatory,governmentalorsimilarclearances,approvalsanddecisions,includingfrom
competitionauthorities.Sincethefulfillmentoftheseconditionsisbeyondourcontrol,therearenoguaranteesastowhentheOfferwillbecompleted,orthatit
willbecompletedatall.UncertaintyinthefinancialmarketsregardingiforwhentheOfferwillbecompletedmaynegativelyaffectthepriceofourordinary
shares.Inaddition,tograntsuchclearances,approvals,anddecisions,competitionauthoritiesmayimposerequirements,limitations,orcostsontheconductofour
businessesorrequiredivestituresaftercompletionoftheOfferthatcoulddelaythecompletionoftheOfferormayreducetheanticipatedbenefitsoftheOffer.
IftheproposedacquisitionofMedaisnotcompletedforanyreason,wewouldbesubjecttoanumberofrisks,including,amongothers:

incurringsubstantialexpensesandcosts,includinglegal,accounting,financing,andadvisoryfees,thatwewouldbeunabletorecover;and

negativereactionsfromthefinancialmarketsorfromourcustomers,vendors,andemployees.

IftheOfferiscompleted,wecannotassureyouthatwewillbeabletosuccessfullyintegratethebusinessofMedawiththebusinessofMylanorotherwise
realizetheexpectedbenefitsoftheOffer.MylansabilitytorealizetheanticipatedbenefitsoftheOfferwilldepend,toalargeextent,onMylansabilityto
integrateMedawiththebusinessofMylanandrealizetheexpectedbenefitsofthecombinedbusiness.Thecombinationoftwoindependentbusinessesisa
complex,costly,andtime-consumingprocess.TheintegrationwillrequiresignificanttimeandfocusfrommanagementfollowingtheOfferandmaydivert
attentionfromtheday-to-dayoperationsofthecombinedbusiness.Integrationchallenges,manyofwhichareoutsideofMylanscontrol,maypreventtheexpected
synergiesandoperatingefficienciesoftheOfferfrombeingfullyrealized,whichcouldresultinhigherthananticipatedcostsforthecombinedcompany.
Additionally,consummationoftheOffercoulddisruptcurrentplansandoperationsanddelaytheachievementofourstrategicobjectives.Failingtoachievethe
expectedsynergiesandoperatingefficienciesoftheOfferoranydelayintheachievementofourstrategicobjectivescouldhaveamaterialadverseeffecton
Mylansbusiness,financialcondition,resultsofoperations,cashflows,and/orordinaryshareprice.
EveniftheoperationsofMylanandMedaareintegratedsuccessfully,thefullanticipatedbenefitsoftheOffer,includingthesynergies,operating
efficiencies,orsalesorgrowthopportunitiesmaynotbeachievedwithintheanticipatedtimeframeoratall.Mylanhasenteredintoanewbridgeloancredit
facilityunderwhichitmayobtainloansinanaggregateamountupto$10.05billiontofinancethecashportionoftheconsiderationfortheOfferand/orrepay
certainexistingindebtedness.Mylansbusinessmaybenegativelyimpactedifitisunabletoeffectivelymanageitsexpandedoperationsandincreasedlevelof
indebtednessfollowingtheOffer.MylansincreasedindebtednessfollowingtheconsummationoftheOffercouldalsohaveadverseconsequences,includingbut
notlimitedto(i)increasingourvulnerabilitytogeneraladverseeconomicandindustry

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conditionsand(ii)limitingourflexibilityinplanningfororreactingtochallenges,opportunities,andchangesinourbusinessesandthemarketsinwhichwe
operate.Allofthesefactorscouldcausedilutiontotheearningspershareofthecombinedbusiness,decreaseordelayanypotentialaccretiveeffectoftheOffer,
and/orhaveamaterialadverseeffectonMylansbusiness,financialcondition,resultsofoperations,cashflows,and/orordinaryshareprice.
ITEM 1B.

Unresolved Staff Comments

None.
ITEM 2.

Properties
Forinformationregardingproperties,refertoItem1,Business,inPartIofthisAnnualReport.

ITEM 3.

Legal Proceedings

Forinformationregardinglegalproceedings,refertoNote16Contingencies ,intheaccompanyingNotestoConsolidatedFinancialStatementsinthis
AnnualReport.
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PART II

ITEM 5.

Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

OnFebruary27,2015,MylanInc.becameanindirectwhollyownedsubsidiaryofMylanN.V.,andMylanInc.scommonstockceasedtradingonthe
NASDAQGlobalSelectStockMarket(NASDAQ).MylanN.V.sordinarysharesbegantradingonNASDAQunderthesymbolMYLonMarch2,2015.On
November4,2015,MylanN.V.sordinarysharesbegantradingontheTelAvivStockExchange(theTASE)underthesymbolMYL.
ThefollowingtablesetsforththequarterlyhighandlowsalespricesforMylanN.V.sordinarysharesforthequarterlyperiodsof2015afterMarch31,
2015;forMylanN.V.sordinaryshares(fromMarch2,2015throughMarch31,2015)andMylanInc.scommonstock(fromJanuary1,2015throughFebruary
27,2015)forthequarterlyperiodendedMarch31,2015;andMylanInc.scommonstockforthequarterlyperiodsof2014,eachasreportedonNASDAQ:
Year Ended December 31, 2015

High

ThreemonthsendedMarch31,2015

Low

65.63 $

52.21

ThreemonthsendedJune30,2015

76.69

57.46

ThreemonthsendedSeptember30,2015

73.91

39.16

ThreemonthsendedDecember31,2015

55.51

37.59

Year Ended December 31, 2014

High

ThreemonthsendedMarch31,2014

Low

57.52 $

41.97

ThreemonthsendedJune30,2014

55.30

44.74

ThreemonthsendedSeptember30,2014

53.05

44.80

ThreemonthsendedDecember31,2014

59.60

45.02

AsofDecember10,2015,therewereapproximately185,000holdersofMylanN.V.ordinaryshares,includingthoseheldinstreetornomineename.
TheCompanydidnotpaydividendsin2015anddoesnotintendtopaydividendsonitsordinarysharesinthenearfuture.
ISSUER PURCHASES OF EQUITY SECURITIES

Total Number of Shares

Purchased (1)(2)

Total Number of Shares

Approximate Dollar Value of
Purchased as Part of Publicly
Shares that May Yet Be
Announced Plans or
Purchased Under the Plans
Average Price Paid per Share

(3)
Programs
or Programs

Period

October1-October30,2015

November1-November30,2015

918,332 $

51.34

918,332 $

952,871,202

December1-December31,2015(4)

392,861 $

58.32

392,861 $

929,959,112

1,311,193 $

51.46

1,311,193 $

929,959,112

Total
____________

(1)
OnNovember16,2015,theCompanyannouncedthatitsBoardofDirectorshadapprovedtherepurchaseofupto$1billionoftheCompanys
ordinaryshareseitherintheopenmarketthroughprivately-negotiatedtransactionsorinoneormoreselftenderoffers(theShareRepurchaseProgram).The
ShareRepurchaseProgramdoesnotobligatetheCompanytoacquireanyparticularamountofordinarysharesandexpiresonAugust27,2016.
(2)

Thenumberofsharespurchasedisbasedonthepurchasedateandnotthesettlementdate.

(3)

Averagepricepershareincludescommissions.

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(4)

AtDecember31,2015,theShareRepurchaseProgramhasapproximately$930millionthatcanberepurchased.
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Inthepastthreeyears,wehaveissuedunregisteredsecuritiesinconnectionwiththefollowingtransactions:

InDecember2015,MylanN.V.issued$1.0billionaggregateprincipalamountofSeniorNotes,comprisedof3.000%SeniorNotesdue2018and3.750%
SeniorNotesdue2020.ThesenoteswereissuedinaprivateofferingexemptfromtheregistrationrequirementsoftheSecuritiesActtoqualifiedinstitutional
buyersinaccordancewithRule144AandtopersonsoutsideoftheUnitedStatespursuanttoRegulationsSundertheSecuritiesAct.
InJune2013,MylanInc.issued$1.15billionaggregateprincipalamountof1.800%SeniorNotesdue2016and2.600%SeniorNotesdue2018ina
privateofferingexemptfromtheregistrationrequirementsoftheSecuritiesActtoqualifiedinstitutionalbuyersinaccordancewithRule144Aandtopersons
outsideoftheUnitedStatespursuanttoRegulationSundertheSecuritiesAct.MylanInc.filedaregistrationstatementwiththeSECwithrespecttoanofferto
exchangethesenotesforregisterednoteswiththesameaggregateprincipalamountandtermssubstantiallyidenticalinallmaterialrespects.
STOCK PERFORMANCE GRAPH
Setforthbelowisaperformancegraphcomparingthecumulativetotalreturn(assumingreinvestmentofdividends),inU.S.Dollars,forthecalendaryears
endedDecember31,2011,2012,2013,2014and2015of$100investedonDecember31,2010intheCompanysOrdinaryShares,theStandard&Poors500
IndexandtheDowJonesU.S.PharmaceuticalsIndex.

12/10

12/11

12/12

12/13

12/14

12/15

MylanN.V.(1)

100.00

101.56

129.91

205.40

266.78

255.89

S&P500

100.00

102.11

118.45

156.82

178.29

180.75

DowJonesU.S.Pharmaceuticals

100.00

118.64

135.14

180.98

219.72

233.36

____________
(1)
MylanInc.priortoFebruary27,2015.

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ITEM 6.

Selected Financial Data

TheselectedconsolidatedfinancialdatasetforthbelowshouldbereadinconjunctionwithManagementsDiscussionandAnalysisofResultsof
OperationsandFinancialConditionincludedinItem7andtheConsolidatedFinancialStatementsandrelatedNotestoConsolidatedFinancialStatements
includedinItem8inthisForm10-K.ThefunctionalcurrencyoftheprimaryeconomicenvironmentinwhichtheoperationsofMylananditssubsidiariesinthe
U.S.areconductedistheU.S.Dollar.Thefunctionalcurrencyofnon-U.S.subsidiariesisgenerallythelocalcurrencyinthecountryinwhicheachsubsidiary
operates.
MylanN.V.isthesuccessortoMylanInc.,theinformationsetforthbelowreferstoMylanInc.forperiodspriortoFebruary27,2015,andtoMylanN.V.
onandafterFebruary27,2015.

Year Ended December 31,

(In millions, except per share amounts)

StatementsofOperations:
Totalrevenues

2015

2014

2013

2012

2011 (1)

9,429.3 $

7,719.6 $

6,909.1 $

6,796.1 $

6,129.8

5,213.2

4,191.6

3,868.8

3,887.8

3,566.4

4,216.1

3,528.0

3,040.3

2,908.3

2,563.4

Costofsales(2)
Grossprofit
Operatingexpenses:

Researchanddevelopment
Selling,generalandadministrative
Litigationsettlements,net
Otheroperating(income)expense,net

671.9

581.8

507.8

401.3

294.7

2,180.7

1,625.7

1,408.5

1,392.4

1,214.6

(97.4)

47.9

(14.6)

(3.1)

48.6

(80.0)

3.1

8.3

1,460.9

1,352.6

1,135.5

1,109.4

1,005.5

Interestexpense

339.4

333.2

313.3

308.7

335.9

Otherexpense(income),net

206.1

44.9

74.9

(3.5)

15.0

Earningsbeforeincometaxesandnoncontrolling
interest

Earningsfromoperations

915.4

974.5

747.3

804.2

654.6

Incometaxprovision

67.7

41.4

120.8

161.2

115.8

Netearningsattributabletothenoncontrollinginterest

(0.1)

(3.7)

(2.8)

(2.1)

847.6 $

929.4 $

623.7 $

640.9 $

NetearningsattributabletoMylanN.V.ordinary
shareholders
SelectedBalanceSheetdata:
Totalassets(3)(4)

(2.0)
536.8

22,267.7 $

15,820.5 $

15,086.6 $

11,847.8 $

Workingcapital(3)(4)(5)

2,350.5

1,137.2

1,258.6

1,485.4

804.5

Short-termborrowings

1.3

330.7

439.8

299.0

128.1

Long-termdebt,includingcurrentportionoflong-term
debt(3)

7,294.3

8,104.1

7,543.8

5,395.6

5,130.9

Totalequity

9,765.8

3,276.0

2,959.9

3,355.8

3,504.8

EarningsperordinaryshareattributabletoMylanN.V.
ordinaryshareholders:

11,530.5

Basic

1.80 $

2.49 $

1.63 $

1.54 $

1.25

Diluted

1.70 $

2.34 $

1.58 $

1.52 $

1.22

Weightedaverageordinarysharesoutstanding:
Basic

472.2

373.7

383.3

415.2

430.8

Diluted

497.4

398.0

394.5

420.2

438.8

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TableofContents
____________
(1)
Theweightedaveragecommonsharesoutstandingincludesthefullyeareffectoftheconversionofthe6.50%mandatorilyconvertiblepreferredstock
intoapproximately125.2millionsharesofcommonstock.
(2)
Costofsalesincludesthefollowingamountsprimarilyrelatedtotheamortizationofpurchasedintangiblesfromacquisitions:$854.2million,$375.9
million,$351.1million,$349.5millionand$348.6millionfortheyearsendedDecember31,2015,2014,2013,2012and2011,respectively.Inaddition,cost
ofsalesincludedthefollowingamountsrelatedtoimpairmentchargestointangibleassets:$31.3million,$27.7million,$18.0million,$41.6millionand$16.2
millionfortheyearsendedDecember31,2015,2014,2013,2012and2011,respectively.
(3)
PursuanttotheCompanysearlyadoptionofASU2015-03,Interest - Imputation of Interest ,asofDecember31,2015,asfurtherdescribedinItem8.
Note2Summary of Significant Accounting Policies ,deferredfinancingfeesrelatedtotermdebthasbeenretrospectivelyreclassifiedfromotherassetstolongtermdebtorthecurrentportionoflong-termdebt,dependingonthedebtinstrument,ontheConsolidatedBalanceSheetsforallperiodspresented.TheCompany
retrospectivelyreclassifiedapproximately$34.4million,$42.7million,$36.3millionand$37.3millionfortheyearsendedDecember31,2014,2013,2012and
2011,respectively.
(4)
PursuanttotheCompanysearlyadoptionofASU2015-17,Balance Sheet Classification of Deferred Taxes ,asofDecember31,2015,asfurther
describedinItem8.Note2Summary of Significant Accounting Policies ,deferredtaxassetsandliabilitiesthathadbeenpreviouslyclassifiedascurrenthavebeen
retrospectivelyreclassifiedtononcurrentontheConsolidatedBalanceSheetsforallperiodspresented.Thereclassificationresultedinadecreaseincurrentassets
ofapproximately$345.7million,$250.1million,$229.3millionand$202.9millionfortheyearsendedDecember31,2014,2013,2012and2011,respectively.
Thereclassificationresultedinadecreaseincurrentliabilitiesofapproximately$0.2million,$1.5million,$1.3millionand$1.2millionfortheyearsended
December31,2014,2013,2012and2011,respectively.
(5)

Workingcapitaliscalculatedascurrentassetsminuscurrentliabilities.

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TableofContents

ITEM 7.

Managements Discussion and Analysis of Financial Condition And Results of Operations

ThefollowingdiscussionandanalysisaddressesmaterialchangesinthefinancialconditionandresultsofoperationsofMylanN.V.andsubsidiariesfor
theperiodspresented.Unlesscontextrequiresotherwise,theCompany,Mylan,our,orwerefertoMylanN.V.anditssubsidiaries.Thisdiscussionand
analysisshouldbereadinconjunctionwiththeConsolidatedFinancialStatements,therelatedNotestoConsolidatedFinancialStatementsandourotherSecurities
andExchangeCommission(theSEC)filingsandpublicdisclosures.
ThisForm10-Kcontainsforward-lookingstatements.ThesestatementsaremadepursuanttothesafeharborprovisionsofthePrivateSecurities
LitigationReformActof1995.Suchforward-lookingstatementsmayinclude,withoutlimitation,statementsabouttheproposedacquisitionofMedaAB(publ.)
(Meda)byMylan(theProposedTransaction),MylansrelatedpublicoffertotheshareholdersofMedatoacquirealloftheoutstandingsharesofMeda(the
Offer),Mylansacquisition(theEPDTransaction)ofMylanInc.andAbbottLaboratories(Abbott)non-U.S.developedmarketsspecialtyandbranded
genericsbusiness(theEPDBusiness),thebenefitsandsynergiesoftheEPDTransactionandtheProposedTransaction,futureopportunitiesforMylan,Meda,or
thecombinedcompanyandproducts,andanyotherstatementsregardingMylans,Medas,orthecombinedcompanysfutureoperations,anticipatedbusiness
levels,futureearnings,plannedactivities,anticipatedgrowth,marketopportunities,strategies,competition,andotherexpectationsandtargetsforfutureperiods.
Thesemayoftenbeidentifiedbytheuseofwordssuchaswill,may,could,should,would,project,believe,anticipate,expect,plan,
estimate,forecast,potential,intend,continue,targetandvariationsofthesewordsorcomparablewords.Becauseforward-lookingstatements
inherentlyinvolverisksanduncertainties,actualfutureresultsmaydiffermateriallyfromthoseexpressedorimpliedbysuchforward-lookingstatements.Factors
thatcouldcauseorcontributetosuchdifferencesinclude,butarenotlimitedto:uncertaintiesrelatedtotheProposedTransaction,includingastothetimingofthe
ProposedTransaction,uncertaintiesastowhetherMylanwillbeabletocompletetheProposedTransaction,thepossibilitythatcompetingofferswillbemade,the
possibilitythatcertainconditionstothecompletionoftheOfferwillnotbesatisfied,andthepossibilitythatMylanwillbeunabletoobtainregulatoryapprovals
fortheProposedTransactionorberequired,asaconditiontoobtainingregulatoryapprovals,toacceptconditionsthatcouldreducetheanticipatedbenefitsofthe
ProposedTransaction;theabilitytomeetexpectationsregardingtheaccountingandtaxtreatmentsoftheEPDTransactionandtheProposedTransaction;changes
inrelevanttaxandotherlaws,includingbutnotlimitedtochangesinhealthcareandpharmaceuticallawsandregulationsintheU.S.andabroad;theintegrationof
theEPDBusinessandMedabeingmoredifficult,time-consuming,orcostlythanexpected;operatingcosts,customerlossandbusinessdisruption(including,
withoutlimitation,difficultiesinmaintainingrelationshipswithemployees,customers,clients,orsuppliers)beinggreaterthanexpectedfollowingtheEPD
TransactionandtheProposedTransaction;theretentionofcertainkeyemployeesoftheEPDBusinessandMedabeingdifficult;thepossibilitythatMylanmaybe
unabletoachieveexpectedsynergiesandoperatingefficienciesinconnectionwiththeEPDTransactionandtheProposedTransactionwithintheexpectedtimeframesoratallandtosuccessfullyintegratetheEPDBusinessandMeda;expectedortargetedfuturefinancialandoperatingperformanceandresults;thecapacity
tobringnewproductstomarket,includingbutnotlimitedtowhereMylanusesitsbusinessjudgmentanddecidestomanufacture,market,and/orsellproducts,
directlyorthroughthirdparties,notwithstandingthefactthatallegationsofpatentinfringement(s)havenotbeenfinallyresolvedbythecourts(i.e.,anat-risk
launch);anyregulatory,legal,orotherimpedimentstoMylansabilitytobringnewproductstomarket;successofclinicaltrialsandMylansabilitytoexecuteon
newproductopportunities;anychangesinordifficultieswithourinventoryof,andourabilitytomanufactureanddistribute,theEpiPenAuto-Injectortomeet
anticipateddemand;thescope,timing,andoutcomeofanyongoinglegalproceedingsandtheimpactofanysuchproceedingsonfinancialcondition,resultsof
operationsand/orcashflows;theabilitytoprotectintellectualpropertyandpreserveintellectualpropertyrights;theeffectofanychangesincustomerandsupplier
relationshipsandcustomerpurchasingpatterns;theabilitytoattractandretainkeypersonnel;changesinthird-partyrelationships;theimpactofcompetition;
changesintheeconomicandfinancialconditionsofthebusinessesofMylan,Meda,orthecombinedcompany;theinherentchallenges,risks,andcostsin
identifying,acquiring,andintegratingcomplementaryorstrategicacquisitionsofothercompanies,productsorassetsandinachievinganticipatedsynergies;
uncertaintiesandmattersbeyondthecontrolofmanagement;andinherentuncertaintiesinvolvedintheestimatesandjudgmentsusedinthepreparationoffinancial
statements,andtheprovidingofestimatesoffinancialmeasures,inaccordancewithaccountingprinciplesgenerallyacceptedintheUnitedStatesofAmerica
(U.S.GAAP)andrelatedstandardsoronanadjustedbasis.FormoredetailedinformationontherisksanduncertaintiesassociatedwithMylansbusiness
activities,seetherisksdescribedinthisAnnualReportonForm10-KfortheyearendedDecember31,2015andourotherfilingswiththeSEC.Theserisksand
uncertaintiesalsoincludethoserisksanduncertaintiesthatwillbediscussedintheofferdocumenttobefiledwiththeSwedishFinancialSupervisoryAuthority
(SFSA),theRegistrationStatementonFormS-4tobefiledwiththeSECandtheEUProspectustobefiledwiththeNetherlandsAuthorityfortheFinancial
Markets(AFM)oranothercompetentEUauthority.YoucanaccessMylansfilingswiththeSECthroughtheSECwebsiteatwww.sec.gov,andMylanstrongly
encouragesyoutodoso.MylanundertakesnoobligationtoupdateanystatementshereinforrevisionsorchangesafterthefilingdateofthisForm10-K.
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TableofContents
ADDITIONAL INFORMATION
InconnectionwiththeOffer,anofferdocumentwillbefiledwiththeSFSAandpublishedbyMylanuponapprovalbytheSFSA.Inaddition,Mylanexpectstofile
certainmaterialswiththeSEC,including,amongothermaterials,aRegistrationStatementonFormS-4.MylanalsoexpectstofileanEUProspectuswiththe
AFMoranothercompetentEUauthority.Thisreportisnotintendedtobe,andisnot,asubstituteforsuchdocumentsorforanyotherdocumentthatMylanmay
filewiththeSFSA,theSEC,theAFMoranyothercompetentEUauthorityinconnectionwiththeOffer.INVESTORSANDSECURITYHOLDERSOFMEDA
AREURGEDTOREADANYDOCUMENTSFILEDWITHTHESFSA,THESECANDTHEAFMORANYOTHERCOMPETENTEUAUTHORITY
CAREFULLYANDINTHEIRENTIRETY(IFANDWHENTHEYBECOMEAVAILABLE)BEFOREMAKINGANINVESTMENTDECISIONBECAUSE
THEYWILLCONTAINIMPORTANTINFORMATIONABOUTMYLAN,MEDAANDTHEOFFER.Suchdocumentswillbeavailablefreeofchargethrough
thewebsitemaintainedbytheSECatwww.sec.gov,onMylan'swebsiteatmedatransaction.mylan.comor,totheextentfiledwiththeAFM,throughthewebsite
maintainedbytheAFMatwww.afm.nl,orbydirectingarequesttoMylanat724-514-1813orinvestor.relations@mylan.com.AnymaterialsfiledbyMylanwith
theSFSA,theSEC,theAFMoranyothercompetentEUauthoritythatarerequiredtobemailedtoMedashareholderswillalsobemailedtosuchshareholders.
Executive Overview
Mylanisaleadingglobalpharmaceuticalcompany,whichdevelops,licenses,manufactures,marketsanddistributesgeneric,brandedgenericand
specialtypharmaceuticals.Mylaniscommittedtosettingnewstandardsinhealthcarebycreatingbetterhealthforabetterworld,andourmissionistoprovidethe
worlds7billionpeopleaccesstohighqualitymedicine.Todoso,weinnovatetosatisfyunmetneeds;makereliabilityandserviceexcellenceahabit;dowhat's
right,notwhat'seasy;andimpactthefuturethroughpassionategloballeadership.
Mylanoffersoneoftheindustrysbroadestproductportfolios,includingmorethan1,400marketedproducts,tocustomersinapproximately165countries
andterritories.Weoperateaglobal,highqualityvertically-integratedmanufacturingplatform,whichincludesmorethan50manufacturingandresearchand
development(R&D)facilitiesaroundtheworldandoneoftheworldslargestactivepharmaceuticalingredient(API)operations.Wealsooperateastrong
R&Dnetworkthathasconsistentlydeliveredarobustproductpipeline.Additionally,Mylanhasaspecialtybusinessthatisfocusedonrespiratoryandallergy
therapies.
Mylanhastwosegments,GenericsandSpecialty.Genericsprimarilydevelops,manufactures,sellsanddistributesgenericorbrandedgeneric
pharmaceuticalproductsintablet,capsule,injectableortransdermalpatchform,aswellasAPI.
OurgenericpharmaceuticalbusinessisconductedprimarilyintheUnitedStates(U.S.)andCanada(collectively,NorthAmerica);Europe;andIndia,
Australia,Japan,NewZealandandBrazilaswellasourexportactivityintoemergingmarkets(collectively,RestofWorld).OurAPIbusinessisconducted
throughMylanLaboratoriesLimited(MylanIndia),whichisincludedwithinRestofWorldinourGenericssegment.Specialtyengagesmainlyinthe
developmentandsaleofbrandedspecialtyinjectableandnebulizedproducts.WealsoreportinCorporate/OthercertainR&Dexpenses,generalandadministrative
expenses,litigationsettlements,amortizationofintangibleassetsandcertainpurchaseaccountingitems,impairmentcharges,ifany,andotheritemsnotdirectly
attributabletothesegments.
Significantrecenteventsincludethefollowing:
EPD Business
OnJuly13,2014,MylanN.V.,MylanInc.,andMoonofPAInc.enteredintoadefinitiveagreementwithAbbotttoacquiretheEPDBusinessinanallstocktransaction.OnNovember4,2014,MylanN.V.,MylanInc.,andMoonofPAInc.andAbbottenteredintoanamendedandrestateddefinitiveagreement
implementingthetransaction(theEPDTransactionAgreement).TheEPDTransactionclosedonFebruary27,2015(theEPDTransactionClosingDate),
afterreceivingapprovalfromMylanInc.sshareholdersonJanuary29,2015.Atclosing,AbbotttransferredtheacquiredEPDBusinesstoMylanN.V.,in
exchangefor110millionordinarysharesofMylanN.V.ImmediatelyafterthetransferoftheacquiredEPDBusiness,MylanInc.mergedwithMoonofPAInc.,
anindirectwhollyownedsubsidiaryofMylanN.V.,withMylanInc.becominganindirectwhollyownedsubsidiaryofMylanN.V.Inaddition,MylanInc.s
outstandingcommonstockwasexchangedonaonetoonebasisforMylanN.V.ordinaryshares.AsaresultoftheEPDTransaction,MylanN.V.scorporateseat
islocatedinAmsterdam,theNetherlands,itsprincipalexecutiveofficesarelocatedinHatfield,Hertfordshire,EnglandandMylanN.V.groupsglobal
headquartersarelocatedinCanonsburg,Pennsylvania.
TheacquiredEPDBusinessincludesmorethan100specialtyandbrandedgenericpharmaceuticalproductsinfivemajortherapeuticareasandincludes
severalpatentprotected,noveland/orhard-to-manufactureproducts.Asaresultofthe
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acquisition,MylanN.V.hassignificantlyexpandedandstrengtheneditsproductportfolioinEurope,Japan,Canada,AustraliaandNewZealand.
ThepurchasepriceforMylanN.V.oftheacquiredEPDBusiness,whichwasonadebt-freebasis,was$6.31billionbasedontheclosingpriceofMylan
Inc.sstockasoftheEPDTransactionClosingDate,asreportedbyNASDAQ.AttheclosingoftheEPDTransaction,formershareholdersofMylanInc.owned
approximately78%ofMylanN.V.sordinarysharesandcertainaffiliatesofAbbott(theAbbottShareholders)ownedapproximately22%ofMylanN.V.s
ordinaryshares.OntheEPDTransactionClosingDate,MylanN.V.,AbbottandAbbottShareholdersenteredintoashareholderagreement(theShareholder
Agreement).FollowinganunderwrittenpublicofferingofAbbottShareholdersofaportionofMylanN.V.sordinarysharesheldbythem,whichofferingclosed
onApril6,2015,theAbbottShareholderscollectivelyownedapproximately14.2%ofMylanN.V.soutstandingordinaryshares.
InaccordancewithU.S.GAAP,MylanN.V.usedthepurchasemethodofaccountingtoaccountfortheEPDTransactionwithMylanInc.beingtreatedas
theaccountingacquirer.Underthepurchasemethodofaccounting,theassetsacquiredandliabilitiesassumedintheEPDTransactionwererecordedattheir
respectiveestimatedfairvaluesattheEPDTransactionClosingDate.
Jai Pharma Limited
OnFebruary2,2015,theCompanysignedadefinitiveagreementtoacquirecertainfemalehealthcarebusinessesfromFamyCareLimited(suchbusiness
JaiPharmaLimited),aspecialtywomenshealthcarecompanywithgloballeadershipingenericoralcontraceptiveproducts.OnNovember20,2015,the
CompanycompletedtheacquisitionofJaiPharmaLimitedthroughitswhollyownedsubsidiaryMylanLaboratoriesLimitedforacashpaymentof$750million
plusadditionalcontingentpaymentsofupto$50millionforthefilingforapprovalwith,andreceiptofapprovalfrom,theU.S.FoodandDrugAdministration
(FDA)ofaproductunderdevelopmentwithJaiPharmaLimited.
InaccordancewithU.S.GAAP,theCompanyusedthepurchasemethodofaccountingtoaccountforthistransaction.Underthepurchasemethodof
accounting,theassetsacquiredandliabilitiesassumedinthetransactionwererecordedattheirrespectiveestimatedfairvaluesattheacquisitiondate.TheU.S.
GAAPpurchasepricewas$711.1million,whichexcludesthe$50millionpaidintoescrowatclosingthatiscontingentuponatleastoneoftwoprincipalformer
shareholdersofJaiPharmaLimitedcontinuingtoprovideconsultingservicestotheacquiredbusinessforthetwoyearpost-closingperiodandwillbetreatedas
compensationexpenseovertheserviceperiod.TheU.S.GAAPpurchasepricealsoexcludes$7millionofworkingcapitalandotheradjustmentsandincludes
estimatedcontingentconsiderationofapproximately$18millionrelatedtothe$50millioncontingentpayment.
Other Transactions
OnJanuary8,2016,theCompanyenteredintoanagreementwithMomentaPharmaceuticals,Inc.(Momenta)todevelop,manufactureand
commercializeuptosixofMomentascurrentbiosimilarcandidates,includingMomentasbiosimilarcandidate,ORENCIA(abatacept).Mylanpaidanup-front
cashpaymentof$45milliontoMomenta.Underthetermsoftheagreement,Momentaiseligibletoreceiveadditionalcontingentmilestonepaymentsofupto
$200million.TheCompanyandMomentawilljointlyberesponsibleforproductdevelopmentandwillequallyshareinthecostsandprofitsoftheproducts.
Undertheagreement,Mylanwillleadtheworldwidecommercializationefforts.
InDecember2015,theCompanyenteredintoanagreementtoacquirecertainEuropeanintellectualpropertyrightsandmarketingauthorizations.The
purchasepricewas$202.5millionincludingapproximately$2.5millionoftransactioncosts.TheCompanyaccountedforthistransactionasanassetacquisition.
TheCompanypaid$10millionattheclosingofthetransactionandexpectstopayapproximately$165millionduring2016andtheremaining$25millionduring
thefirstquarterof2017,subjecttocertaintimingconditions.Theassetwillbeamortizedoverausefullifeof5years.
OnNovember16,2015,theCompanyannouncedthatitsBoardofDirectorshadapprovedtheShareRepurchaseProgram.TheShareRepurchase
ProgramdoesnotobligatetheCompanytoacquireanyparticularamountofordinaryshares.TheauthorizationexpiresonAugust27,2016.
OnNovember13,2015,theCompanyannouncedthattheacceptanceconditiontoourpreviouslyannouncedoffer(thePerrigoOffer)toacquireallof
theissuedandoutstandingordinarysharesofPerrigoCompanyplc(Perrigo)hadnotbeensatisfiedandthePerrigoOfferhadlapsedinaccordancewithits
terms.AnyPerrigoordinarysharesthatweretenderedbyPerrigoshareholderswerereturnedtotherespectivePerrigoshareholders.

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During2015,theCompanyenteredintoagreementswithmultiplecounterpartiestoacquirecertainmarketedpharmaceuticalproductsforupfront
paymentstotalingapproximately$360.8million,whichwaspaidduringtheyearendedDecember31,2015andisincludedininvestingactivitiesinthe
ConsolidatedStatementsofCashFlows.TheCompanywillbesubjecttopotentialfuturesalesandothercontingentmilestonepaymentsunderthetermsofoneof
theagreements.
OnJanuary30,2015,theCompanyenteredintoadevelopmentandcommercializationcollaborationwithTheravanceBiopharma,Inc.(Theravance
Biopharma)forthedevelopmentand,subjecttoFDAapproval,commercializationofRevefenacin(TD-4208),anovelonce-dailynebulizedlong-acting
muscarinicantagonist(LAMA)forchronicobstructivepulmonarydisease(COPD)andotherrespiratorydiseases.Underthetermsoftheagreement,Mylan
andTheravanceBiopharmawillco-developnebulizedTD-4208forCOPDandotherrespiratorydiseases.TheravanceBiopharmawillleadtheU.S.registrational
developmentprogramandMylanwillberesponsibleforthereimbursementofTheravanceBiopharma'sdevelopmentcostsforthatprogramupuntiltheapproval
ofthefirstnewdrugapplication,afterwhichcostswillbeshared.Inaddition,Mylanwillberesponsibleforcommercialmanufacturing.IntheU.S.,Mylanwill
leadcommercializationandTheravanceBiopharmawillretaintherighttoco-promotetheproductunderaprofit-sharingarrangement.OnSeptember14,2015,
MylanannouncedtheinitiationofthePhase3programthatwillsupporttheregistrationaldevelopmentprogramofTD-4208intheU.S.Inadditiontofundingthe
U.S.registrationaldevelopmentprogram,theCompanymadea$30millioninvestmentinTheravanceBiopharmascommonstockduringthefirstquarterof2015,
whichisbeingaccountedforasanavailable-for-salesecurity.TheCompanyincurred$15millioninupfrontdevelopmentcostsduringtheyearendedDecember
31,2015.Underthetermsoftheagreement,TheravanceBiopharmaiseligibletoreceivepotentialdevelopmentandsalesmilestonepaymentstotaling$220
millionintheaggregate.
OnSeptember10,2014,theCompanyenteredintoanagreementwithAspenGlobalIncorporatedtoacquiretheU.S.commercialization,marketingand
intellectualpropertyrightsrelatedtoArixtraInjection(Arixtra)andtheauthorizedgenericrightsofArixtra.Thepurchasepriceforthisintangibleassetwas
$300million,ofwhich$225millionwaspaidattheclosingofthetransactiononSeptember25,2014.Anadditional$37.5millionwaspaidduringthefourth
quarterof2014.Theremaining$37.5million,whichwasheldinescrow,wasreleasedduringtheyearendedDecember31,2015uponthesatisfactionofcertain
conditions.
Senior Credit Facilities and Issuance of Senior Notes
InDecember2015,theCompanyissued$1.0billionaggregateprincipalamountofSeniorNotes,comprisedof3.000%SeniorNotesdue2018and
3.750%SeniorNotesdue2020(theDecember2015SeniorNotes).Thenetproceedsfromtheofferingwereusedtorepayamountsoutstandingunderthe
RevolvingFacilityandtheAccountsReceivableSecuritizationFacility(theReceivablesFacility)andtofinanceaportionoftheShareRepurchaseProgram.
OnJuly15,2015,theCompanyenteredintoatermcreditagreement(the2015TermCreditAgreement)amongtheCompany,asguarantor,MylanInc.
(theBorrower),certainlendersandPNCBank,NationalAssociationastheadministrativeagent.The2015TermCreditAgreementprovidedforadelayed-draw
termloancreditfacilityunderwhichtheBorrowerobtainedloansintheaggregateamountof$1.6billion,consistingof(i)aclosingdatetermloan(theClosing
DateLoan)intheamountof$1.0billion,borrowedonJuly15,2015,whichwasusedtoredeemtheCompanys7.875%SeniorNotesdue2020and(ii)a
delayeddrawtermloan(theDelayedDrawLoan,andtogetherwiththeClosingDateLoan,the2015TermLoans)intheamountof$600.0million,borrowed
onSeptember15,2015,whichwasprimarilyusedtorepaythenotionalamountoftheCompanys3.750%CashConvertibleNotesdue2015(theCash
ConvertibleNotes)thatmaturedonSeptember15,2015.
InDecember2014,theCompanyenteredintoarevolvingcreditagreementwithasyndicationoflenders,whichcontainsa$1.5billionrevolvingfacility
(theRevolvingFacility).TheRevolvingFacilityincludesa$150millionsubfacilityfortheissuanceoflettersofcreditanda$125millionsubfacilityfor
swinglineborrowings.AmountsdrawnontheRevolvingFacilitybecomedueandpayableonDecember19,2019.OnJune19,2015,theCompanyenteredintoan
additionalamendmenttotheRevolvingCreditAgreement(theIncrementalAmendment).TheIncrementalAmendmentprovidesthatINGBankN.V.willmake
available$150millionofadditionalrevolvingcommitmentsundertheRevolvingFacility(theIncreasedCommitments),increasingtheaggregateprincipal
amountoftherevolvingcommitmentsavailableundertheRevolvingFacilityfrom$1.5billionto$1.65billion.ProceedsfromtheIncreasedCommitmentswillbe
usedforworkingcapital,capitalexpendituresandotherlawfulcorporatepurposes.
Financial Summary
FortheyearendedDecember31,2015,Mylanreportedtotalrevenuesof$9.43billioncomparedto$7.72billionfortheyearendedDecember31,2014.
Thisrepresentsanincreaseinrevenuesof$1.71billion,or22.1%.Consolidatedgross
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TableofContents
profitforthecurrentyearwas$4.22billion,comparedto$3.53billionintheprioryear,anincreaseof$688.1million,or19.5%.Forthecurrentyear,earnings
fromoperationswere$1.46billion,ascomparedto$1.35billionfortheyearendedDecember31,2014,anincreaseof$108.3million,or8.0%.
NetearningsattributabletoMylanN.V.ordinaryshareholdersdecreased$81.8million,or8.8%,to$847.6millionfortheyearendedDecember31,2015
comparedto$929.4millionfortheprioryear.DilutedearningsperordinaryshareattributabletoMylanN.V.decreased27.4%from$2.34to$1.70fortheyear
endedDecember31,2015comparedtotheprioryearprimarilyduetotheimpactofordinarysharesissuedinthecurrentyearfortheacquisitionoftheEPD
Businessandadditionalrelatedcosts,includingamortization,partiallyoffsetbytheadditionalearningsfromtheacquiredEPDBusiness.Intheprioryearwe
recordedagainrelatedtotheresolutionofcontingentconsiderationrelatedtotheAgilatransactionandtaxbenefitsrelatedtothemergeroftheCompanyswholly
ownedsubsidiaries,AgilaSpecialtiesPrivateLimitedandOncoTherapiesLimited,intoMylanLaboratoriesLimited.
AdetaileddiscussionoftheCompanysfinancialresultscanbefoundbelowinthesectiontitledResultsofOperations.Aspartofthisdiscussion,we
alsoreportsalesperformanceusingthenon-GAAPfinancialmeasureofconstantcurrencythirdpartynetsalesandtotalrevenues.Thismeasureprovides
informationonthechangeinnetsalesassumingthatforeigncurrencyexchangerateshadnotchangedbetweenthepriorandcurrentperiod.Thecomparisons
presentedatconstantcurrencyratesreflectcomparativelocalcurrencysalesattheprioryear'sforeignexchangerates.Weroutinelyevaluateourthirdpartynet
salesperformanceatconstantcurrencysothatsalesresultscanbeviewedwithouttheimpactofforeigncurrencyexchangerates,therebyfacilitatingaperiod-toperiodcomparisonofouroperationalactivities,andbelievethatthispresentationalsoprovidesusefulinformationtoinvestorsforthesamereason.Thefollowing
tablecomparesthirdpartynetsalesonanactualandconstantcurrencybasisforeachreportablesegmentandthegeographicregionswithintheGenericssegment
fortheyearsendedDecember31,2015,2014and2013.

(In millions, except percentage)

Generics:
Thirdpartynetsales

2015

Year Ended

December 31,

2014

2013

Percent Change

Constant Currency

Constant Currency

3,895.6 $

3,361.2 $

3,006.6

16%

16%

Europe(a)

2,205.6

1,476.8

1,429.7

49%

65%

3%

3%

RestofWorld

2,056.6

1,621.3

1,438.6

27%

38%

13%

18%

8,157.8

6,459.3

5,874.9

26%

33%

10%

11%

Otherthirdpartyrevenues
Totalthirdpartyrevenues

Intersegmentsales
Genericstotalrevenues

Percent Change
Actual

Totalthirdpartynetsales(a)

2014

NorthAmerica

Actual

2015

12%

40.8

51.1

25.8

8,198.6

6,510.4

5,900.7

6.3

4.7

5.7

8,204.9

6,515.1

5,906.4

Specialty:

Thirdpartynetsales

1,204.8

Otherthirdpartyrevenues
Totalthirdpartyrevenues

Intersegmentsales
Specialtytotalrevenues

Eliminationofintersegmentsales
Consolidatedtotalrevenues(a)

1,187.2

981.7

1%

1%

21%

25.9

22.0

26.8

1,230.7

1,209.2

1,008.5

10.9

9.0

19.3

1,241.6

1,218.2

1,027.8

(25.1)

(17.2)

(13.7)

9,429.3 $

7,719.6 $

6,909.1
60

22%

28%

12%

12%

21%

13%

TableofContents
____________
(a)
FortheyearendedDecember31,2015,AdjustedThirdPartyNetSalesinEuropetotaled$2,222.7million,AdjustedGenericsSegmentThirdPartyNet
Salestotaled$8,174.9million,AdjustedThirdPartyNetSalestotaled$9,379.7million,andAdjustedTotalRevenueswere$9,446.4million.Adjusted
ThirdPartyNetSalesinEurope,AdjustedGenericsSegmentThirdPartyNetSales,AdjustedThirdPartyNetSalesandAdjustedTotalRevenuesare
non-GAAPfinancialmeasures.
Moreinformationaboutothernon-GAAPmeasuresusedbytheCompanyaspartofthisdiscussion,includingAdjustedThirdPartyNetSalesfrom
Europe,AdjustedGenericsSegmentThirdPartyNetSales,AdjustedThirdPartyNetSales,AdjustedTotalRevenues,AdjustedCostofSales,AdjustedGross
Margins,AdjustedEarningsandAdjustedEPSarediscussedfurtherinthisItem7underResults of Operations andResults of Operations Use of Non-GAAP
Financial Measures .
Results of Operations
2015 Compared to 2014
Total Revenues and Gross Profit
FortheyearendedDecember31,2015,Mylanreportedtotalrevenuesof$9.43billioncomparedto$7.72billionintheprioryear.Totalrevenuesinclude
bothnetsalesandotherrevenuesfromthirdparties.Thirdpartynetsalesforthecurrentyearwere$9.36billioncomparedto$7.65billionfortheprioryear,
representinganincreaseof$1.72billion,or22.4%.Otherthirdpartyrevenuesforthecurrentyearwere$66.7millioncomparedto$73.1millionintheprioryear,
adecreaseof$6.4million.
Mylanscurrentyearrevenueswereunfavorablyimpactedbytheeffectofforeigncurrencytranslation,primarilyreflectingchangesintheU.S.Dollaras
comparedtothecurrenciesofMylanssubsidiariesinEurope,India,JapanandAustralia.Theunfavorableimpactofforeigncurrencytranslationoncurrentyear
totalrevenueswasapproximately$430million,or6%.Assuch,constantcurrencytotalrevenuesincreasedapproximately$2.1billion,or28%.Theincreasein
constantcurrencytotalrevenueswastheresultofconstantcurrencythirdpartynetsalesgrowthinGenericsof33%,whichincludedtheimpactoftheacquired
EPDBusiness,aswellasa1%increaseinthirdpartynetsalesinSpecialty.ThecontributionofnetsalesfromtheacquiredEPDBusinesstotaledapproximately
$1.47billionandnetsalesfromnewproductstotaledapproximately$438.1millionin2015.Onaconstantcurrencybasis,netsalesfromexistingproducts
increasedapproximately$240millionasaresultofanincreaseinvolumeofapproximately$535million,partiallyoffsetbyadecreaseinpricingofapproximately
$295million.
Inarrivingatnetsales,grosssalesarereducedbyprovisionsforestimates,includingdiscounts,rebates,promotions,priceadjustments,returnsand
chargebacks.SeetheApplication of Critical Accounting Policies sectioninthisItem7foradiscussionofourmethodologywithrespecttosuchprovisions.For
2015,themostsignificantamountschargedagainstgrosssaleswere$4.15billionrelatedtochargebacksand$2.08billionrelatedtoincentivesofferedtoour
directcustomers,suchaspromotionsandvolumerelatedincentives.For2014,themostsignificantamountschargedagainstgrosssaleswereforchargebacksin
theamountof$3.47billionandincentivesofferedtoourdirectcustomersintheamountof$1.55billion.
CostofsalesfortheyearendedDecember31,2015was$5.21billion,comparedto$4.19billionintheprioryear.Costofsalesforthecurrentyearwas
impactedbypurchaseaccountingrelatedamortizationofacquiredintangibleassetsofapproximately$885.5million,acquisitionrelatedcostsofapproximately
$98.5millionandrestructuringandotherspecialitemsofapproximately$36.3millionasdescribedfurtherinthesectiontitledUse of Non-GAAP Financial
Measures .Theprioryearcomparableperiodcostofsalesincludedsimilarpurchaseaccountingrelatedamortizationofapproximately$403.6million,acquisition
relatedcostsofapproximately$68.6millionandrestructuringandotherspecialitemsofapproximately$45.1million.Theincreaseincurrentyearpurchase
accountingrelateditemsisprincipallytheresultoftheacquiredEPDBusiness.Excludingpurchaseaccountingrelatedamortization,acquisitionrelatedcostsand
restructuringandotherspecialitems,AdjustedCostofSalesinthecurrentyearincreasedto$4.19billionfrom$3.67billion,correspondingtotheincreaseinnet
sales.
Grossprofitforthecurrentyearwas$4.22billionandgrossmarginswere44.7%.For2014,grossprofitwas$3.53billionandgrossmarginswere45.7%
.Excludingthepurchaseaccountingrelatedamortization,acquisitionrelatedcostsandrestructuringandotherspecialitemsdiscussedintheparagraphabove,
AdjustedGrossMarginswereapproximately56%and52%in2015and2014,respectively.AdjustedGrossMarginswerepositivelyimpactedinthecurrentyear
asaresultofnet
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TableofContents
salesfromtheacquiredEPDBusinessbyapproximately200basispoints,newproductintroductionsandincreasedmarginsonexistingproductsbyapproximately
100basispoints.
Fromtimetotime,alimitednumberofourproductsmayrepresentasignificantportionofournetsales,grossprofitandnetearnings.Generally,thisis
duetothetimingofnewproductlaunchesandtheamount,ifany,ofadditionalcompetitioninthemarket.Ourtoptenproductsintermsofsales,intheaggregate,
representedapproximately29%and33%oftheCompanystotalrevenuesin2015and2014,respectively.
Generics Segment
Forthecurrentyear,Genericsthirdpartynetsaleswere$8.16billioncomparedto$6.46billionintheprioryear,anincreaseof$1.70billion,or26.3%.
IntheGenericssegment,theunfavorableimpactofforeigncurrencytranslationoncurrentyearthirdpartynetsaleswasapproximately$428.9million,or6.6%.
Assuch,constantcurrencythirdpartynetsalesincreasedbyapproximately$2.13billion,or33%whencomparedtotheprioryear.
ThirdpartynetsalesfromNorthAmericawere$3.90billionforthecurrentyear,comparedto$3.36billionfortheprioryear,representinganincreaseof
$534.4million,or15.9%.Theincreaseincurrentyearthirdpartynetsaleswasprincipallyduetonetsalesfromnewproducts,andtoalesserextent,netsales
fromtheacquiredEPDBusiness,totalingapproximately$469millionaswellasvolumeincreasesofapproximately$205million.Thisincreasewaspartially
offsetbylowerpricingonexistingproducts.TheeffectofforeigncurrencytranslationwasinsignificantwithinNorthAmerica.
Productsgenerallycontributemostsignificantlytorevenuesandgrossmarginsatthetimeoftheirlaunch,evenmoresoinperiodsofmarketexclusivity,
orinperiodsoflimitedgenericcompetition.Assuch,thetimingofnewproductintroductionscanhaveasignificantimpactontheCompanysfinancialresults.
Theentranceintothemarketofadditionalcompetitiongenerallyhasanegativeimpactonthevolumeandpricingoftheaffectedproducts.Additionally,pricingis
oftenaffectedbyfactorsoutsideoftheCompanyscontrol.
ThirdpartynetsalesfromEuropewere$2.21billionin2015,comparedto$1.48billionin2014,anincreaseof$728.8million,or49.3%.The
unfavorableimpactofforeigncurrencytranslationoncurrentyearthirdpartynetsaleswasapproximately$234million,or16%withinEurope.Assuch,constant
currencythirdpartynetsalesincreasedbyapproximately$963million,or65%whencomparedtotheprioryear.Thisincreasewastheresultofnetsalesfromthe
acquiredEPDBusiness,andtoalesserextent,netsalesfromnewproducts,totalingapproximately$997millionin2015.LowerpricingthroughoutEuropeasa
resultofgovernment-imposedpricingreductionsandcompetitivemarketconditionswaspartiallyoffsetbyhighervolumesonexistingproducts,primarilyin
FranceandItaly.
ConstantcurrencythirdpartynetsalesfromMylansbusinessinFranceandItalyincreasedcomparedtotheprioryearasaresultofnetsalesfromthe
acquiredEPDBusiness,highervolumesonexistingproductsandnewproducts,partiallyoffsetbylowerpricing.SalesinFrancecontinuetobenegatively
impactedbygovernment-imposedpricingreductionsandanincreasinglycompetitivemarket.OurmarketshareinFrance,excludingtheimpactoftheacquired
EPDBusiness,remainedrelativelystablein2015ascomparedto2014,andweremainthegenericsmarketleader.InItaly,constantcurrencythirdpartynetsales
increasedcomparedtotheprioryearperiodasaresultoftheimpactoftheacquiredEPDBusiness.Salesincreasesresultingfromhighervolumesonexisting
productswerepartiallyoffsetbylowerpricing.
InadditiontoFranceandItaly,certainothermarketsinwhichwedobusiness,includingSpain,haveundergonegovernment-imposedpricereductions,
andfurthergovernment-imposedpricereductionsareexpectedinthefuture.Suchmeasures,alongwiththetendersystemsdiscussedbelow,arelikelytohavea
negativeimpactonsalesandgrossprofitinthesemarkets.However,governmentinitiativesincertainmarketsthatappeartofavorgenericproductscouldhelpto
mitigatethisunfavorableeffectbyincreasingratesofgenericsubstitutionandpenetration.
Anumberofmarketsinwhichweoperatehaveimplemented,ormayimplement,tendersystemsforgenericpharmaceuticalsinanefforttolowerprices.
Generallyspeaking,tendersystemscanhaveanunfavorableimpactonsalesandprofitability.Undersuchtendersystems,manufacturerssubmitbidsthatestablish
pricesforgenericpharmaceuticalproducts.Uponwinningthetender,thewinningcompanywillreceiveapreferentialreimbursementforaperiodoftime.The
tendersystemoftenresultsincompaniesunderbiddingoneanotherbyproposinglowpricinginordertowinthetender.Thelossofatenderbyathirdpartyto
whomwesupplyAPIcanalsohaveanegativeimpactonoursalesandprofitability.Salescontinuetobenegativelyaffectedbytheimpactoftendersystems.
InRestofWorld,thirdpartynetsaleswere$2.06billionin2015,comparedto$1.62billionin2014,anincreaseof$435.3million,or26.8%.The
unfavorableimpactofforeigncurrencytranslationonthirdpartynetsaleswasapproximately
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$178million,or11%.Assuch,constantcurrencythirdpartynetsalesincreasedbyapproximately$613million,or38%.Thisincreasewasprimarilyduetonet
salesfromtheacquiredEPDBusiness,andtoalesserextent,netsalesfromnewproductlaunches,mainlyinAustraliaandJapan,totalingapproximately$439
millionin2015.Inaddition,thisincreasewasmainlyattributabletohigherthirdpartynetsalesvolumesfromouroperationsinIndia,inparticular,growthinthe
antiretroviral(ARV)franchise.Theseincreaseswerepartiallyoffsetbylowerpricingthroughoutthisregion.
Inadditiontothirdpartynetsales,RestofWorldregionalsosuppliesbothfinisheddosageform(FDF)genericproductsandAPItoMylansubsidiaries
inconjunctionwiththeCompanysverticalintegrationstrategy.IntercompanysalesrecognizedbyRestofWorldregionwere$758.8millionin2015,comparedto
$714.0millionintheprioryear.Theseintercompanysaleseliminatewithin,andthereforearenotincludedinGenericsorconsolidatedthirdpartynetsales.
InJapan,constantcurrencythirdpartynetsalesincreasedasaresultofnetsalesfromtheacquiredEPDBusiness,andtoalesserextent,newproducts,
partiallyoffsetbyadeclineinvolumeonexistingproducts.Pricingwasessentiallyflatwhencomparedtotheprioryear.InAustralia,constantcurrencythirdparty
netsalesincreasedversustheprioryearasaresultofnetsalesfromtheacquiredEPDBusiness,netsalesfromnewproductsandincreasedvolumes,partially
offsetbydecreasesinpricingasaresultofsignificantgovernment-imposedpricingreform.AsinEurope,bothAustraliaandJapanhaveundergonegovernmentimposedpricereductionswhichhavehad,andcouldcontinuetohave,anegativeimpactonsalesandgrossprofitinthesemarkets.
Specialty Segment
Forthecurrentyear,Specialtyreportedthirdpartynetsalesof$1.20billion,anincreaseof$17.6million,or1.5%,fromtheprioryearof$1.19billion.
TheincreasewaspartiallytheresultofhighervolumesoftheEpiPenAuto-Injector,whichisusedinthetreatmentofsevereallergicreactions(anaphylaxis),
offsetbylowerpricing.TheEpiPenAuto-Injectoristhenumberonedispensedepinephrineauto-injectorandasaglobalfranchisereached$1billioninannual
netsalesforthesecondyearinarow.Themarketcontinuestogrowasawarenessoftheriskofanaphylaxisincreases.Inaddition,salesofthePerforomist
InhalationSolutionandULTIVAincreasedbydoubledigitpercentagepointsfromtheprioryear.
Operating Expenses
Research & Development Expense
R&Dexpensein2015was$671.9million,comparedto$581.8millionintheprioryear,anincreaseof$90.1million.R&Dincreasedprimarilydueto
theimpactoftheacquiredEPDBusiness,whichincreasedR&Dbyapproximately$50millionin2015.Inaddition,R&Dincreasedduetothecontinued
developmentofourrespiratory,insulinandbiologicsprogramsaswellasthetimingofinternalandexternalproductdevelopmentprojects.Theseincreaseswere
partiallyoffsetbyadeclineinupfrontlicensingandmilestonepayments,whichtotaledapproximately$15millionin2015,relatingtotheTheravanceBiopharma
agreement,comparedtoapproximately$18millionintheprioryear.
Selling, General & Administrative Expense
Selling,generalandadministrative(SG&A)expenseforthecurrentyearwas$2.18billion,comparedto$1.63billionfortheprioryear,anincreaseof
$555.0million.FactorscontributingtotheincreaseinSG&AincludetheimpactoftheacquiredEPDBusinesswhichincreasedSG&Abyapproximately$379.4
millionin2015andacquisitionrelatedcostsofapproximately$227.4millionin2015versus$65.9millionin2014.
Litigation Settlements, Net
During2015,theCompanyrecordeda$97.4millionnetgainforlitigationsettlements,comparedtoanetchargeof$47.9millionintheprioryear.The
gaininthecurrentyearwasprimarilyrelatedtothesettlementoftheParoxetineCRmatterwithGlaxoSmithKlineforapproximately$113millionandthe
settlementofcertainantitrustmatters.Thisgainwaspartiallyoffsetbythesettlementofpatentinfringementmatters.Thechargeintheprioryearwasprimarily
relatedtothesettlementofaEuropeanCommissionmatterof$21.7million,thesettlementofintellectualpropertymatter,andtoalesserextent,litigation
settlementsrelatedtoproductliabilityclaims.
Other Operating (Income) Expense, Net
During2014,theCompanyrecognizedagainof$80.0millionasaresultofanagreementwithStridesArcolabtosettleacomponentofthecontingent
considerationrelatedtotheAgilaacquisition.Thegainrecognizedrelatestotherecovery

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oflostrevenuesin2014arisingfromsupplydisruptionsthatresultedfromon-goingquality-enhancementactivitiesinitiatedatcertainAgilafacilitiespriortothe
CompanysacquisitionofAgilain2013.
Interest Expense
Interestexpensefor2015totaled$339.4million,comparedto$333.2millionfor2014.Inthecurrentyear,theCompanyrecordedapproximately$56.4
millionofcommitmentandotherfeesrelatedtotheBridgeCreditAgreemententeredintobytheCompanyonApril24,2015(theBridgeFacility).Theincrease
resultingfromthesefeeswaspartiallyoffsetbyalowereffectiveinterestrateversustheprioryearperiodduetotherefinancingtransactionsundertakenlatein
2014andinthecurrentyear.Includedininterestexpenseisnon-cashinterest,primarilymadeupoftheamortizationofthediscountsandpremiumsonour
convertibledebtinstrumentsandseniornotestotaling$29.2millionforthecurrentperiodand$30.2millionfortheprioryear.Alsoincludedininterestexpenseis
accretionofourcontingentconsiderationliabilityrelatedtocertainacquisitions,whichwas$38.4millioninthecurrentyearcomparedto$35.3millionintheprior
year.
Other Expense (Income), Net
Otherexpense(income),net,wasexpenseof$206.1millioninthecurrentyear,comparedtoexpenseof$44.9millionintheprioryear.Otherexpense
(income),netincludeslossesfromequityaffiliates,foreignexchangegainsandlossesandinterestanddividendincome.Inthecurrentyear,theCompanyincurred
lossesofapproximately$71.2millionrelatedtotheterminationofcertaininterestrateswapsandchargesofapproximately$43.2millionrelatedtothewrite-offof
theBridgeFacilitysdeferredfinancingfees.Otherexpense(income),netalsoincludedchargesofapproximately$40.8millionrelatedtotheredemptionofthe
Companys7.875%SeniorNotesdue2020(theJuly2020SeniorNotes),comprisedofthe$39.4millionredemptionpremiumandthe$11.1millionwrite-off
ofdeferredfinancingfeesoffsetbythewrite-offoftheremaining$9.7millionunamortizedpremiumrelatedtotheJuly2020SeniorNotes.Inaddition,other
expense(income),netincludeslossesfromequityaffiliatesofapproximately$105million,principallyrelatedtotheCompanyscleanenergyinvestments,offset
byforeignexchangegainsofapproximately$58million.Intheprioryear,theCompanyincurredlossesfromequityaffiliatesofapproximately$91million,
principallyrelatedtotheCompanyscleanenergyinvestments,chargesofapproximately$33millionrelatedtotheredemptionofthe6.000%SeniorNotesdue
2018andtheterminationofcertaininterestrateswaps,partiallyoffsetbyforeignexchangegainsofapproximately$78million.
Income Tax Expense
Werecordedincometaxprovisionof$67.7millionin2015,comparedto$41.4millionin2014,anincreaseof$26.3million.Theeffectivetaxratewas
7.4%and4.2%fortheyearendedDecember31,2015and2014,respectively.During2014,theCompanyreceivedapprovalsfromtherelevantIndianregulatory
authoritiestolegallymergeitswhollyownedsubsidiaries,AgilaSpecialtiesPrivateLimitedandOncoTherapiesLimited,intoMylanLaboratoriesLimited.The
mergerresultedintherecognitionofadeferredtaxassetof$156million.TheeffectivetaxratefortheyearendedDecember31,2015wasimpactedbythe
changingmixofincomeearnedinjurisdictionswithdifferingtaxrates,anincreaseintaxcreditsasaresultofadditionalinvestmentsinfacilitieswhoseproduction
iseligiblefortaxcreditsunderSection45oftheU.S.InternalRevenueCodeasamendedof(theCode),increasesinvaluationallowancesfornon-U.S.foreign
jurisdictions,lowerU.S.foreigntaxcreditbenefitsandloweruncertaintaxpositions.
2014 Compared to 2013

Total Revenues and Gross Profit

FortheyearendedDecember31,2014,Mylanreportedtotalrevenuesof$7.72billioncomparedto$6.91billionin2013.Totalrevenuesincludeboth
netsalesandotherrevenuesfromthirdparties.Thirdpartynetsalesfor2014were$7.65billioncomparedto$6.86billionfor2013,representinganincreaseof
$789.9million,or11.5%.Otherthirdpartyrevenuesfor2014were$73.1millioncomparedto$52.5millionin2013,anincreaseof$20.6million.
Mylans2014revenueswereunfavorablyimpactedbytheeffectofforeigncurrencytranslation,primarilyreflectingchangesintheU.S.Dollaras
comparedtothecurrenciesofMylanssubsidiariesinIndia,Japan,AustraliaandCanada.Theunfavorableimpactofforeigncurrencytranslationon2014total
revenueswasapproximately$86million,or1%.Assuch,constantcurrencytotalrevenuesincreasedapproximately$897million,or13%.Theincreasein
constantcurrencytotalrevenueswastheresultofdoubledigitthirdpartynetsalesgrowthintheSpecialtyandGenericssegments,whichincludedgrowthinall
regions.Thecontributionfromnewproducts,andtoalesserextent,netsalesfromacquiredbusinesses,totaledapproximately$593millionin2014.Constant
currencynetsalesfromexistingproductsincreasedapproximately$283millionasaresultofconstantcurrencyincreasesinvolumeofapproximately$203million
andinpricingofapproximately$80million.
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TableofContents

Inarrivingatnetsales,grosssalesarereducedbyprovisionsforestimates,includingdiscounts,rebates,promotions,priceadjustments,returnsand
chargebacks.SeetheApplication of Critical Accounting Policies sectioninthisItem7,foradiscussionofourmethodologywithrespecttosuchprovisions.For
2014,themostsignificantamountschargedagainstgrosssaleswere$3.47billionrelatedtochargebacksand$1.55billionrelatedtoincentivesofferedtoour
directcustomers,suchaspromotionsandvolumerelatedincentives.For2013,themostsignificantamountschargedagainstgrossrevenueswereforchargebacks
intheamountof$2.35billionandincentivesofferedtoourdirectcustomersintheamountof$1.64billion.
Costofsalesfor2014was$4.19billion,comparedto$3.87billionin2013.Costofsalesin2014wasimpactedbytheamortizationofacquired
intangibleassets,andrestructuringandotherspecialitemsasdescribedfurtherinthesectiontitledUseofNon-GAAPFinancialMeasures.Theseitemstotaled
approximately$517.3millionin2014.Costofsalesfor2013includedsimilarpurchaseaccountingandrestructuringandotherspecialitemsintheamountof
$423.8million.Thedecreasein2014ofpurchaseaccountingandrestructuringandotherspecialitemswasprincipallytheresultofa$41.6millionin-process
researchanddevelopment(IPR&D)impairmentchargein2013ascomparedtoanimpairmentchargeof$27.7millionin2014.Excludingtheseamounts,
AdjustedCostofSalesincreasedin2014to$3.67billionfrom$3.45billion,correspondingtotheincreaseinsales.
Grossprofitfor2014was$3.53billionandgrossmarginswere45.7%.For2013,grossprofitwas$3.04billionandgrossmarginswere44.0%.
Excludingthepurchaseaccounting,restructuring,relatedamortizationandotherspecialitemsdiscussedintheparagraphabove,AdjustedGrossMarginswere
approximately52%and50%in2014and2013,respectively.AdjustedGrossMarginswerefavorablyimpactedin2014asaresultofnewproductintroductionsby
approximately180basispointsandfavorablepricingandvolumeontheEpiPenAuto-InjectorinourSpecialtysegmentbyapproximately45basispoints.These
increaseswerepartiallyoffsetbylowerpricingonexistingproductswithintheGenericssegment.
Fromtimetotime,alimitednumberofourproductsmayrepresentasignificantportionofournetsales,grossprofitandnetearnings.Generally,thisis
duetothetimingofnewproductlaunchesandtheamount,ifany,ofadditionalcompetitioninthemarket.Ourtoptenproductsintermsofsales,intheaggregate,
representedapproximately33%and31%oftheCompanystotalrevenuesin2014and2013,respectively.
Generics Segment
For2014,Genericsthirdpartynetsaleswere$6.46billioncomparedto$5.87billionin2013,anincreaseof$584.5million,or9.9%.Foreigncurrency
hadanunfavorableimpactonthirdpartynetsalesfor2014.Genericsconstantcurrencythirdpartynetsalesfor2014increasedbyapproximately$671million,or
11%whencomparedto2013.
ThirdpartynetsalesfromNorthAmericawere$3.36billionfor2014,comparedto$3.01billionfor2013,representinganincreaseof$354.6million,or
11.8%.Theincreasein2014thirdpartynetsaleswasprincipallyduetonetsalesfromnewproductlaunchesin2014,andtoalesserextent,netsalesfrom
acquiredbusinessestotalingapproximately$480millionin2014.Thisincreasewaspartiallyoffsetbylowervolumesonexistingproducts.Theeffectofforeign
currencytranslationwasinsignificantwithinNorthAmerica.
Productsgenerallycontributemostsignificantlytorevenuesandgrossmarginsatthetimeoftheirlaunch,evenmoresoinperiodsofmarketexclusivity,
orinperiodsoflimitedgenericcompetition.Assuch,thetimingofnewproductintroductionscanhaveasignificantimpactontheCompanysfinancialresults.
Theentranceintothemarketofadditionalcompetitiongenerallyhasanegativeimpactonthevolumeandpricingoftheaffectedproducts.Additionally,pricingis
oftenaffectedbyfactorsoutsideoftheCompanyscontrol.
ThirdpartynetsalesfromEuropewere$1.48billionin2014,comparedto$1.43billionin2013,anincreaseof$47.1million,or3.3%.Thisincrease
wastheresultofincreasedvolumesinFrance,ItalyandtheU.K.aswellasnetsalesfromnewproducts.Partiallyoffsettingthisincreasewaslowerpricingina
numberofEuropeanmarketsinwhichMylanoperates,asaresultofgovernment-imposedpricingreductionsandcompetitivemarketconditions.Theeffectof
foreigncurrencytranslationwasinsignificantwithinEurope.
LocalcurrencythirdpartynetsalesfromMylansbusinessesinFrance,ItalyandtheU.K.increasedin2014ascomparedto2013asaresultofnew
productlaunchesandhighervolumesonexistingproductspartiallyoffsetbytheimpactoflowerpricingduetogovernment-imposedpricingreductionsandan
increasinglycompetitivemarket.OurmarketshareinFranceremainedrelativelystablein2014ascomparedto2013,andweremainedthemarketleader.
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InadditiontoFrance,Italy,andtheU.K.,certainothermarketsinwhichwedobusiness,includingSpain,haveundergonegovernment-imposedprice
reductions,andfurthergovernment-imposedpricereductionsareexpectedinthefuture.Suchmeasures,alongwiththetendersystemsdiscussedbelow,arelikely
tohaveanegativeimpactonrevenuesandgrossprofitinthesemarkets.However,governmentinitiativesincertainmarketsthatappeartofavorgenericproducts
couldhelptomitigatethisunfavorableeffectbyincreasingratesofgenericsubstitutionandpenetration.
Anumberofmarketsinwhichweoperatehaveimplementedormayimplementtendersystemsforgenericpharmaceuticalsinanefforttolowerprices.
Generallyspeaking,tendersystemscanhaveanunfavorableimpactonrevenueandprofitability.Undersuchtendersystems,manufacturerssubmitbidsthat
establishpricesforgenericpharmaceuticalproducts.Uponwinningthetender,thewinningcompanywillreceiveapreferentialreimbursementforaperiodoftime.
Thetendersystemoftenresultsincompaniesunderbiddingoneanotherbyproposinglowpricinginordertowinthetender.Additionally,thelossofatenderbya
thirdpartytowhomwesupplyAPIcanalsohaveanegativeimpactonoursalesandprofitability.Sales,primarilyinGermany,continuetobenegativelyaffected
bytheimpactoftendersystems.
InRestofWorld,thirdpartynetsaleswere$1.62billionin2014,comparedto$1.44billionin2013,anincreaseof$182.7million,or12.7%.Restof
Worldconstantcurrencythirdpartynetsalesincreasedbyapproximately$260million,or18%.Thisincreasewasprimarilydrivenbyhigherthirdpartynetsales
byouroperationsinIndiaasaresultofstronggrowthintheARVfranchise,aswellasconstantcurrencygrowthinJapan.Saleswerealsopositivelyimpactedby
increasesinnetsalesfromnewproductsandacquiredbusinesses.
TheincreaseinthirdpartynetsalesfromouroperationsinIndiawasduetosignificantgrowthinsalesofFDFARVproductsusedinthetreatmentof
HIV/AIDS.Inadditiontothirdpartynetsales,RestofWorldregionalsosuppliedbothFDFgenericproductsandAPItoMylansubsidiariesinconjunctionwith
theCompanysverticalintegrationstrategy.IntercompanysalesrecognizedbyRestofWorldregionwere$714.0millionin2014,comparedto$678.3millionin
2013.Theseintercompanysaleseliminatewithin,andthereforearenotincludedinGenericsorconsolidatedthirdpartynetsales.
InJapan,thirdpartynetsalesincreasedasaresultofnewproductintroductions.In2014,theCompanycontinuedtoseeJapanasakeyregionforfuture
salesgrowth.InAustralia,localcurrencythirdpartynetsalesdecreasedin2014versus2013asaresultofsignificantgovernment-imposedpricingreformand
reducedvolumes,partiallyoffsetbynewproductsales.AsinEurope,bothAustraliaandJapanhaveundergonegovernment-imposedpricereductionswhichhave
hadanegativeimpactonsalesandgrossprofitinthesemarkets.
Specialty Segment
For2014,Specialtyreportedthirdpartynetsalesof$1.19billion,anincreaseof$205.5million,or20.9%,from$981.7millionin2013.Theincrease
wasprincipallytheresultofhighersalesoftheEpiPenAuto-Injector,asaresultoffavorablepricingandincreasedvolume.TheEpiPenAuto-Injectoristhe
numberonedispensedepinephrineauto-injectorand,in2014itbecamethefirstMylanproducttoreach$1billioninannualnetsales.Themarketcontinuedto
growasawarenessoftheriskofanaphylaxisincreased.Inaddition,salesofthePerforomistInhalationSolutionincreasedbydoubledigitsfrom2013asaresult
offavorablepricing.
Operating Expenses
Research & Development Expense
R&Dexpensein2014was$581.8million,comparedto$507.8millionin2013,anincreaseof$74.0million.R&Dincreasedin2014primarilydueto
thecontinueddevelopmentofourrespiratoryandbiologicsprogramsaswellasthetimingofinternalandexternalproductdevelopmentprojects,including
increasedclinicalactivities,payrollandmaterialcosts.Theseincreaseswerepartiallyoffsetbyadeclineinupfrontlicensingandmilestonepayments,totaling
approximately$18millionin2014comparedtoapproximately$49millionin2013.
Selling, General & Administrative Expense
SG&Aexpensefor2014was$1.63billion,comparedto$1.41billionfor2013,anincreaseof$217.2million.SG&Aincreasedduetoincreasedselling
andmarketingcostsofapproximately$52million,primarilyrelatedtotheEpiPenAuto-Injector,whichincludesourdirect-to-consumermarketingcampaign.
Additionally,aswecontinuedtobuildourinfrastructureincertainareas,weexperiencedincreasedemployeecostsofapproximately$60millionandsoftware
implementationcostsofapproximately$13million.TosupportanticipatednewproductlauncheswithintheNorthAmericanregionoftheGenerics
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segment,legalcostsincreasedapproximately$11millionin2014.Inaddition,theCompanyincurredalossonthedisposalofcertainassetsin2014of
approximately$16millionandincreasedcostsrelatedtoacquisitionsofapproximately$31million.
Litigation Settlements, Net
During2014,theCompanyrecordeda$47.9millionnetchargeforlitigationsettlements,comparedtoanetgainof$14.6millionduring2013.The
chargeinlitigationsettlementsin2014wasprimarilyrelatedtothesettlementofaEuropeanCommissionmatterof$21.7million,thesettlementofanintellectual
propertymatter,andtoalesserextent,litigationsettlementsrelatedtoproductliabilityclaims.In2013,theCompanyrecognizedagainrelatedtothesettlementof
patent-infringementmatterstotalingapproximately$25million,includingrecoveriesrelatedtoproductlaunches.Theserecoverieswereoffsetbya$10.3million
chargein2013relatedtothesettlementofaEuropeanCommissionmatter.
Other Operating (Income) Expense, Net
During2014,theCompanyrecognizedagainof$80.0millionasaresultofanagreementwithStridesArcolabtosettleacomponentofthecontingent
considerationrelatedtotheAgilaacquisition.Thegainrecognizedrelatestotherecoveryoflostrevenuesin2014arisingfromsupplydisruptionsthatresulted
fromon-goingquality-enhancementactivitiesinitiatedatcertainAgilafacilitiespriortotheCompanysacquisitionofAgilain2013.In2013,theCompany
recognizedachargeof$3.1millionrelatedtofairvalueadjustmentstocontingentconsideration.
Interest Expense
Interestexpensefor2014totaled$333.2million,comparedto$313.3millionfor2013.Theincreasein2014wasprincipallyduetohigheraveragedebt
balances,higherinterestexpenserelatedtocleanenergyinvestmentsandnon-cashaccretionofcontingentconsiderationliabilities.Includedininterestexpenseis
non-cashinterest,primarilymadeupoftheamortizationofthediscountsandpremiumsonourconvertibledebtinstrumentsandseniornotestotaling$30.2million
in2014and$28.2millionin2013.Alsoincludedininterestexpensefor2014wasaccretionofourcontingentconsiderationliabilityrelatedtocertainacquisitions,
whichwas$35.3millioncomparedto$32.3millionin2013.
Other Expense (Income), Net
Otherexpense(income),net,wasexpenseof$44.9millionin2014,comparedtoexpenseof$74.9millionin2013.Otherexpense(income),net
includedlossesfromequityaffiliates,foreignexchangegainsandlossesandinterestanddividendincome.In2014,otherexpense(income),netincludedlosses
fromequityaffiliatesofapproximately$91million,principallyrelatedtotheCompanyscleanenergyinvestments,chargesofapproximately$33millionrelated
totheredemptionofthe6.000%SeniorNotesdue2018andtheterminationofforwardstartingswaps,partiallyoffsetbyforeignexchangegainsofapproximately
$78million.In2013,theCompanyincurredchargesofapproximately$64millionrelatedtotheredemptionofthe7.625%SeniorNotesduein2017,comprised
oftheredemptionpremiumandthewrite-offofdeferredfinancingfees,aswellaschargesofapproximately$9millioninconjunctionwiththeJune2013Credit
Agreementrefinancingtransactionrelatedtothewrite-offofdeferredfinancingfees.

Income Tax Expense

Werecordedincometaxexpenseof$41.4millionin2014,comparedtoincometaxexpenseof$120.8millionin2013,adecreaseof$79.4million.This
decreasewasprimarilyduetotheCompanyreceivingapprovalsin2014fromtherelevantIndianregulatoryauthoritiestolegallymergeitswhollyowned
subsidiaries,AgilaSpecialtiesPrivateLimitedandOncoTherapiesLimited,intoMylanLaboratoriesLimited.Themergerresultedintherecognitionofadeferred
taxassetofapproximately$156millionforthetaxdeductiblegoodwillinexcessofthebookgoodwillwithacorrespondingbenefittoincometaxexpense.In
addition,during2014,theCompanyrecordedanincreaseintaxcreditsasaresultofadditionalinvestmentsinfacilitieswhoseproductioniseligiblefortaxcredits
underSection45oftheCode.Partiallyoffsettingtheseitemswereincreasesinvaluationallowancesfornetoperatinglossesinforeignjurisdictions,lowernet
foreigntaxcreditbenefitsandadditionalamountsofuncertaintaxpositionsin2014.
Use of Non-GAAP Financial Measures
WhenevertheCompanyusesnon-GAAPfinancialmeasures,weprovideareconciliationofthenon-GAAPfinancialmeasurestotheirmostdirectly
comparableU.S.GAAPfinancialmeasure.InvestorsandotherreadersareencouragedtoreviewtherelatedU.S.GAAPfinancialmeasuresandthereconciliation
ofnon-GAAPmeasurestotheirmostdirectlycomparableU.S.GAAPmeasuresetforthbelowandshouldconsidernon-GAAPmeasuresonlyasasupplementto,
notasasubstitutefororasa

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superiormeasureto,measuresoffinancialperformancepreparedinaccordancewithU.S.GAAP.Additionally,sincethesearenotmeasuresdeterminedin
accordancewithU.S.GAAP,non-GAAPfinancialmeasureshavenostandardizedmeaningprescribedbyU.S.GAAPand,therefore,maynotbecomparabletothe
calculationofsimilarmeasuresofothercompanies.

Adjusted Third Party Net Sales from Europe, Adjusted Generics Segment Third Party Net Sales, Adjusted Third Party Net Sales and Adjusted Total
Revenues
TheCompanyisprovidingthefollowingsupplementarynon-GAAPfinancialmeasures:adjustedthirdpartynetsalesfromEurope,adjustedGenerics
segmentthirdpartynetsales,adjustedthirdpartynetsalesandadjustedtotalrevenues,eachofwhichexcludesanacquisitionrelatedcustomerincentiveinEurope
fromthemostdirectlycomparableGAAPfinancialmeasure.Thesenon-GAAPfinancialmeasuresareintendedtoprovideacompleteunderstandingofthe
financialresultsandtrendsimpactingtheCompany.TheCompanybelievesthesenon-GAAPmeasuresareusefultomanagementandinvestorsasanevaluationof
theongoingperformanceofthebusiness.

Year Ended December 31,

(In millions)

2015

2014

2013

U.S. GAAP third party net sales from Europe

2,205.6 $

1,476.8 $

Add:

AdjustedthirdpartynetsalesfromEurope

2,222.7 $

1,476.8 $

1,429.7

U.S. GAAP Generics segment third party net sales

8,157.8 $

6,459.3 $

5,874.9

Add:

Acquisitionrelatedcustomerincentive

17.1

Acquisitionrelatedcustomerincentive

17.1

1,429.7

AdjustedGenericssegmentthirdpartynetsales

8,174.9 $

6,459.3 $

5,874.9

U.S. GAAP third party net sales

9,362.6 $

7,646.5 $

6,856.6

Adjustedthirdpartynetsales

9,379.7 $

7,646.5 $

6,856.6

U.S. GAAP total revenues

9,429.3 $

7,719.6 $

6,909.1

Add:

Add:
Acquisitionrelatedcustomerincentive

17.1

Acquisitionrelatedcustomerincentive

17.1
$

Adjustedtotalrevenues

9,446.4 $

7,719.6 $

6,909.1

Adjusted Cost of Sales and Adjusted Gross Margin

Weusethenon-GAAPfinancialmeasureAdjustedCostofSalesandthecorrespondingnon-GAAPfinancialmeasureAdjustedGrossMargin.We
believethatthesenon-GAAPfinancialmeasuresareusefulsupplementalinformationforourinvestorsandwhenconsideredtogetherwithourU.S.GAAPfinancial
measuresandthereconciliationtothemostdirectlycomparableU.S.GAAPfinancialmeasure,provideamorecompleteunderstandingofthefactorsandtrends
affectingouroperations.TheprincipalitemsexcludedfromAdjustedCostofSalesincludeacquisitionrelateditemsandrestructuringandotherspecialitems,both
ofwhicharedescribedingreaterdetailbelow.
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Areconciliationbetweencostofsales,asreportedunderU.S.GAAP,andAdjustedCostofSalesandAdjustedGrossMarginfortheperiodsshown
follows:

Year Ended December 31,

(In millions)

2015

U.S. GAAP cost of sales

Deduct:

5,213.2

2014

4,191.6

2013

3,868.8

Purchaseaccountingrelatedamortization

(885.5)

(403.6)

(369.1)

Acquisitionrelated,restructuring&otherspecialitems

(134.8)

(113.7)

(54.7)

Adjustedcostofsales

Adjustedgrossprofit(a)

4,192.9

3,674.3

5,253.5

56%

Adjustedgrossmargin(a)

3,445.0

4,045.3

3,464.1

52%

50%

____________
(a)

AdjustedGrossProfitiscalculatedasAdjustedTotalRevenueslessAdjustedCostofSales.AdjustedGrossMarginiscalculatedasAdjustedGrossProfit
dividedbyAdjustedTotalRevenues.

Adjusted Earnings and Adjusted EPS

AdjustednetearningsattributabletoMylanN.V.(AdjustedEarnings)isanon-GAAPfinancialmeasureandprovidesanalternativeviewof
performanceusedbymanagement.Managementbelievesthat,primarilyduetoacquisitionactivity,anevaluationoftheCompanysongoingoperations(and
comparisonsofitscurrentoperationswithhistoricalandfutureoperations)wouldbedifficultifthedisclosureofitsfinancialresultswerelimitedtofinancial
measurespreparedonlyinaccordancewithU.S.GAAP.AdjustedEarningsandAdjustedEarningsperDilutedShare(AdjustedEPS)aretwoofthemost
importantinternalfinancialmetricsrelatedtotheongoingoperatingperformanceoftheCompany,andmanagementalsobelievesthatinvestorsunderstandingof
ourperformanceisenhancedbytheseadjustedmeasures.ActualinternalandforecastedoperatingresultsandannualbudgetsincludeAdjustedEarningsand
AdjustedEPS,andthefinancialperformanceoftheCompanyismeasuredbyseniormanagementonthisbasisalongwithotherperformancemetrics.
ManagementsannualincentivecompensationisderivedinpartbasedontheAdjustedEPSmetric.
ThesignificantitemsexcludedfromAdjustedCostofSales,AdjustedEarningsandAdjustedEPSinclude:
Purchase Accounting Amortization and Other Acquisition-Related Items
TheongoingimpactofcertainamountsrecordedinconnectionwithacquisitionsisexcludedfromAdjustedCostofSales,AdjustedEarningsand
AdjustedEPS.Theseamountsincludetheamortizationofintangibleassetsandinventorystep-up,intangibleassetimpairmentcharges(includingIPR&D),
accretionandthefairvalueadjustmentsrelatedtocontingentconsideration,advisoryandlegalfeesandcertainacquisitionfinancingrelatedcosts.Thesecostsare
excludedbecausemanagementbelievesthatexcludingthemishelpfultounderstandingtheunderlying,ongoingoperationalperformanceofthebusiness.
Restructuring and Other Special Items
CostsrelatedtorestructuringandotheractionsareexcludedfromAdjustedCostofSales,AdjustedEarningsandAdjustedEPS,asapplicable.These
amountsincludeitemssuchas:

Exitcostsassociatedwithfacilitiestobeclosedordivested,includingemployeeseparationcosts,impairmentcharges,accelerateddepreciation,
incrementalmanufacturingvariances,equipmentrelocationcostsandotherexitcosts;

Certainacquisitionrelatedremediationandintegrationandplanningcosts,aswellasothercostsassociatedwithacquisitionsandotherbusiness
transformationand/oroptimizationinitiatives,whicharenotpartofaformalrestructuringprogram,includingemployeeseparationandpostemploymentcosts;

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Thepre-taxlossoftheCompanyscleanenergyinvestments,whoseactivitiesqualifyforincometaxcreditsunderSection45oftheCode;only
includedinAdjustedEarningsandAdjustedEPSisthenettaxeffectoftheentitysactivities;

Certaincoststofurtherdevelopandoptimizeourglobalenterpriseresourceplanningsystems,operationsandsupplychain;and

Certaincostsrelatedtonewoperationsandsignificantalliances/businesspartnerships,includingcertainupfrontand/ormilestoneresearchand
developmentrelatedpayments.

TheCompanyhasundertakenrestructuringsandotheroptimizationinitiativesofdifferingtypes,scopeandamountduringthecoveredperiodsand,
therefore,thesechargesshouldnotbeconsiderednon-recurring;however,managementexcludestheseamountsfromAdjustedEarningsandAdjustedEPSbecause
itbelievesitishelpfultounderstandingtheunderlying,ongoingoperationalperformanceofthebusiness.

Litigation Settlements, net

Chargesandgainsrelatedtolegalmatters,suchasthosediscussedintheNotestoConsolidatedFinancialStatementsNote16Contingencies are
generallyexcludedfromAdjustedEarningsandAdjustedEPS.Normal,ongoingdefensecostsoftheCompanymadeinthenormalcourseofourbusinessarenot
excluded.
Reconciliation of Adjusted Earnings and Adjusted EPS
AreconciliationbetweennetearningsattributabletoMylanN.V.ordinaryshareholdersanddilutedearningspershareattributabletoMylanN.V.ordinary
shareholders,asreportedunderU.S.GAAP,andAdjustedEarningsandAdjustedEPSfortheperiodsshownfollows:

Year Ended December 31,

(In millions, except per share amounts)

2015

2014

2013

U.S.GAAPnetearningsattributabletoMylanN.V.andU.S.GAAPdiluted
EPS
$

847.6 $

Purchaseaccountingrelatedamortization(primarilyincludedincostof
sales)(a)

900.9

419.0

371.1

Litigationsettlements,net

(97.4)

47.9

(9.9)

Interestexpense,primarilyamortizationofconvertibledebtdiscount

45.6

46.0

38.0

Non-cashaccretionandfairvalueadjustmentsofcontingentconsideration
liability

38.4

35.3

35.4

Cleanenergyinvestmentpre-taxloss(b)

93.2

78.9

22.4

Financingrelatedcosts(includedinotherexpense(income),net)(c)

112.0

33.3

72.6

Acquisitionrelatedcosts(primarilyincludedincostofsalesandselling,
generalandadministrativeexpense)

438.0

139.5

49.8

Acquisitionrelatedcustomerincentive(includedinthirdpartynetsales)

17.1

Restructuringandotherspecialitemsincludedin:

1.70 $

929.4 $

2.34 $

623.7 $

Costofsales

36.3

45.1

49.3

Researchanddevelopmentexpense

20.3

17.9

51.6

Selling,generalandadministrativeexpense

48.3

66.9

70.6

7.2

(10.9)

25.2

(370.1)

(432.0)

(259.9)

Otherincome(expense),net
Taxeffectoftheaboveitemsandotherincometaxrelateditems(d)
AdjustednetearningsattributabletoMylanN.V.andadjusteddilutedEPS

2,137.4 $
497.4

Weightedaveragedilutedordinarysharesoutstanding

70

4.30 $

1,416.3 $
398.0

3.56 $

1.58

1,139.9 $
394.5

2.89

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____________
(a)

PurchaseaccountingrelatedamortizationexpensefortheyearsendedDecember31,2015,2014and2013includesintangibleassetimpairmentcharges
of$31.3million,$27.7millionand$18.0million,respectively.

(b)

Adjustmentrepresentsexclusionofthepre-taxlossrelatedtoMylan'scleanenergyinvestments,theactivitiesofwhichqualifyforincometaxcredits
underSection45oftheCode.Theamountisincludedinotherexpense(income),netintheConsolidatedStatementsofOperations.

(c)

Adjustmentrepresentsapproximately$71.2millionrelatedtotheterminationofcertaininterestrateswapsandchargesofapproximately$40.8million
relatedtotheredemptionoftheCompanys7.875%SeniorNotesdue2020duringtheyearendedDecember31,2015.

(d)

AdjustmentforotherincometaxrelateditemsincludestheexclusionfromAdjustedNetEarningsofthetaxbenefitofapproximately$156millionrelated
tothemergeroftheCompanyswhollyownedsubsidiaries,AgilaSpecialtiesPrivateLimitedandOncoTherapiesLimited,intoMylan
LaboratoriesLimitedfortheyearendedDecember31,2014.

Liquidity and Capital Resources

Ourprimarysourceofliquidityiscashprovidedbyoperations,whichwas$2.01billionfortheyearendedDecember31,2015.Webelievethatcash
providedbyoperatingactivitiesandavailableliquiditywillcontinuetoallowustomeetourneedsforworkingcapital,capitalexpendituresandinterestand
principalpaymentsondebtobligations.Nevertheless,ourabilitytosatisfyourworkingcapitalrequirementsanddebtserviceobligations,orfundplannedcapital
expenditures,willsubstantiallydependuponourfutureoperatingperformance(whichwillbeaffectedbyprevailingeconomicconditions),andfinancial,business
andotherfactors,someofwhicharebeyondourcontrol.
Netcashprovidedbyoperatingactivitiesincreasedby$993.7millionto$2.01billionfortheyearendedDecember31,2015,ascomparedto$1.01
billionfortheyearendedDecember31,2014.Thenetincreaseincashprovidedbyoperatingactivitieswasprincipallyduetothefollowing:

anincreaseof$936.7millioninnon-cashexpenses,principallyasaresultofincreaseddepreciationandamortizationof$466millionasaresultof
currentyearacquisitions,adecreaseindeferredincometaxbenefitsof$199.3million,andanumberofothernon-cashchargesincludingcurrent
yearswapterminationsandfinancingfees,increasedlossesfromequitymethodinvestments,share-basedcompensationandtheaccretionofthe
contingentconsiderationliability;

anetincreaseintheamountofcashprovidedbyaccountsreceivable,includingestimatedsalesallowances,of$297.0millionreflectingthetiming
ofsales,cashcollectionsanddisbursementsrelatedtosalesallowances;

anetincreaseintheamountofcashprovidedbychangesintradeaccountspayableof$132.1millionasaresultofthetimingofcash
disbursements;and

adecreaseintheamountofcashusedinotheroperatingassetsandliabilities,netof$128.9million,principallyduetoproceedsfromforeign
exchangecontractsandthetimingofpaymentsforconsultingandtransactioncosts.

Theseitemswereoffsetbythefollowing:

anetdecreaseintheamountofcashprovidedbychangesinincometaxesof$242.7millionasaresultofthelevelandtimingofestimatedtax
paymentsmadeduringthecurrentyear;and

anetincreaseof$172.9millionintheamountofcashusedthroughchangesininventorybalances.Theincreaseincashutilizedforinventoryin
2015(ascomparedto2014)primarilyrelatestoanticipatedproductlaunchesandincreasedmarketdemand.

Netcashprovidedbyoperatingactivitiesdecreasedby$91.8millionto$1.01billionfortheyearendedDecember31,2014ascomparedto$1.11billion
fortheyearendedDecember31,2013.Thenetdecreaseincashprovidedbyoperatingactivitieswasprincipallyduetothefollowing:
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anincreaseintheamountofcashusedforotheroperatingassetsandliabilities,netof$259.1million,principallyduetoanincreaseincashpaid
foraccruedlitigationsettlementsof$66.6millionaswellasanincreaseincashpaidrelatedtothesettlementofderivativeandforeignexchange
contractsin2014;

anetdecreaseintheamountofcashprovidedbychangesintradeaccountspayableof$137.5millionasaresultofthetimingofcash
disbursementsin2014;

anetincreaseintheamountofcashusedforaccountsreceivable,includingestimatedsalesallowances,of$23.5millionreflectingthetimingof
sales,cashcollectionsanddisbursementsrelatedtosalesallowances;and

anetincreaseintheamountofcashusedthroughchangesindeferredincometaxesof$228.1million.

Theseitemswerepartiallyoffsetbythefollowing:

anincreaseinnetearningsof$306.6million,whichincludesanetincreaseof$160.4millionintheamountofnon-cashexpenses,principallythe
resultofincreaseddepreciationandamortizationasaresultof2013acquisitions,increasedlossesfromequitymethodinvestmentsandanumberof
othernon-cashchargesincludingstockcompensation,restructuringchargesandtheaccretionofcontingentconsiderationliabilities;and

anetincreaseintheamountofcashprovidedbychangesinincometaxesof$79.6millionasaresultofthelevelofestimatedtaxpaymentsmade
during2014.

Cashusedininvestingactivitieswas$1.57billionfortheyearendedDecember31,2015,ascomparedtocashusedininvestingactivitiesof$800.3
millionfortheyearendedDecember31,2014,anincreaseof$769.4million.Theincreaseincashusedininvestingactivitieswasprincipallytheresultofan
increaseincashpaidforacquisitions,netofapproximately$643.1millionduetotheacquisitionofJaiPharmaLimitedaswellasanincreaseincashusedfor
paymentsofproductrightsandotherinvestingactivities,netof$79.7million.Thecurrentandprioryearpaymentsweretheresultoftheacquisitionofcertain
commercializationrightsintheU.S.andothercountries.
Capitalexpenditures,primarilyforequipmentandfacilities,wereapproximately$362.9millioninthecurrentyear,ascomparedto$325.3millioninthe
comparableprioryear.Theincrease,ascomparedto2014,istheresultofthetimingofexpenditurestoexpandourglobaloperatingplatform,includingcapital
investmentsinourstrategicgrowthdrivers.Whiletherecanbenoassurancethatcurrentexpectationswillberealized,weexpecttocontinuetoinvestinourfuture
growthandexpectcapitalexpendituresfor2016tobebetween$400millionand$500million.Inaddition,theincreaseincashusedininvestingactivitieswasdue
toanincreaseinthepurchaseofmarketablesecurities,netofthesaleofmarketablesecurities,of$29.2million.Thischangewasprimarilyattributabletothe
CompanysinvestmentinTheravanceBiopharmascommonstockinthecurrentyear.
Cashprovidedbyfinancingactivitieswas$604.8millionfortheyearendedDecember31,2015,ascomparedtocashusedinfinancingactivitiesof
$267.4millionfortheyearendedDecember31,2014,anetchangeof$872.2million.DuringtheyearendedDecember31,2015,theCompanyreceived
proceedsfromtheissuanceoflong-termdebtof$3.54billion,comparedto$2.24billionintheprioryear,anincreaseofapproximately$1.31billion.Theincrease
in2015wasprimarilyduetotheCompanysissuanceoftheDecember2015SeniorNotesforatotalof$1.0billion,whichwereusedtorepayamounts
outstandingundertheRevolvingFacilityandtheReceivablesFacility,andtofinanceaportionoftherepurchaseoftheCompanysordinaryshares.Inaddition,the
Companysborrowingsunderthe2015TermLoantotaled$1.6billion,whichproceedswereusedtorepaythenotionalvalueoftheCashConvertibleNotesand
fundtheredemptionoftheJuly2020SeniorNotesofapproximately$1.08billion,includinga$39.4millionredemptionpremium.TheCompanyalsopaid$2.54
billioninconnectionwiththematurityoftheCashConvertibleNotesonSeptember15,2015andreceivedproceedsof$1.97billionfromtheconvertiblenote
hedge.During2015,borrowingsandrepaymentsundertheRevolvingFacilitytotaled$940millionandnetrepaymentsundertheReceivablesFacilitytotaled
$325.0million.Additionally,theCompanyrecognizedproceedsof$97.7millionduetotheexerciseofstockoptionsversus$53.8millionintheprioryearperiod
andpaidapproximately$130.4millioninfinancingfees,primarilyrelatedtotheBridgeFacilityandtheconsentsolicitationwhichwascompletedinthecurrent
year,ascomparedtopaymentsofapproximately$5.8millionin2014.
In2014,theCompanypaid$150.0millionofcontingentconsiderationtoStridesArcolabrelatedtotheAgilaacquisition.During2014,netrepayments
underourRevolvingFacilitytotaled$60million.TheCompanyrepaidapproximately$107.8millionofshort-termborrowingsunderourReceivablesFacilityand
theworkingcapitalfacilitiesinIndia.

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During2015,theCompanyrepurchasedapproximately1.3millionordinarysharesforaggregateconsiderationofapproximately$67.5million.During
2014,theCompanydidnotrepurchaseanysharesofcommonstock.
TheCompanysnextsignificantdebtmaturitiesareinthesecondandfourthquartersof2016,astheCompanys1.800%SeniorNotesdue2016and
1.350%SeniorNotesdue2016(2016SeniorNotes)mature.TheCompanyintendstoutilizeavailableliquidityorrefinanceusingproceedsfromnewbond
issuancestofundtherepaymentofthe2016SeniorNotes.
Inaddition,ourcashandcashequivalentsatournon-U.S.operationstotaledapproximately$362.4millionatDecember31,2015.Themajorityofthese
fundsrepresentedearningsconsideredtobepermanentlyreinvestedtosupportthegrowthstrategiesofournon-U.S.subsidiaries.TheCompanyanticipateshaving
sufficientU.S.liquidity,includingexistingborrowingcapacityandcashtobegeneratedfromoperations,tofundforeseeableU.S.cashneedswithoutrequiringthe
repatriationofnon-U.S.cash.IfthesefundsareultimatelyneededfortheCompanysoperationsintheU.S.,theCompanymayberequiredtoaccrueandpayU.S.
taxestorepatriatethesefunds.IffundsareneededfromtheCompanyssubsidiariesthatdonothaveanultimateU.S.parent,theCompanywillgenerallynotbe
requiredtoaccrueandpaytaxestorepatriatethesefundsbecauseitsforeignparentwouldnotbesubjecttotaxonreceiptofthesedistributions.
Senior Notes
InDecember2015,theCompanyissued$500millionaggregateprincipalamountof3.000%SeniorNotesdueDecember2018and$500million
aggregateprincipalamountof3.750%SeniorNotesdueDecember2020(collectively,theDecember2015SeniorNotes)inaprivateofferingexemptfromthe
registrationrequirementsoftheSecuritiesActof1933,asamended,toqualifiedinstitutionalbuyersinaccordancewithRule144Aandtopersonsoutsideofthe
U.S.pursuanttoRegulationSundertheSecuritiesAct.TheDecember2015SeniorNoteswereissuedpursuanttoanindenturedatedDecember9,2015,entered
intobyandbetweentheCompanyandTheBankofNewYorkMellonastrustee.InterestpaymentsontheDecember2015SeniorNotesareduesemi-annuallyin
arrearsonJune15thandDecember15thofeachyearcommencingonJune15,2016.TheDecember2015SeniorNoteswereguaranteedbyMylanInc.upon
issuance.InconnectionwiththeofferingoftheDecember2015SeniorNotes,theCompanyenteredintoaregistrationrightsagreementpursuanttowhichthe
CompanyandMylanInc.willusecommerciallyreasonableeffortstofilearegistrationstatementwithrespecttoanoffertoexchangeeachseriesoftheDecember
2015SeniorNotesfornewnoteswiththesameaggregateprincipalamountandtermssubstantiallyidenticalinallmaterialrespectsandtocausetheexchangeoffer
registrationstatementtobedeclaredeffectivebytheSECandtoconsummatetheexchangeoffernotlaterthan365daysfollowingthedateofissuanceofthe
December2015SeniorNotes.
TheCompanymayredeemthe3.000%SeniorNotesduein2018atanytimepriortothematuritydateandthe3.750%SeniorNotesduein2020atany
timethatisonemonthpriortothematuritydateataredemptionpriceequaltothegreaterof100%oftheaggregateprincipalamountofthenotesandthesumof
thepresentvaluesoftheremainingscheduledpaymentsofprincipalandinterestonthenotesbeingredeemed,discountedtotheredemptiondateonasemi-annual
basis(assuminga360-dayyearconsistingoftwelve30-daymonths)atatreasuryrateplus30basispointswithrespecttothe3.000%SeniorNotesdue2018and
35basispointswithrespecttothe3.750%SeniorNotesdue2020,plusaccruedandunpaidinterestupto,butexcludingtheredemptiondate.IftheCompany
experiencescertainchangeofcontroleventswithrespecttoaseriesofDecember2015SeniorNotes,itmustoffertopurchaseallnotesofsuchseriesatapurchase
priceequalto101%oftheprincipalamountofsuchnotes,plusaccruedbutunpaidinterest,ifany,to(butnotincluding)thedateofpurchase.
TheIndenturecontainscovenantsthat,amongotherthings,restricttheCompanysabilityandtheabilityofcertainofitssubsidiariestoenterintosaleand
leasebacktransactions;createliens;andconsolidate,mergeorsellallorsubstantiallyalloftheCompanysassets.TheIndenturealsoprovidesforcustomary
eventsofdefault(subjectincertaincasestocustomarygraceandcureperiods),whichincludenonpayment,breachofcovenants,paymentdefaultsoracceleration
ofotherindebtedness,failuretopaycertainjudgmentsandcertaineventsofbankruptcyandinsolvency.Thesecovenantsandeventsofdefaultaresubjecttoa
numberofimportantqualifications,limitationsandexceptionsthataredescribedintheIndenture.IfaneventofdefaultwithrespecttotheNotesofaseriesoccurs
undertheIndenture,theprincipalamountofalloftheNotesofsuchseriesthenoutstanding,plusaccruedbutunpaidinteresttothedateofacceleration,may
becomeimmediatelydueandpayable.
ThenetproceedsfromtheofferingwereprimarilyusedtorepayamountsoutstandingundertheRevolvingFacilityandtheReceivablesFacility.In
addition,theofferingwasusedtofinanceaportionoftherepurchaseofourordinarysharespursuanttotheShareRepurchaseProgram.AtDecember31,2015,the
outstandingbalanceunderthe3.000%SeniorNotesdue2018and3.750%Seniornotesdue2020was$499.4millionand$499.8million,respectively,which
includesdiscountsof$0.6millionand$0.2million,respectively.

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OnJune15,2015,theCompanyannounceditsintentiontoredeemallofitsoutstandingJuly2020SeniorNotesonJuly15,2015ataredemptionpriceof
103.938%oftheprincipalamount,togetherwithaccruedandunpaidinterestattheredemptiondate.OnJuly15,2015,theCompanyutilizedtheproceedsofthe
ClosingDateLoantocompleteitsredemptionoftheJuly2020SeniorNotesforatotalofapproximately$1.08billion,includinga$39.4millionredemption
premiumandapproximately$39.4millionofaccruedinterest.Inaddition,theCompanyexpensedapproximately$11.1millionofpreviouslyrecordeddeferred
financingfeesoffsetbythewrite-offoftheremainingunamortizedpremiumofapproximately$9.7millionrelatedtotheJuly2020SeniorNotes.
Duringthefirstquarterof2015,MylanInc.andMylanN.V.completedconsentsolicitationsrelatingtoMylanInc.'sCashConvertibleNotes,7.875%
SeniorNotesdue2020,3.125%SeniorNotesdue2023,1.800%SeniorNotesdue2016,2.600%SeniorNotesdue2018,1.350%SeniorNotesdue2016,2.550%
SeniorNotesdue2019,4.200%SeniorNotesdue2023and5.400%SeniorNotesdue2043(collectively,the"SeniorNotes").Theconsentsolicitationsmodified
thereportingcovenantssetforthintheindenturesgoverningtheSeniorNotessothat,subjecttocertainconditions,thereports,informationandotherdocuments
requiredtobefiledwiththeSECandfurnishedtoholdersoftheSeniorNotesmay,attheoptionofMylanInc.,befiledbyandbethoseofanydirectorindirect
parententity,ratherthanMylanInc.
OnNovember15,2014,theCompanyredeemedallofitsoutstanding6.000%SeniorNotesdue2018pursuanttotheirtermsforatotalof$824.0million
,includinga$24.0millionredemptionpremium.TheCompanyrecordedapre-taxchargeofapproximately$33.3millionduringthefourthquarterof2014related
totheredemptionofthe6.000%SeniorNotesdue2018,comprisedoftheredemptionpremiumandthewrite-offofdeferredfinancingfees,whichisincludedin
otherexpense(income),net,intheConsolidatedStatementsofOperations.Theredemptionofthe6.000%SeniorNotesdue2018wasfundedthroughborrowings
undertherevolvingfacilityoftheJune2013CreditAgreement.
Term Credit Agreements
OnJuly15,2015,theCompanyenteredintothe2015TermCreditAgreement,whichwasamendedonOctober28,2015,amongtheCompany,as
guarantor,MylanInc.,astheBorrower,certainlendersandtheCreditAgreementAdministrativeAgent.The2015TermCreditAgreementprovidedfortheCredit
FacilityunderwhichtheBorrowerobtainedloansinanaggregateamountof$1.6billion,consistingof(i)theClosingDateLoanintheamountof$1.0billion,
borrowedonJuly15,2015,whichwasusedtoredeemtheJuly2020SeniorNotesand(ii)the2015TermLoansinanamountof$600.0million,borrowedon
September15,2015,whichwasprimarilyusedtorepaythenotionalamountoftheCompanysCashConvertibleNotesthatmaturedonSeptember15,2015.
Theloansunderthe2015TermCreditAgreementbearinterestatLIBOR(determinedinaccordancewiththe2015TermCreditAgreement)plus1.375%
perannum,iftheBorrowerchoosestomakeLIBORborrowings,oratabaserate(determinedinaccordancewiththe2015TermCreditAgreement)plus0.375%
perannum.TheapplicablemarginsoverLIBORandthebaseratefortheloanscanfluctuatebasedonthelongtermunsecuredsenior,non-creditenhanceddebt
ratingoftheCompanybyStandard&PoorsRatingsGroupandMoodysInvestorsServiceInc.
MylanInc.hastheoptiontodesignatetheCompanyasaco-borrowerorasuccessorborrowerunderthe2015TermCreditAgreement,uponsatisfaction
ofcertainconditionssetforththerein.The2015TermLoansareunsecuredandareguaranteedbytheCompanyandeachsubsidiaryoftheCompanythat
guarantees(orisotherwiseaco-obligorof)third-partyindebtednessoftheCompanyinexcessof$350million.AsofDecember31,2015,nosubsidiaryofthe
CompanyisrequiredtoprovideaguaranteeoftheCreditFacility.
The2015TermCreditAgreementcontainscustomaryaffirmativecovenantsforfacilitiesofthistype,including,amongothers,covenantspertainingto
thedeliveryoffinancialstatements,noticesofdefaultandcertainothermaterialevents,maintenanceofcorporateexistenceandrights,business,property,and
insuranceandcompliancewithlaws,aswellascustomarynegativecovenantsforfacilitiesofthistype,including,amongothers,limitationsontheincurrenceof
subsidiaryindebtedness,liens,mergersandcertainotherfundamentalchanges,investmentsandloans,acquisitions,transactionswithaffiliates,paymentsof
dividendsandotherrestrictedpaymentsandchangesintheCompanyslineofbusiness.The2015TermCreditAgreementcontainsafinancialcovenantrequiring
maintenanceofamaximumratioof3.75to1.00forconsolidatedtotalindebtednessasoftheendofanyquartertoconsolidatedEBITDA,asdefinedinthe
agreement,forthetrailingfourquarters.ThisfinancialcovenantwastestedatthequarterendingDecember31,2015andtheCompanyhasbeenincompliance.
Followingcertainqualifyingacquisitions,attheCompanyselection,themaximumratioofthefinancialcovenantwillbeincreasedto4.25to1.00forthethreefull
quartersfollowingsuchqualifyingacquisition.
The2015TermCreditAgreementcontainsdefaultprovisionscustomaryforfacilitiesofthistype,whicharesubjecttocustomarygraceperiodsand
materialitythresholds,including,amongothers,defaultsrelatedtopaymentfailures,failureto

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complywithcovenants,materialmisrepresentations,defaultsunderothermaterialindebtedness,theoccurrenceofachangeincontrol,bankruptcyandrelated
events,materialjudgments,certaineventsrelatedtopensionplansandtheinvalidityorrevocationofanyloandocumentoranyguaranteeagreementofMylanInc.,
theCompanyoranysubsidiarythatbecomesaguarantorasdescribedabove.Ifaneventofdefaultoccursunderthe2015TermCreditAgreement,thelendersmay,
amongotherthings,terminatetheircommitmentsanddeclareimmediatelypayableallborrowings.
The2015TermLoansmatureonJuly15,2017,subjecttoextensiontotheearlierof(a)December19,2017and(b)ifdifferent,thematuritydateofthe
2014TermCreditAgreementdatedDecember19,2014,asamendedbyAmendmentNo.1theretodatedMay1,2015andbyAmendmentNo.2theretodated
October28,2015amongMylanInc.,theCompany,certainlendersandBankofAmerica,N.A.,asadministrativeagent.
InDecember2014,theCompanyenteredintoatermcreditagreement,whichwasamendedonMay1,2015andfurtheramendedonOctober28,2015,
withasyndicateofbankswhichprovidedthe2014TermLoan.The2014TermLoanmaturesonDecember19,2017andhasnorequiredamortizationpayments.
The2014TermLoanmaybevoluntarilyprepaidwithoutpenaltyorpremiums.Theproceedsofthe2014TermLoanwereusedforworkingcapitalexpenditures
andtorepaytheoutstandingborrowingsundertheJune2013CreditAgreement.BorrowingsundertheJune2013CreditAgreementwereusedtofundthe
redemptionoftheNovember2018SeniorNotes.AsofDecember31,2015,the2014TermLoancurrentlybearsinterestatLIBORplus1.375%perannum.The
2014TermLoancontainssimilarcovenantstotheRevolvingFacility.TheCompanywasincompliancewithallcovenantsunderitsvariousdebtagreementsasof
December31,2015.
Revolving Credit Agreement
InDecember2014,theCompanyenteredintoarevolvingcreditagreement,whichwasamendedonMay1,2015,subsequentlyamendedonJune19,2015
andfurtheramendedonOctober28,2015(theRevolvingCreditAgreement)withasyndicateoflenders,whichcontainsa$1.5billionrevolvingfacility(the
RevolvingFacility),whichexpiresonDecember19,2019.TheRevolvingFacilityincludesa$150millionsubfacilityfortheissuanceoflettersofcreditanda
$125millionsubfacilityforswinglineborrowings.
OnJune19,2015,theCompanyenteredintoanadditionalamendmenttotheRevolvingCreditAgreement(theIncrementalAmendment).The
IncrementalAmendmentprovidesthatINGBankN.V.willmaketheIncreasedCommitments,increasingtheaggregateprincipalamountoftherevolving
commitmentsavailableundertheRevolvingFacilityfrom$1.5billionto$1.65billion.AtDecember31,2015and2014,wehadnoamountsoutstandingunder
theRevolvingFacility.TheinterestrateundertheRevolvingFacilityatDecember31,2015wasLIBORplus1.325%perannum.AtDecember31,2015and2014,
wehad$11.1millionand$43.7millionoutstandingunderexistinglettersofcredit,respectively.Additionally,asofDecember31,2015,wehad$143.9million
availableunderthe$150.0millionsubfacilityonourRevolvingFacilityfortheissuanceoflettersofcredit.
Bridge Credit Agreement
OnApril24,2015,theCompanyenteredintotheBridgeCreditAgreement(theBridgeFacility),whichwasamendedonApril29,2015andonAugust
6,2015,amongMylan,thelenderspartytheretofromtimetotimeandGoldmanSachsBankUSA,astheadministrativeagent,inconnectionwiththePerrigoOffer
.TheCompanyannouncedonNovember13,2015thatthePerrigoOffertoacquirealloftheissuedandoutstandingordinarysharesofPerrigohadnotbeen
satisfiedandhadlapsedinaccordancewithitsterms.Assuch,thecommitmentsundertheBridgeFacilityterminated.DuringtheyearendedDecember31,2015,
theCompanypaidapproximately$99.6millionincommitmentandotherfeesundertheBridgeFacility,whichwereexpensedintheConsolidatedStatementof
Operations.
MandatoryminimumrepaymentsremainingontheoutstandinglongtermdebtatDecember31,2015,excludingthediscounts,premiumandconversion
features,areasfollowsforeachoftheperiodsendingDecember31:
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(In millions)

Total

2016

1,000

2017

2,400

2018

1,150

2019

500

2020

500

Thereafter

1,750

Total

7,300

TheCompanys2015TermLoans,2014TermLoanandRevolvingFacilitycontaincustomaryaffirmativecovenantsforfacilitiesofthistype,including
amongothers,covenantspertainingtothedeliveryoffinancialstatements,noticesofdefaultandcertainmaterialevents,maintenanceofcorporateexistenceand
rights,property,andinsuranceandcompliancewithlaws,aswellascustomarynegativecovenantsforfacilitiesofthistype,includinglimitationsontheincurrence
ofsubsidiaryindebtedness,liens,mergersandcertainotherfundamentalchanges,investmentsandloans,acquisitions,transactionswithaffiliates,paymentsof
dividendsandotherrestrictedpaymentsandchangesinourlinesofbusiness.The2015TermLoans,2014TermLoanandRevolvingFacilitycontainmaximum
consolidatedleverageratiofinancialcovenants.WehavebeencompliantwiththesefinancialcovenantsduringtheyearendedDecember31,2015,andweexpect
toremainincomplianceforthenexttwelvemonths.
Short-term Borrowings
UnderthetermsoftheReceivablesFacility,oursubsidiary,MylanPharmaceuticalsInc.(MPI),sellscertainaccountsreceivabletoMylanSecuritization
awhollyownedspecialpurposeentitywhichinturnsellsapercentageownershipinterestinthereceivablestofinancialinstitutionsandcommercialpaperconduits
sponsoredbyfinancialinstitutions.MPIistheservicerofthereceivablesundertheReceivablesFacility.PurchasesundertheReceivablesFacilitywillberepaidas
accountsreceivablearecollected,withnewpurchasesbeingadvancedasnewaccountsreceivableareoriginatedbyMPI.
UndertheCompanysReceivablesFacility,anyamountsoutstandingunderthefacilityarerecordedasasecuredloanandincludedinshort-term
borrowings,andthereceivablesunderlyinganyborrowingsareincludedinaccountsreceivable,net,intheConsolidatedBalanceSheets.InJanuary2015,the
ReceivablesFacilitywasamendedandrestated,anditsmaturitywasextendedthroughJanuary2018.ThesizeoftheReceivablesFacilitymaybeincreasedfrom
timetotime,uponrequestbyMylanSecuritizationandwiththeconsentofthepurchaseragentsandtheAgent,upto$500million.TheCompanyhadnoamounts
outstandingundertheReceivablesFacilityintheConsolidatedBalanceSheetsatDecember31,2015.IncludedintheConsolidatedBalanceSheetsat
December31,2014was$325millionofshort-termborrowings,whichwasrecordedasasecuredloan.
Other Commitments
Weareinvolvedinvariouslegalproceedingsthatareconsiderednormaltoourbusiness.Whileitisnotpossibletopredicttheoutcomeofsuch
proceedings,anadverseoutcomeinanyoftheseproceedingscouldmateriallyaffectourfinancialcondition,resultsofoperationsandoperatingcashflowand
couldcausethemarketvalueofourordinarysharestodecline.Wehaveapproximately$60millionaccruedforsuchlegalcontingencies.Forcertaincontingencies
assumedinconjunctionwiththeacquisitionoftheformerMerckGenericsbusiness,MerckKGaA,theseller,hasindemnifiedMylan.StridesArcolabhasalso
agreedtoindemnifyMylanforcertaincontingenciesrelatedtoouracquisitionofAgila.TheinabilityordenialofMerckKGaA,StridesArcolab,oranother
indemnitororinsurertopayonanindemnifiedclaimcouldhaveamaterialadverseeffectonourbusiness,financialcondition,resultsofoperations,cashflows
and/or,ourordinaryshareprice.
Wearecontinuouslyevaluatingthepotentialacquisitionofproducts,aswellascompanies,asastrategicpartofourfuturegrowth.Consequently,wemay
utilizecurrentcashreservesorincuradditionalindebtednesstofinanceanysuchacquisitions,whichcouldimpactfutureliquidity.Inaddition,onanongoingbasis,
wereviewouroperationsincludingtheevaluationofpotentialdivestituresofproductsandbusinessesaspartofourfuturestrategy.Anydivestiturescouldimpact
futureliquidity.

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Contractual Obligations
ThefollowingtablesummarizesourcontractualobligationsatDecember31,2015andtheeffectthatsuchobligationsareexpectedtohaveonour
liquidityandcashflowsinfutureperiods:

(In millions)

Operatingleases

Total

243.0 $

Less than
One Year

56.9 $

One- Three
Years

77.2 $

Three- Five
Years

Thereafter

39.8 $

69.1

Long-termdebt

7,300.0

1,000.0

3,550.0

1,000.0

1,750.0

Scheduledinterestpayments

1,418.4

191.2

295.0

189.6

742.6

OtherCommitments(1)

2,132.9

901.6

608.6

554.5

68.2

11,094.3 $

2,149.7 $

4,530.8 $

1,783.9 $

2,629.9

____________
(1)

Othercommitmentsincludetheestimatedliabilitypaymentrelatedtothewithdrawalfromamulti-employerpensionplan,fundingcommitmentsrelated
totheCompanyscleanenergyinvestments,agreementstopurchasethird-partymanufacturedproducts,openpurchaseordersandcapitalleasesat
December31,2015.

Weleasecertainpropertyundervariousoperatingleasearrangementsthatexpiregenerallyoverthenextsevenyears.Theseleasesgenerallyprovideus
withtheoptiontorenewtheleaseattheendoftheleaseterm.
Scheduledinterestpaymentsrepresenttheestimatedinterestpaymentsrelatedtoouroutstandingborrowingsundertermloans,notesandotherdebt.
Variabledebtinterestpaymentsareestimatedusingcurrentinterestrates.
Duetotheuncertaintywithrespecttothetimingoffuturepayments,ifany,thefollowingcontingentpaymentshavenotbeenincludedinthetableabove.
InconjunctionwiththeacquisitionofAgilaonDecember4,2013,theCompanyrecordedestimatedcontingentconsiderationtotaling$250millionas
partofthepurchaseprice.Duringthethirdquarterof2014,theCompanyenteredintoanagreementwithStridesArcolabtosettleaportionofthecontingent
considerationfor$150million,forwhichtheCompanyaccrued$230millionattheacquisitiondate.Asaresultofthisagreement,theCompanyrecognizedagain
of$80millionduringtheyearendedDecember31,2014,whichisincludedinotheroperating(income)expense,netintheConsolidatedStatementsofOperations.
Theremainingcontingentconsideration,whichcouldtotalamaximumof$173million,forwhichwehaveaccrued$20million,isprimarilyrelatedtothe
satisfactionofcertainregulatoryconditions,includingpotentialregulatoryremediationcostsandtheresolutionofcertainpre-acquisitioncontingencies.
Wearecontractuallyobligatedtomakepotentialfuturedevelopment,regulatoryandcommercialmilestone,royaltyand/orprofitsharingpaymentsin
conjunctionwithacquisitionswehaveenteredintowiththirdparties.Themostsignificantoftheserelatestothepotentialfutureconsiderationrelatedtothe
respiratorydeliveryplatform.Thesepaymentsarecontingentupontheoccurrenceofcertainfutureeventsand,giventhenatureoftheseevents,itisunclearwhen,
ifever,wemayberequiredtopaysuchamounts.Theamountofthecontingentconsiderationliabilitywas$526.4millionatDecember31,2015.Inaddition,the
Companyexpectstoincurapproximately$35millionto$40millionofannualnon-cashaccretionexpenserelatedtotheincreaseinthenetpresentvalueofthe
contingentconsiderationliability.
ThefairvaluemeasurementofcontingentconsiderationisdeterminedusingunobservableinputsbasedontheCompanysownassumptions.Significant
unobservableinputsinthevaluationincludetheprobabilityandtimingoffuturedevelopmentandcommercialmilestonesandfutureprofitsharingpayments.A
discountedcashflowmethodwasusedtovaluecontingentconsiderationatDecember31,2015and2014,whichwascalculatedasthepresentvalueofthe
estimatedfuturenetcashflowsusingamarketrateofreturnatDecember31,2015and2014.Discountratesrangingfrom0.9%to9.8%wereutilizedinthe
valuation.Significantchangesinunobservableinputscouldresultinmaterialchangestothecontingentconsiderationliability.
WithrespecttothetimingoffuturecashflowsassociatedwithourunrecognizedtaxbenefitsatDecember31,2015,weareunabletomakereasonably
reliableestimatesoftheperiodofcashsettlementwiththerespectivetaxingauthority.Assuch,$174.1millionofunrecognizedtaxbenefitshavebeenexcluded
fromthecontractualobligationstableabove.

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Wehaveenteredintoemploymentandotheragreementswithcertainexecutivesandotheremployeesthatprovideforcompensationandcertainother
benefits.Theseagreementsprovideforseverancepaymentsundercertaincircumstances.Certaincommercialagreementsrequireustoprovideperformancebonds
and/orindemnification;whileitisdifficulttoforecasttheamountofpayments,ifany,tobemadeoverthenextfewyears,wedonotbelievetheamountwouldbe
materialtoourresultsofoperations,cashflowsorfinancialcondition.
Collaboration and Licensing Agreements
Weperiodicallyenterintocollaborationandlicensingagreementswithotherpharmaceuticalcompaniesforthedevelopment,manufacture,marketing
and/orsaleofpharmaceuticalproducts.Oursignificantcollaborationagreementsarefocusedonthedevelopment,manufacturing,supplyandcommercializationof
multiple,highvaluegenericbiologiccompounds,insulinanalogproductsandrespiratoryproducts.Undertheseagreements,wehavefuturepotentialmilestone
paymentsandco-developmentexpensespayabletothirdpartiesaspartofourlicensing,developmentandco-developmentprograms.Paymentsunderthese
agreementsgenerallybecomedueandarepayableuponthesatisfactionorachievementofcertaindevelopmental,regulatoryorcommercialmilestonesoras
developmentexpensesareincurredondefinedprojects.Milestonepaymentobligationsareuncertain,includingthepredictionoftimingandtheoccurrenceof
eventstriggeringafutureobligationandarenotreflectedasliabilitiesintheConsolidatedBalanceSheets,exceptformilestoneandroyaltyobligationsreflectedas
acquisitionrelatedcontingentconsideration.Ourmaximumdevelopmentmilestonesnotaccruedfortotaledapproximately$525million.Weestimatethatthe
amountsthatmaybepaidinthenexttwelvemonthstobeapproximately$117million.Theseagreementsmayalsoincludepotentialsalesbasedmilestonesand
callforustopayapercentageofamountsearnedfromthesaleoftheproductasaroyaltyoraprofitshare.Theamountsdiscloseddonotincludesalesbased
milestonesorroyaltyobligationsonfuturesalesofproductasthetimingandamountoffuturesaleslevelsandcoststoproduceproductssubjecttothese
obligationsisnotreasonablyestimable.Thesesalesbasedmilestonesorroyaltyobligationsmaybesignificantdependinguponthelevelofcommercialsalesfor
eachproduct.Asummaryofourmostsignificantcollaborationandlicensingagreementsincludethefollowing:
OnJanuary8,2016,theCompanyenteredintoanagreementwithMomentatodevelop,manufactureandcommercializeuptosixofMomentascurrent
biosimilarcandidates,includingMomentasbiosimilarcandidate,ORENCIA(abatacept).Mylanpaidanup-frontcashpaymentof$45milliontoMomenta.
Underthetermsoftheagreement,theCompanyandMomentawilljointlyberesponsibleforproductdevelopmentandwillequallyshareinthecostsandprofitsof
theproductswithMylanleadingtheworldwidecommercializationefforts.Underthetermsoftheagreement,Momentaiseligibletoreceiveuptosixpotential
developmentmilestonepayments.
OnJanuary30,2015,theCompanyenteredintoadevelopmentandcommercializationcollaborationwithTheravanceBiopharmaforthedevelopment
and,subjecttoFDAapproval,commercializationofRevefenacin(TD-4208),anovelonce-dailynebulizedLAMAforCOPDandotherrespiratorydiseases.
Underthetermsoftheagreement,MylanandTheravanceBiopharmawillco-developtheproduct.TheravanceBiopharmawillleadtheU.S.registrational
developmentprogramandMylanwillberesponsibleforthereimbursementofTheravanceBiopharmasdevelopmentcostsforthatprogramupuntiltheapproval
ofthefirstnewdrugapplication,afterwhichcostswillbeshared.Inaddition,Mylanwillberesponsibleforcommercialmanufacturing.IntheU.S.,Mylanwill
leadcommercializationandTheravanceBiopharmawillretaintherighttoco-promotetheproductunderaprofit-sharingarrangement.OnSeptember14,2015,
MylanannouncedtheinitiationofthePhase3programthatwillsupporttheregistrationaldevelopmentprogramofTD-4028intheU.S.Underthetermsofthe
agreement,TheravanceBiopharmaiseligibletoreceivepotentialdevelopmentandsalesmilestonepayments.
Inthefourthquarterof2013,theCompanyenteredintoalicensingagreementwithPfizerInc.fortheexclusiveworldwiderightstodevelop,manufacture
andcommercializeanovellong-actingmuscarinicantagonistcompound.Aspartoftheagreement,theCompanymadeanupfrontdevelopmentpayment,whichis
includedasacomponentofR&Dexpensein2013,andcouldmakeadditionalpaymentsupontheachievementofcertainmilestonesastheCompanys
developmentcontinuesoverthenextseveralyears.Dependingonthecommercializationofthisnovelcompoundandtheleveloffuturesalesandprofits,the
Companycouldalsobeobligatedtomakepaymentsupontheoccurrenceofcertainsalesmilestones,alongwithsalesroyaltiesandprofitsharingpayments.
WehaveenteredintoanexclusivecollaborationwithBioconLimitedonthedevelopment,manufacturing,supplyandcommercializationofmultiple,high
valuegenericbiologiccompoundsandthreeinsulinanalogproductsfortheglobalmarketplace.Weplantoprovidefundingrelatedtothecollaborationoverthe
nextseveralyears.Asthetimingofcashexpendituresisdependentuponanumberoffactors,manyofwhichareoutsideofourcontrol,itisdifficulttoforecastthe
amountofpaymentstobemadeoverthenextfewyears,whichcouldbesignificant.

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Impact of Currency Fluctuations and Inflation

BecauseourresultsarereportedinU.S.Dollars,changesintherateofexchangebetweentheU.S.Dollarandthelocalcurrenciesinthemarketsinwhich
weoperate,mainlytheEuro,IndianRupee,JapaneseYen,AustralianDollar,CanadianDollar,PoundSterlingandBrazilianRealaffectourresultsaspreviously
noted.Wedonotbelievethatinflationhashadamaterialimpactonourrevenuesoroperations.
Application of Critical Accounting Policies
OursignificantaccountingpoliciesaredescribedinNote2Summary of Significant Accounting Policies toConsolidatedFinancialStatementsandarein
accordancewithU.S.GAAP.
Includedwithinthesepoliciesarecertainpolicieswhichcontaincriticalaccountingestimatesand,therefore,havebeendeemedtobecriticalaccounting
policies.Criticalaccountingestimatesarethosewhichrequiremanagementtomakeassumptionsaboutmattersthatwereuncertainatthetimetheestimatewas
madeandforwhichtheuseofdifferentestimates,whichreasonablycouldhavebeenused,orchangesintheaccountingestimatesthatarereasonablylikelyto
occurfromperiodtoperiodcouldhaveamaterialimpactonourfinancialconditionorresultsofoperations.Wehaveidentifiedthefollowingtobeourcritical
accountingpolicies:thedeterminationofnetrevenueprovisions,businessacquisitions,intangibleassets,goodwillandcontingentconsideration,incometaxesand
theimpactofexistinglegalmatters.
Net Revenue Provisions
Netrevenuesarerecognizedforproductsaleswhentitleandriskoflosshavetransferredtothecustomerandwhenprovisionsforestimates,including
discounts,salesallowances,priceadjustments,returns,chargebacksandotherpromotionalprogramsarereasonablydeterminable.Accrualsfortheseprovisionsare
presentedintheConsolidatedFinancialStatementsasreductionsindeterminingnetrevenuesandinaccountsreceivableandothercurrentliabilities.Accounts
receivablearepresentednetofallowancesrelatingtotheseprovisions,whichwere$1.84billionand$1.63billionatDecember31,2015and2014,respectively.
Othercurrentliabilitiesinclude$681.8millionand$581.3millionatDecember31,2015and2014,respectively,forcertainsalesallowancesandother
adjustmentsthatarepaidtoindirectcustomers.Thefollowingisarollforwardofthemostsignificantprovisionsforestimatedsalesallowancesduring2015:

(In millions)

Balance at

December 31, 2014

Checks/ Credits
Issued to Third
Parties

Current Provision
Related to
Sales Made in the
Current Period

Effects of Foreign
Exchange

Balance at

December 31, 2015

Chargebacks

591.5

(4,153.8)

4,147.0

(0.5) $

584.2

Incentivesofferedtodirectcustomers

706.4

(2,079.5)

2,242.1

(6.2) $

862.8

Returns

248.2

(206.3)

277.8

(2.4) $

317.3

Wehavenotmadeanddonotanticipatemakinganysignificantchangestothemethodologiesthatweusetomeasurechargebacks,incentivesofferedto
directcustomersorreturns;however,thebalanceswithinthesereservescanfluctuatesignificantlythroughtheconsistentapplicationofourmethodologies.Inthe
currentyear,accrualsforincentivesofferedtodirectcustomersincreasedasaresultofanincreaseinrelatedsalesandoverallhigherrebaterates,mainlyin
responsetothecompetitiveenvironmentinvariousmarkets.Historically,wehavenotrecordedinanycurrentperiodanymaterialamountsrelatedtoadjustments
madetopriorperiodreserves.
Provisionsforestimateddiscounts,salesallowances,promotionalandothercreditsrequirealowerdegreeofsubjectivityandarelesscomplexinnature,
yet,whencombined,representasignificantportionoftheoverallprovisions.Theseprovisionsareestimatedbasedonhistoricalpaymentexperience,historical
relationshipstorevenues,estimatedcustomerinventorylevelsandcontractterms.Suchprovisionsaredeterminableduetothelimitednumberofassumptionsand
consistencyofhistoricalexperience.Others,suchaschargebacksandreturns,requiremanagementtomakemoresubjectivejudgmentsandevaluatecurrentmarket
conditions.Theseprovisionsarediscussedinfurtherdetailbelow.
Chargebacks Theprovisionforchargebacksisthemostsignificantandcomplexestimateusedintherecognitionofrevenue.Mylanmarketsproducts
directlytowholesalers,distributors,retailpharmacychains,mailorderpharmaciesandgrouppurchasingorganizations.Wealsomarketproductsindirectlyto
independentpharmacies,managedcareorganizations,hospitals,nursinghomesandpharmacybenefitmanagementcompanies,collectivelyreferredtoasindirect
customers.Mylan

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entersintoagreementswithitsindirectcustomerstoestablishcontractpricingforcertainproducts.Theindirectcustomersthenindependentlyselectawholesaler
fromwhichtoactuallypurchasetheproductsatthesecontractedprices.Alternatively,certainwholesalersmayenterintoagreementswithindirectcustomersthat
establishcontractpricingforcertainproducts,whichthewholesalersprovide.Undereitherarrangement,Mylanwillprovidecredittothewholesalerforany
differencebetweenthecontractedpricewiththeindirectpartyandthewholesalersinvoiceprice.Suchcreditiscalledachargeback,whilethedifferencebetween
thecontractedpriceandthewholesalersinvoicepriceisreferredtoasthechargebackrate.Theprovisionforchargebacksisbasedonexpectedsell-throughlevels
byourwholesalercustomerstoindirectcustomers,aswellasestimatedwholesalerinventorylevels.Forthelatter,inmostcases,inventorylevelsareobtained
directlyfromcertainofourlargestwholesalers.Additionally,internalestimatesarepreparedbaseduponhistoricalbuyingpatternsandestimatedend-userdemand.
Suchinformationallowsustoestimatethepotentialchargebackthatwemayultimatelyowetoourcustomersgiventhequantityofinventoryonhand.We
continuallymonitorourprovisionforchargebacksandevaluateourreserveandestimatesasadditionalinformationbecomesavailable.Achangeof5%inthe
estimatedsell-throughlevelsbyourwholesalercustomersandintheestimatedwholesalerinventorylevelswouldhaveaneffectonourreservebalanceof
approximately$32million.
Returns Consistentwithindustrypractice,wemaintainareturnpolicythatallowsourcustomerstoreturnproductwithinaspecifiedperiodpriorto
andsubsequenttotheexpirationdate.Althoughapplicationofthepolicyvariesfromcountrytocountryinaccordancewithlocalpractices,generally,productmay
bereturnedforaperiodbeginningsixmonthspriortoitsexpirationdatetouptooneyearafteritsexpirationdate.Themajorityofourproductreturnsoccurasa
resultofproductdating,whichfallswithintherangesetbyourpolicy,andaresettledthroughtheissuanceofacredittoourcustomer.Althoughtheintroductionof
additionalgenericcompetitiondoesnotgiveourcustomerstherighttoreturnproductoutsideofourestablishedpolicy,wedorecognizethatsuchcompetition
couldultimatelyleadtoincreasedreturns.Weanalyzethisonacase-by-casebasis,whensignificant,andmakeadjustmentstoincreaseourreserveforproduct
returnsasnecessary.Ourestimateoftheprovisionforreturnsisbaseduponourhistoricalexperiencewithactualreturns,whichisappliedtothelevelofsalesfor
theperiodthatcorrespondstotheperiodduringwhichourcustomersmayreturnproduct.Thisperiodisknownbyusbasedontheshelflivesofourproductsatthe
timeofshipment.Additionally,weconsiderfactorssuchaslevelsofinventoryinthedistributionchannel,productdatingandexpirationperiod,sizeandmaturity
ofthemarketpriortoaproductlaunch,entranceintothemarketofadditionalgenericcompetition,changesinformulariesorlaunchofover-the-counterproducts,
andmakeadjustmentstotheprovisionforreturnsintheeventthatitappearsthatactualproductreturnsmaydifferfromourestablishedreserves.Weobtaindata
withrespecttothelevelofinventoryinthechanneldirectlyfromcertainofourlargestcustomers.Achangeof5%intheestimatedproductreturnrateusedinour
calculationofourreturnreservewouldhaveaneffectonourreservebalanceofapproximately$16million.
Business Acquisitions, Intangible Assets, Goodwill and Contingent Consideration
Weaccountforacquiredbusinessesusingthepurchasemethodofaccounting,whichrequiresthattheassetsacquiredandliabilitiesassumedberecorded
atthedateofacquisitionattheirrespectiveestimatedfairvalues.Thecosttoacquirebusinesseshasbeenallocatedtotheunderlyingnetassetsoftheacquired
businessesbasedonestimatesoftheirrespectivefairvalues.AmountsallocatedtoacquiredIPR&Darecapitalizedatthedateofanacquisitionand,atthattime,
suchIPR&Dassetshaveindefinitelives.Asproductsindevelopmentareapprovedforsale,amountswillbeallocatedtoproductrightsandlicensesandwillbe
amortizedovertheirestimatedusefullives.Definite-livedintangibleassetsareamortizedovertheexpectedlifeoftheasset.Anyexcessofthepurchasepriceover
theestimatedfairvaluesofthenetassetsacquiredisrecordedasgoodwill.
Thejudgmentsmadeindeterminingtheestimatedfairvalueassignedtoeachclassofassetsacquiredandliabilitiesassumed,aswellasassetlives,can
materiallyimpactourresultsofoperations.Fairvaluesandusefullivesaredeterminedbasedon,amongotherfactors,theexpectedfutureperiodofbenefitofthe
asset,thevariouscharacteristicsoftheassetandprojectedcashflows.Becausethisprocessinvolvesmanagementmakingestimateswithrespecttofuturesales
volumes,pricing,newproductlaunches,governmentreformactions,anticipatedcostenvironmentandoverallmarketconditions,andbecausetheseestimatesform
thebasisforthedeterminationofwhetherornotanimpairmentchargeshouldberecorded,theseestimatesareconsideredtobecriticalaccountingestimates.
Werecordcontingentconsiderationresultingfromabusinessacquisitionatitsestimatedfairvalueontheacquisitiondate.Eachreportingperiod
thereafter,werevaluetheseobligationsandrecordincreasesordecreasesintheirfairvalueasanadjustmenttocontingentconsiderationexpensewithinthe
ConsolidatedStatementsofOperations.Changesinthefairvalueofthecontingentconsiderationobligationscanresultfromadjustmentstothediscountrates,
paymentperiodsandadjustmentsintheprobabilityofachievingfuturedevelopmentsteps,regulatoryapprovals,marketlaunches,salestargetsandprofitability.
ThesefairvaluemeasurementsrepresentLevel3measurementsastheyarebasedonsignificantinputsnotobservableinthemarket.

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Significantjudgmentisemployedindeterminingtheassumptionsutilizedasoftheacquisitiondateandforeachsubsequentmeasurementperiod.
Accordingly,changesinassumptionsdescribedabove,couldhaveamaterialimpactonourconsolidatedresultsofoperations.
Goodwillandintangibleassets,includingIPR&D,arereviewedforimpairmentannuallyand/orwheneventsorotherchangesincircumstancesindicate
thatthecarryingamountoftheassetsmaynotberecoverable.Impairmentofgoodwillandindefinite-livedintangiblesisdeterminedtoexistwhenthefairvalueis
lessthanthecarryingvalueofthenetassetsbeingtested.Impairmentofdefinite-livedintangiblesisdeterminedtoexistwhenundiscountedcashflowsrelatedto
theassetsarelessthanthecarryingvalueoftheassetsbeingtested.Futureeventsanddecisionsmayleadtoassetimpairmentand/orrelatedcosts.
Goodwillisallocatedandevaluatedforimpairmentatthereportingunitlevel,whichisdefinedasanoperatingsegmentoronelevelbelowanoperating
segment.Mylanhasfourreportingunits,ofwhichthreeareincludedintheGenericssegmentwiththeremainingreportingunitconsistingofourSpecialty
segment.Asofthedateofourmostrecentannualimpairmenttest,April1,2015,approximately92%ofMylanstotalgoodwillisallocatedtothethreereporting
unitswithintheGenericssegmentasfollows:NorthAmerica$727.0million,Europe$2.07billionandRestofWorld$1.92billion,with$349.1millionallocated
toourSpecialtysegmentandreportingunit.
ForourNorthAmericanandSpecialtyreportingunits,wehaveutilizedtheFinancialAccountingStandardsBoard(FASB)amendedguidanceon
goodwillimpairmenttestingaspartofourannualimpairmenttestatApril1,2015.Underthisguidance,entitiestestinggoodwillforimpairmenthavetheoptionof
performingaqualitativeassessmentbeforecalculatingthefairvalueofthereportingunit(step1).Weconcludedthatitwasmorelikelythannotthatthefair
valueofNorthAmericaandSpecialtyreportingunitsisgreaterthanthecarryingamount,thereforenostep1quantitativeanalysiswasperformed.During2015,the
Companyperformedastep1quantitativeanalysisfortheEuropeandRestofWorldreportingunits.Step1oftheimpairmentanalysisconsistsofacomparisonof
theestimatedfairvalueoftheindividualreportingunitswiththeircarryingamount,includinggoodwill.Inestimatingeachreportingunitsfairvalue,we
performedextensivevaluationanalysisutilizingbothincomeandmarket-basedapproaches,inourgoodwillassessmentprocess.Weutilizedanaverageofthetwo
methodsinestimatingthefairvalueoftheindividualreportingunits.Thefollowingdescribesthevaluationmethodologiesusedtoderivetheestimatedfairvalue
ofthereportingunits.
Income Approach :Underthisapproach,todeterminefairvalue,wediscountedtheexpectedfuturecashflowsofeachreportingunit.Weusedadiscount
rate,whichreflectedtheoveralllevelofinherentriskandtherateofreturnanoutsideinvestorwouldhaveexpectedtoearn.Toestimatecashflowsbeyondthe
finalyearofourmodel,weusedaterminalvalueapproach.Underthisapproach,weusedestimatedearningsbeforeinterest,taxes,depreciationandamortization
(EBITDA)inthefinalyearofourmodel,adjustedtoestimateanormalizedcashflow,appliedaperpetuitygrowthassumption,anddiscountedbyaperpetuity
discountfactortodeterminetheterminalvalue.Weincorporatedthepresentvalueoftheresultingterminalvalueintoourestimateoffairvalue.
Market-Based Approach :TheCompanyalsoutilizesamarket-basedapproachtoestimatefairvalue,principallyutilizingtheguidelinecompanymethod
whichfocusesoncomparingourriskprofileandgrowthprospectstoaselectgroupofpubliclytradedcompanieswithreasonablysimilarguidelines.
TheCompanyperformeditsannualimpairmenttestasofApril1,2015.Theestimatedfairvalueofthetworeportingunitstestedonaquantitativebasis,
EuropeandRestofWorld,wereinexcessoftherespectivecarryingvaluesofeachreportingunit.FortheEuropereportingunit,theestimatedfairvalueofthis
businessexceededitscarryingvaluebyapproximately38%.AsitrelatestotheincomeapproachfortheEuropereportingunitatApril1,2015,weforecasted
cashflowsforthenexttenyears.Duringtheforecastperiod,therevenuecompoundannualgrowthrate(CAGR)wasapproximately4%.Aterminalvalueyear
wascalculatedwitha3%revenuegrowthrateapplied.TheCAGRinEBITDAwasapproximately12%.Thediscountrateutilizedwas8.5%.Underthemarketbasedapproach,weutilizedanestimatedrangeofmarketmultiplesof10.0to13.0timesEBITDAplusacontrolpremiumof15%.
AsitrelatestotheincomeapproachfortheRestofWorldreportingunitatApril1,2015,weforecastedcashflowsforthenexttenyears.Duringthe
forecastperiod,therevenueCAGRwasapproximately8%.Aterminalvalueyearwascalculatedwitha4%revenuegrowthrateapplied.TheCAGRinEBITDA
wasapproximately15%.Thediscountrateutilizedwas11.0%.Underthemarket-basedapproach,weutilizedanestimatedrangeofmarketmultiplesof10.0to
13.0timesEBITDAplusacontrolpremiumof15%.TheestimatedfairvalueoftheRestofWorldreportingunitexceededitscarryingvaluebyapproximately
21%.

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Thedeterminationofthefairvalueofthereportingunitsrequiresustomakesignificantestimatesandassumptionsthataffectthereportingunits
expectedfuturecashflows.Theseestimatesandassumptionsprimarilyinclude,butarenotlimitedto,marketmultiples,controlpremiums,thediscountrate,
terminalgrowthrates,operatingincomebeforedepreciationandamortization,andcapitalexpendituresforecasts.Duetotheinherentuncertaintyinvolvedin
makingtheseestimates,actualresultscoulddifferfromthoseestimates.Inaddition,changesinunderlyingassumptions,especiallyasitrelatestothekey
assumptionsdetailed,couldhaveasignificantimpactonthefairvalueofthereportingunits.
Intheeventtheestimatedfairvalueofareportingunitislessthanthecarryingvalue,additionalanalysiswouldberequired.Theadditionalanalysis
wouldcomparethecarryingamountofthereportingunitsgoodwillwiththeimpliedfairvalueofthatgoodwill.Theimpliedfairvalueofgoodwillistheexcessof
thefairvalueofthereportingunitoverthefairvalueamountsassignedtoalloftheassetsandliabilitiesofthatunitasifthereportingunitwasacquiredina
businesscombinationandthefairvalueofthereportingunitrepresentedthepurchaseprice.Ifthecarryingvalueofgoodwillexceedsitsimpliedfairvalue,an
impairmentlossequaltosuchexcesswouldberecognized,whichwouldlikelymateriallyimpacttheCompanysreportedfinancialconditionandresultsof
operations.
Wehavealsoassessedtherecoverabilityofcertainlong-livedassetscontainedwithinthereportingunits.Anyimpairmentoftheseassetsmustbe
consideredpriortoourimpairmentreviewofgoodwill.Theassessmentforimpairmentisbasedonourabilitytorecoverthecarryingvalueofthelong-livedassets
byanalyzingtheexpectedfutureundiscountedpre-taxcashflowsspecifictotheassetgrouping.
Weassesstherecoverabilityofthecarryingvalueoflong-livedassetsatthelowestlevelforwhichidentifiableundiscountedcashflowsarelargely
independentofthecashflowsofotherassetsandliabilities.ForRestofWorldandEuropereportingunits,thisassessmentisgenerallyperformedatthecountry
levelwithinthereportingunits.Iftheseundiscountedcashflowsarelessthanthecarryingvalueoflong-livedassetswithintheassetgroup,animpairmentlossis
measuredbasedonthedifferencebetweentheestimatedfairvalueandcarryingvalue.Significantmanagementjudgmentisinvolvedinestimatingthe
recoverabilityoftheseassetsandisdependentupontheaccuracyoftheassumptionsusedinmakingtheseestimates,aswellashowtheestimatescomparetothe
eventualfutureoperatingperformanceofthespecificassetgrouping.TheCompanysAustraliaoperationinRestofWorldreportingunitandcertainasset
groupingsintheEuropereportingunit,principallyPortugal,BelgiumandGermany,remainatriskforpotentialimpairmentchargesiftheprojectedoperating
resultsarenotachieved.Anyfuturelong-livedassetsimpairmentchargeswouldlikelymateriallyimpacttheCompanysreportedfinancialconditionandresultsof
operations.
TheCompanyperformsitsannualimpairmentreviewofIPR&Dassetsduringthethirdandfourthquartersofeachfiscalyear.Theimpairmenttestfor
IPR&Dconsistsofacomparisonoftheassetsfairvaluewithitscarryingvalue.Impairmentisdeterminedtoexistwhenthefairvalueislessthanthecarrying
valueoftheassetsbeingtested.ThisreviewofIPR&DassetsprincipallyrelatestoassetsacquiredaspartoftheAgilaacquisitioninDecember2013,the
respiratorydeliveryplatformacquisitioninDecember2011andtheBionichePharmaacquisitioninSeptember2010.TheCompanycalculatesthefairvaluebased
upondetailedvaluationsemployingtheincomeapproachutilizingLevel3inputs,asdefinedinNote7Financial Instruments and Risk Management .Thefair
valueofIPR&Discalculatedasthepresentvalueoftheestimatedfuturenetcashflowsusingamarketrateofreturn.Theassumptionsinherentintheestimated
futurecashflowsinclude,amongotherthings,theimpactofchangestothedevelopmentprograms,theprojecteddevelopmentandregulatorytimeframesandthe
currentcompetitiveenvironment.FortheyearsendedDecember31,2015and2014,theCompanyrecorded$31.3millionand$17.7million,respectively,of
impairmentchargesrelatedtotheAgilaIPR&Dassets,whichwasrecordedasacomponentofamortizationexpense.FortheyearendedDecember31,2013,the
Companyrecorded$18.0millionofimpairmentchargesprimarilyrelatedtotheBionichePharmaIPR&Dassets,whichwasrecordedasacomponentof
amortizationexpense.AtDecember31,2015and2014,theCompanysIPR&Dassetstotaled$737.7millionand$748.9million,respectively.
Income Taxes
WecomputeourincometaxesbasedonthestatutorytaxratesandtaxplanningopportunitiesavailabletoMylaninthevariousjurisdictionsinwhichwe
generateincome.Significantjudgmentisrequiredindeterminingourincometaxesandinevaluatingourtaxpositions.Weestablishreservesinaccordancewith
Mylanspolicyregardingaccountingforuncertaintyinincometaxes.Ourpolicyprovidesthatthetaxeffectsfromanuncertaintaxpositionberecognizedin
Mylansfinancialstatements,onlyifthepositionismorelikelythannotofbeingsustaineduponaudit,basedonthetechnicalmeritsoftheposition.Weadjust
thesereservesinlightofchangingfactsandcircumstances,suchasthesettlementofataxaudit.Ourprovisionforincometaxesincludestheimpactofreserve
provisionsandchangestoreserves.Favorableresolutionwouldberecognizedasareductiontoourprovisionforincometaxesintheperiodofresolution.

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Managementassessestheavailablepositiveandnegativeevidencetoestimateifsufficientfuturetaxableincomewillbegeneratedtoutilizetheexisting
deferredtaxassets.Asignificantpieceofobjectivenegativeevidenceevaluatedwasthecumulativelossincurredincertaintaxingjurisdictionsoverthethree-year
periodendedDecember31,2015.Suchobjectiveevidencelimitstheabilitytoconsiderothersubjectiveevidencesuchasourprojectionsforfuturegrowth.
Basedonthisevaluation,asofDecember31,2015,avaluationallowanceof$355.7millionhasbeenrecordedinordertomeasureonlytheportionofthe
deferredtaxassetthatmorelikelythannotwillberealized.Theamountofthedeferredtaxassetconsideredrealizable,however,couldbeadjustedifestimatesof
futuretaxableincomeduringthecarryforwardperiodarereducedorifobjectivenegativeevidenceintheformofcumulativelossesisnolongerpresentand
additionalweightmaybegiventosubjectiveevidencesuchasprojectionsforgrowth.
TheresolutionoftaxreservesandchangesinvaluationallowancescouldbematerialtoMylansresultsofoperationsorfinancialcondition.Avarianceof
5%betweenestimatedreservesandvaluationallowancesandactualresolutionandrealizationofthesetaxitemswouldhaveaneffectonourreservebalanceand
valuationallowanceofapproximately$27million.
Legal Matters
Mylanisinvolvedinvariouslegalproceedings,someofwhichinvolveclaimsforsubstantialamounts.Anestimateismadetoaccrueforaloss
contingencyrelatingtoanyoftheselegalproceedingsifitisprobablethataliabilitywasincurredasofthedateofthefinancialstatementsandtheamountofloss
canbereasonablyestimated.Becauseofthesubjectivenatureinherentinassessingtheoutcomeoflitigationandbecauseofthepotentialthatanadverseoutcome
inalegalproceedingcouldhaveamaterialadverseeffectonourbusiness,financialcondition,resultsofoperations,cashflows,and/orshareprice,suchestimates
areconsideredtobecriticalaccountingestimates.
Avarianceof5%betweenestimatedandrecordedlitigationreserves(excludingindemnifiedclaims)andactualresolutionofcertainlegalmatterswould
haveaneffectonourlitigationreservebalanceofapproximately$3million.
Recent Accounting Pronouncements
InJanuary2016,theFASBissuedAccountingStandardsUpdate2016-01,Recognition and Measurement of Financial Assets and Financial Liabilities
(ASU2016-01),whichrequiresthatmostequityinvestmentsbemeasuredatfairvalue,withsubsequentchangesinfairvaluerecognizedinnetincome(other
thanthoseaccountedforunderequitymethodofaccounting).Theamendmentsinthisupdatealsorequireanentitytopresentseparatelyinothercomprehensive
incometheportionofthetotalchangeinthefairvalueofaliabilityresultingfromachangeintheinstrument-specificcreditriskwhentheentityhaselectedto
measuretheliabilityatfairvalueinaccordancewiththefairvalueoptionforfinancialinstruments.ASU2016-01alsoimpactsfinancialliabilitiesunderthefair
valueoptionandthepresentationanddisclosurerequirementsforfinancialinstruments.Thisguidanceiseffectiveforfiscalyears,andinterimperiodswithinthose
years,beginningafterDecember15,2017.TheCompanyiscurrentlyassessingtheimpactoftheadoptionofthisguidanceonitsConsolidatedFinancial
Statementsanddisclosures.
InNovember2015,theFASBissuedAccountingStandardsUpdate2015-17,Balance Sheet Classification of Deferred Taxes (ASU2015-17),which
simplifiesthepresentationofdeferredtaxesbyrequiringthatalldeferredtaxassetsandliabilities,alongwithanyrelatedvaluationallowance,beclassifiedas
noncurrentonthebalancesheet.Asaresult,eachjurisdictionwillnowonlyhaveonenetnoncurrentdeferredtaxassetorliability.Theupdatedguidancedoesnot
changetheexistingrequirementthatonlypermitsoffsettingwithinajurisdiction,andassuch,companiesarestillprohibitedfromoffsettingdeferredtaxliabilities
fromonejurisdictionagainstdeferredtaxassetsofanotherjurisdiction.ThisguidanceiseffectiveforfiscalyearsbeginningafterDecember15,2016,including
interimperiodswithinthoseyearsandearlyadoptionispermitted.Thisguidancemaybeappliedeitherprospectively,foralldeferredtaxassetsandliabilities,or
retrospectively.Ifappliedprospectively,companiesarerequiredtoincludeastatementthatpriorperiodswerenotretrospectivelyadjusted.Ifapplied
retrospectively,companiesarerequiredtoincludequantitativeinformationabouttheeffectsofthechangeonpriorperiods.TheCompanyhaselectedtoearly
adoptthenewaccountingguidancerelatedtothepresentationofdeferredtaxesasofDecember31,2015.Asaresult,theCompanyhaschangeditsaccounting
policytorecordalldeferredtaxassetsandliabilities,alongwithanyrelatedvaluationallowance,asnoncurrentontheConsolidatedBalanceSheets.The
ConsolidatedBalanceSheethasbeenretrospectivelyadjustedtoreflectthischangeforallperiodspresented.Thereclassificationresultedinadecreaseincurrent
assetsandadecreaseincurrentliabilitiesofapproximately$345.7millionand$0.2million,respectivelyatDecember312014.
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InSeptember2015,theFASBissuedAccountingStandardsUpdate2015-16,Business Combinations (Topic 805) - Simplifying the Accounting for
Measurement-Period Adjustments (ASU2015-16),whichrequiresthatanacquirerrecognizeadjustmentstoprovisionalamountsthatareidentifiedduringthe
measurementperiodinthereportingperiodinwhichtheadjustmentamountsaredetermined.TheamendmentsinASU2015-16requirethattheacquirerrecord,in
thesameperiodsfinancialstatements,theeffectonearningsofchangesindepreciation,amortization,orotherincomeeffects,ifany,asaresultofthechangeto
theprovisionalamounts,calculatedasiftheaccountinghadbeencompletedattheacquisitiondate.Anentityisrequiredtopresentseparatelyonthefaceofthe
incomestatementordiscloseinthenotestheretotheportionoftheamountrecordedincurrentperiodearningsbylineitemthatwouldhavebeenrecordedin
previousreportingperiodsiftheadjustmenttotheprovisionalamountshadbeenrecognizedasoftheacquisitiondate.Thisguidanceiseffectiveforfiscalyears,
andforinterimperiodswithinthosefiscalyears,beginningafterDecember15,2015andshouldbeappliedprospectivelytoadjustmentstoprovisionalamounts
thatoccuraftertheeffectivedatewithearlieradoptionpermittedforfinancialstatementsthathavenotbeenissued.TheCompanywillprospectivelyadoptthis
guidancebeginninginfiscalyear2016.
InAugust2015,theFASBissuedAccountingStandardsUpdate2015-15,Interest - Imputation of Interest, Presentation and Subsequent Measurement of
Debt Issuance Costs Associated with Line-of-Credit Arrangements (ASU2015-15),whichstatesthatgiventheabsenceofauthoritativeguidancefordebt
issuancecostsrelatedtoline-of-creditarrangementswithinASU2015-03,definedbelow,theSECstaffwouldnotobjecttoanentitydeferringandpresentingsuch
costsasanassetandsubsequentlyamortizingthedeferreddebtissuancecostsratablyoverthetermoftheline-of-creditarrangement,regardlessofwhetherthere
areanyoutstandingborrowingsontheline-ofcreditarrangement.TheCompanyhaselectedtocontinuetopresentdebtissuancecostsrelatedtoline-of-credit
arrangementsasanassetandcontinuetoamortizethecostsratablyoverthetermoftheline-ofcreditarrangement.
InApril2015,theFASBissuedAccountingStandardsUpdate2015-03,Interest Imputation of Interest (ASU2015-03),whichsimplifiesthe
presentationofdebtissuancecostsbyrequiringthatdebtissuecostsfortermdebtbepresentedonthebalancesheetasadirectreductionofthetermdebtliability
asopposedtoadeferredchargewithinothernon-currentassets.Thechangeiseffectiveforfiscalyearsandinterimperiodswithinthosefiscalyearsbeginningafter
December15,2015.Retrospectiveapplicationisrequiredandearlyadoptionispermitted.TheCompanyhaselectedtoearlyadoptthenewaccountingguidance
relatedtodeferredfinancingfeesfortermdebtasofDecember31,2015.Asaresult,theCompanyhaschangeditsaccountingpolicytorecorddeferredfinancing
fees,relatedtotermdebt,asareductionoftheliabilityrecordedforthedebtinstrumentratherthanasanasset.TheConsolidatedBalanceSheethasbeen
retrospectivelyadjustedtoreflectthischangeforallperiodspresented.TheCompanyretrospectivelyreclassifiedapproximately$34.4millionfromotherassetsto
long-termdebt,includingcurrentportionoflong-termdebt,fortheyearendedDecember31,2014.
InFebruary2015,theFASBissuedAccountingStandardsUpdate2015-02,Amendments to Consolidation Analysis (ASU2015-02).ASU2015-02
revisestheguidancewithrespecttotheanalysisthatareportingentitymustperformtodeterminewhetheritshouldconsolidatecertaintypesoflegalentities.All
legalentitiesaresubjecttoreevaluationundertherevisedconsolidationmodel.Therevisedguidancemodifiestheevaluationofwhethercertainlimited
partnershipsandsimilarentitiesarevariableinterestentities(VIE)orvotinginterestentities,impactstheconsolidationanalysisofVIEs,clarifieswhenfeespaid
toadecisionmakershouldbefactorstoincludeintheconsolidationofVIEs,amendstheguidanceforassessinghowrelatedpartyrelationshipsaffectVIE
consolidationanalysisandprovidesanexemptionforcertainregisteredmoneymarketfunds.Thisguidanceiseffectiveforfiscalyears,andforinterimperiods
withinthosefiscalyears,beginningafterDecember15,2015andcanbeappliedusingamodifiedretrospectiveapproach.TheCompanywilladoptthisguidance
beginninginfiscalyear2016anddoesnotbelieveitwillhaveamaterialimpactontheCompanysConsolidatedFinancialStatements.
InMay2014,theFASBissuedAccountingStandardsUpdate2014-09,Revenue from Contracts with Customers (ASU2014-09updatedwithASU
2015-13),whichrevisesaccountingguidanceonrevenuerecognitionthatwillsupersedenearlyallexistingrevenuerecognitionguidanceunderU.S.GAAP.The
coreprincipalofthisguidanceisthatanentityshouldrecognizerevenuewhenittransferspromisedgoodsorservicestocustomersinanamountthatreflectsthe
considerationwhichtheentityexpectstoreceiveinexchangeforthosegoodsorservices.Thisguidancealsorequiresadditionaldisclosureaboutthenature,
amount,timinganduncertaintyofrevenueandcashflowsarisingfromcustomercontracts,includingsignificantjudgmentsandchangesinjudgmentsandassets
recognizedfromcostsincurredtoobtainorfulfillacontract.ThisguidanceiseffectiveforfiscalyearsbeginningafterDecember15,2017,andforinterimperiods
withinthosefiscalyears,andcanbeappliedusingafullretrospectiveormodifiedretrospectiveapproach.TheCompanyiscurrentlyassessingtheimpactofthe
adoptionofthisguidanceonitsfinancialcondition,resultsofoperationsandcashflows.

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ITEM 7A.

Quantitative and Qualitative Disclosures About Market Risk

Foreign Currency Exchange Risk

Asignificantportionofourrevenuesandearningsareexposedtochangesinforeigncurrencyexchangerates.Weseektomanagethisforeignexchange
riskinpartthroughoperationalmeans,includingmanagingsamecurrencyrevenuesinrelationtosamecurrencycostsandsamecurrencyassetsinrelationtosame
currencyliabilities.
Foreignexchangeriskisalsomanagedthroughtheuseofforeigncurrencyforward-exchangecontracts.Thesecontractsareusedtooffsetthepotential
earningseffectsfrommostlyintercompanyforeigncurrencyassetsandliabilitiesthatarisefromoperationsandfromintercompanyloans.Mylansprimaryareas
offoreignexchangeriskrelativetotheU.S.DollararetheEuro,IndianRupee,JapaneseYen,AustralianDollar,CanadianDollar,PoundSterlingandBrazilian
Real.
Ourfinancialinstrumentholdingsatyearendwereanalyzedtodeterminetheirsensitivitytoforeignexchangeratechanges.Thefairvaluesofthese
instrumentsweredeterminedasfollows:

foreigncurrencyforward-exchangecontractsnetpresentvalues

foreigncurrencydenominatedreceivables,payables,debtandloanschangesinexchangerates

Inthissensitivityanalysis,weassumedthatthechangeinonecurrencysraterelativetotheU.S.Dollarwouldnothaveaneffectonothercurrencies
ratesrelativetotheU.S.Dollar.Allotherfactorswereheldconstant.
Iftherewereanadversechangeinforeigncurrencyexchangeratesof10%,theexpectedneteffectonnetincomerelatedtoMylansforeigncurrency
denominatedfinancialinstrumentswouldnotbematerial.
Interest Rate and Long-Term Debt Risk
MylansexposuretointerestrateriskarisesprimarilyfromourU.S.Dollarborrowingsandinvestments.Weinvestprimarilyonavariable-ratebasisand
weborrowonbothafixedandvariablebasis.Inordertomaintainacertainratiooffixedtovariableratedebt,fromtimetotime,dependingonmarketconditions,
Mylanwillusederivativefinancialinstrumentssuchasinterestrateswapstofixinterestratesonvariable-rateborrowingsortoconvertfixed-rateborrowingsto
variableinterestrates.
AsofDecember31,2015,Mylanslong-termfixedrateborrowingsconsistprincipallyof$4.90billioninSeniorNotes.Generally,thefairvalueoffixed
interestratedebtwilldecreaseasinterestratesriseandincreaseasinterestratesfall.AsofDecember31,2015,thefairvalueofourSeniorNoteswas
approximately$4.80billion.A100basispointchangeininterestratesonMylansvariableratedebt,netofinterestrateswaps,wouldresultinachangeininterest
expenseofapproximately$31.5millionperyear.
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ITEM 8.

Financial Statements And Supplementary Data

Index to Consolidated Financial Statements and
Supplementary Financial Information

Page

ManagementsReportonInternalControloverFinancialReporting

ReportsofIndependentRegisteredPublicAccountingFirm

ConsolidatedBalanceSheetsasofDecember31,2015and2014

ConsolidatedStatementsofOperationsfortheYearsEndedDecember31,2015,2014and2013

ConsolidatedStatementsofComprehensiveEarningsfortheYearsEndedDecember31,2015,2014and2013

ConsolidatedStatementsofEquityfortheYearsEndedDecember31,2015,2014and2013

ConsolidatedStatementsofCashFlowsfortheYearsEndedDecember31,2015,2014and2013

NotestoConsolidatedFinancialStatements

SupplementaryFinancialInformation

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Managements Report on Internal Control over Financial Reporting
ManagementofMylanN.V.(theCompany)isresponsibleforestablishingandmaintainingadequateinternalcontroloverfinancialreporting.Internal
controloverfinancialreportingisaprocessdesignedtoprovidereasonableassuranceregardingthereliabilityoffinancialreportingandthepreparationoffinancial
statementsforexternalpurposesinaccordancewithaccountingprinciplesgenerallyacceptedintheUnitedStatesofAmerica.Inordertoevaluatetheeffectiveness
ofinternalcontroloverfinancialreporting,managementhasconductedanassessment,includingtesting,usingthecriteriainInternal Control - Integrated
Framework (2013 ) ,issuedbytheCommitteeofSponsoringOrganizationsoftheTreadwayCommission(COSO).Becauseofitsinherentlimitations,internal
controloverfinancialreportingmaynotpreventordetectmisstatements.Also,projectionsofanyevaluationofeffectivenesstofutureperiodsaresubjecttothe
riskthatcontrolsmaybecomeinadequatebecauseofchangesinconditionsorthatthedegreeofcompliancewiththepoliciesorproceduresmaydeteriorate.
Asaresultofthisassessment,managementhasconcludedthattheCompanymaintainedeffectiveinternalcontroloverfinancialreportingasof
December31,2015basedonthecriteriainInternal Control - Integrated Framework ( 2013 ) issuedbyCOSO.
Ourindependentregisteredpublicaccountingfirm,Deloitte&ToucheLLP,hasauditedtheeffectivenessoftheCompanysinternalcontroloverfinancial
reporting.Deloitte&ToucheLLPsopinionontheCompanysinternalcontroloverfinancialreportingappearsonpage89ofthisForm10-K.
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Shareholders of Mylan N.V.:
WehaveauditedtheaccompanyingconsolidatedbalancesheetsofMylanN.V.andsubsidiaries(theCompany)asofDecember31,2015and2014,
andtherelatedconsolidatedstatementsofoperations,comprehensiveearnings,equity,andcashflowsforeachofthethreeyearsintheperiodendedDecember31,
2015.OurauditsalsoincludedtheconsolidatedfinancialstatementschedulelistedintheIndexatItem15.Theseconsolidatedfinancialstatementsand
consolidatedfinancialstatementschedulearetheresponsibilityoftheCompany'smanagement.Ourresponsibilityistoexpressanopinionontheconsolidated
financialstatementsandconsolidatedfinancialstatementschedulebasedonouraudits.
WeconductedourauditsinaccordancewiththestandardsofthePublicCompanyAccountingOversightBoard(UnitedStates).Thosestandardsrequire
thatweplanandperformtheaudittoobtainreasonableassuranceaboutwhethertheconsolidatedfinancialstatementsarefreeofmaterialmisstatement.Anaudit
includesexamining,onatestbasis,evidencesupportingtheamountsanddisclosuresintheconsolidatedfinancialstatements.Anauditalsoincludesassessingthe
accountingprinciplesusedandsignificantestimatesmadebymanagement,aswellasevaluatingtheoverallfinancialstatementpresentation.Webelievethatour
auditsprovideareasonablebasisforouropinion.
Inouropinion,suchconsolidatedfinancialstatementspresentfairly,inallmaterialrespects,thefinancialpositionofMylanN.V.andsubsidiariesasof
December31,2015and2014,andtheresultsoftheiroperationsandtheircashflowsforeachofthethreeyearsintheperiodendedDecember31,2015,in
conformitywithaccountingprinciplesgenerallyacceptedintheUnitedStatesofAmerica.Also,inouropinion,suchconsolidatedfinancialstatementschedule,
whenconsideredinrelationtothebasicconsolidatedfinancialstatementstakenasawhole,presentsfairly,inallmaterialrespects,theinformationsetforththerein.
Wehavealsoaudited,inaccordancewiththestandardsofthePublicCompanyAccountingOversightBoard(UnitedStates),theCompany'sinternal
controloverfinancialreportingasofDecember31,2015,basedonthecriteriaestablishedinInternal Control - Integrated Framework ( 2013 ) issuedbythe
CommitteeofSponsoringOrganizationsoftheTreadwayCommissionandourreportdatedFebruary15,2016expressedanunqualifiedopinionontheCompany's
internalcontroloverfinancialreporting.
/s/ DELOITTE & TOUCHE LLP
Pittsburgh,Pennsylvania
February15,2016

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Shareholders of Mylan N.V.:
WehaveauditedtheinternalcontroloverfinancialreportingofMylanN.V.andsubsidiaries(theCompany)asofDecember31,2015,basedoncriteria
establishedinInternal Control - Integrated Framework ( 2013 ) issuedbytheCommitteeofSponsoringOrganizationsoftheTreadwayCommission.The
Company'smanagementisresponsibleformaintainingeffectiveinternalcontroloverfinancialreportingandforitsassessmentoftheeffectivenessofinternal
controloverfinancialreporting,includedintheaccompanyingManagement'sReportonInternalControloverFinancialReporting.Ourresponsibilityistoexpress
anopinionontheCompany'sinternalcontroloverfinancialreportingbasedonouraudit.
WeconductedourauditinaccordancewiththestandardsofthePublicCompanyAccountingOversightBoard(UnitedStates).Thosestandardsrequire
thatweplanandperformtheaudittoobtainreasonableassuranceaboutwhethereffectiveinternalcontroloverfinancialreportingwasmaintainedinallmaterial
respects.Ourauditincludedobtaininganunderstandingofinternalcontroloverfinancialreporting,assessingtheriskthatamaterialweaknessexists,testingand
evaluatingthedesignandoperatingeffectivenessofinternalcontrolbasedontheassessedrisk,andperformingsuchotherproceduresasweconsiderednecessary
inthecircumstances.Webelievethatourauditprovidesareasonablebasisforouropinion.
Acompany'sinternalcontroloverfinancialreportingisaprocessdesignedby,orunderthesupervisionof,thecompany'sprincipalexecutiveand
principalfinancialofficers,orpersonsperformingsimilarfunctions,andeffectedbythecompany'sboardofdirectors,management,andotherpersonneltoprovide
reasonableassuranceregardingthereliabilityoffinancialreportingandthepreparationoffinancialstatementsforexternalpurposesinaccordancewithgenerally
acceptedaccountingprinciples.Acompany'sinternalcontroloverfinancialreportingincludesthosepoliciesandproceduresthat(1)pertaintothemaintenanceof
recordsthat,inreasonabledetail,accuratelyandfairlyreflectthetransactionsanddispositionsoftheassetsofthecompany;(2)providereasonableassurancethat
transactionsarerecordedasnecessarytopermitpreparationoffinancialstatementsinaccordancewithgenerallyacceptedaccountingprinciples,andthatreceipts
andexpendituresofthecompanyarebeingmadeonlyinaccordancewithauthorizationsofmanagementanddirectorsofthecompany;and(3)providereasonable
assuranceregardingpreventionortimelydetectionofunauthorizedacquisition,use,ordispositionofthecompany'sassetsthatcouldhaveamaterialeffectonthe
financialstatements.
Becauseoftheinherentlimitationsofinternalcontroloverfinancialreporting,includingthepossibilityofcollusionorimpropermanagementoverrideof
controls,materialmisstatementsduetoerrororfraudmaynotbepreventedordetectedonatimelybasis.Also,projectionsofanyevaluationoftheeffectivenessof
theinternalcontroloverfinancialreportingtofutureperiodsaresubjecttotheriskthatthecontrolsmaybecomeinadequatebecauseofchangesinconditions,or
thatthedegreeofcompliancewiththepoliciesorproceduresmaydeteriorate.
Inouropinion,theCompanymaintained,inallmaterialrespects,effectiveinternalcontroloverfinancialreportingasofDecember31,2015,basedonthe
criteriaestablishedinInternal Control - Integrated Framework ( 2013 ) issuedbytheCommitteeofSponsoringOrganizationsoftheTreadwayCommission.
Wehavealsoaudited,inaccordancewiththestandardsofthePublicCompanyAccountingOversightBoard(UnitedStates),theconsolidatedfinancial
statementsandconsolidatedfinancialstatementscheduleasofandfortheyearendedDecember31,2015oftheCompanyandourreportdatedFebruary15,2016
expressedanunqualifiedopiniononthoseconsolidatedfinancialstatementsandconsolidatedfinancialstatementschedule.
/s/ DELOITTE & TOUCHE LLP
Pittsburgh,Pennsylvania
February15,2016

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TableofContents
MYLAN N.V. AND SUBSIDIARIES
Consolidated Balance Sheets
(Inmillions,exceptshareandpershareamounts)
December 31,
2015

ASSETS
Assets
Currentassets:
Cashandcashequivalents

1,236.0 $

December 31,
2014

225.5

Accountsreceivable,net

2,689.1

2,268.5

Inventories

1,951.0

1,651.4

596.6

2,295.8

Prepaidexpensesandothercurrentassets
Totalcurrentassets

6,472.7

6,441.2

Property,plantandequipment,net

1,983.9

1,785.7

Intangibleassets,net

7,221.9

2,347.1

Goodwill

5,380.1

4,049.3

Deferredincometaxbenefit

457.6

397.4

Otherassets

751.5

799.8

Totalassets
LIABILITIES AND EQUITY
Liabilities
Currentliabilities:
Tradeaccountspayable

22,267.7 $

1,109.6 $

Short-termborrowings

1.3

Incometaxespayable

15,820.5

905.6
330.7

92.4

160.7

Currentportionoflong-termdebtandotherlong-termobligations

1,077.0

2,472.9

Othercurrentliabilities

1,841.9

1,434.1

Totalcurrentliabilities

4,122.2

5,304.0

Long-termdebt

6,295.6

5,699.9

Otherlong-termobligations

1,366.0

1,336.7

718.1

203.9

12,501.9

12,544.5

Deferredincometaxliability
Totalliabilities
Equity
MylanN.V.shareholdersequity
Ordinaryshares(1)nominalvalue0.01pershareasofDecember31,2015andparvalue$0.50pershareasof
December31,2014
Sharesauthorized:1,200,000,000and1,500,000,000asofDecember31,2015andDecember31,2014

Sharesissued:491,928,095and546,658,507asofDecember31,2015andDecember31,2014

5.5

273.3

Additionalpaid-incapital

7,128.6

4,212.8

Retainedearnings

4,462.1

3,614.5

Accumulatedothercomprehensiveloss

(1,764.3)

Noncontrollinginterest
Less:Treasurystockatcost

Shares:1,311,193and171,435,200asofDecember31,2015andDecember31,2014
Totalliabilitiesandequity

____________
(1)
CommonstockpriortoFebruary27,2015.

See Notes to Consolidated Financial Statements

90

9,831.9

7,113.6

1.4

20.1

67.5

Totalequity

(987.0)

3,857.7

9,765.8

3,276.0

22,267.7 $

15,820.5

TableofContents
MYLAN N.V. AND SUBSIDIARIES
Consolidated Statements of Operations
(Inmillions,exceptpershareamounts)

Year Ended December 31,

2015

2014

2013

Revenues:

Netsales

9,362.6 $

7,646.5 $

66.7

73.1

52.5

Totalrevenues

9,429.3

7,719.6

6,909.1

Costofsales

5,213.2

4,191.6

3,868.8

Grossprofit

4,216.1

3,528.0

3,040.3

Otherrevenues

Operatingexpenses:

Researchanddevelopment

6,856.6

671.9

581.8

507.8

2,180.7

1,625.7

1,408.5

(97.4)

47.9

(14.6)

(80.0)

3.1

2,755.2

2,175.4

1,904.8

1,460.9

1,352.6

1,135.5

Interestexpense

339.4

333.2

313.3

Otherexpense(income),net

206.1

44.9

74.9

Earningsbeforeincometaxesandnoncontrollinginterest

915.4

974.5

747.3

67.7

41.4

120.8

847.7

933.1

626.5

(0.1)

(3.7)

Selling,generalandadministrative
Litigationsettlements,net
Otheroperating(income)expense,net
Totaloperatingexpenses
Earningsfromoperations

Incometaxprovision
Netearnings
Netearningsattributabletothenoncontrollinginterest

(2.8)

NetearningsattributabletoMylanN.V.ordinaryshareholders

847.6 $

929.4 $

EarningsperordinaryshareattributabletoMylanN.V.ordinaryshareholders:

Basic

1.80 $

2.49 $

1.63

Diluted

1.70 $

2.34 $

1.58

Weightedaverageordinarysharesoutstanding:

623.7

Basic

472.2

373.7

383.3

Diluted

497.4

398.0

394.5

See Notes to Consolidated Financial Statements

91

TableofContents

MYLAN N.V. AND SUBSIDIARIES

Consolidated Statements of Comprehensive Earnings
(Inmillions)

Year Ended December 31,

2015

2014

Netearnings

847.7 $

933.1 $

Othercomprehensiveloss,beforetax:

Foreigncurrencytranslationadjustment

(790.9)

Changeinunrecognizedgain(loss)andpriorservicecostrelatedtodefinedbenefitplans
Netunrecognizedgain(loss)onderivatives
Netunrealizedlossonmarketablesecurities
Othercomprehensiveloss,beforetax
Incometaxprovision(benefit)
Othercomprehensiveloss,netoftax
Comprehensiveearnings
Comprehensiveearningsattributabletothenoncontrollinginterest
ComprehensiveearningsattributabletoMylanN.V.ordinaryshareholders

See Notes to Consolidated Financial Statements

92

(622.9)

2013

626.5
(273.7)

3.1

(11.8)

8.2

16.7

(182.6)

180.4

(2.0)

(1.1)

(773.1)

(817.3)

(86.2)

4.2

(70.4)

67.4

(777.3)

(746.9)

(153.6)

70.4

186.2

472.9

(0.1)

(3.7)

70.3 $

182.5 $

(2.8)
470.1

TableofContents

MYLAN N.V. AND SUBSIDIARIES

Consolidated Statements of Equity
(Inmillions,exceptshareamounts)

Ordinary Shares
Shares

Cost

Additional

Paid-In
Retained
Capital Earnings

Treasury Stock
Shares

Cost

Accumulated
Other

Comprehensive Noncontrolling
Earnings (Loss)

Interest

Netearnings

623.7

2.8

$ 3,355.8

626.5

Othercomprehensiveearnings,netoftax

(153.6)

(153.6)

Commonstocksharerepurchase
Stockoptionsexercised,netofsharestendered
forpayment

(28,485,459)

(1,000.0)

(1,000.0)

4,313,644

2.2

74.0

76.2

Share-basedcompensationexpense
Issuanceofrestrictedstock,netofshares
withheld

47.0

47.0

(19.6)

570,769

11.9

(7.7)

Taxbenefitofstockoptionplans

15.5

15.5

Other

0.2

0.2

BalanceatDecember31,2012

BalanceatDecember31,2013

539,664,386 $ 269.8 $ 3,986.7 $ 2,061.4 (144,459,209) $(2,890.7) $

543,978,030 $ 272.0 $ 4,103.6 $ 2,685.1 (172,373,899) $(3,878.8) $

15.1

(240.1) $

18.1

$
(746.9)

3.7

$ 2,959.9
$ 933.1

(746.9)

Netearnings

Othercomprehensiveearnings,netoftax
Stockoptionsexercised,netofsharestendered
forpayment

2,680,477

1.3

52.5

53.8

Share-basedcompensationexpense
Issuanceofrestrictedstock,netofshares
withheld

66.0

66.0

(40.2)

938,699

21.1

(19.1)

Taxbenefitofstockoptionplans

30.9

30.9

Other

(1.7)

(1.7)

(987.0) $

20.1

0.1

$ 3,276.0
$ 847.7

BalanceatDecember31,2014

929.4

(86.5) $

Total
Equity

546,658,507 $ 273.3 $ 4,212.8 $ 3,614.5 (171,435,200) $(3,857.7) $

Netearnings

Othercomprehensiveloss,netoftax

(777.3)

(777.3)

Ordinarysharesrepurchase
Stockoptionsexercised,netofsharestendered
forpayment

1,311,193

(67.5)

(67.5)

6,086,450

1.3

96.7

98.0

Share-basedcompensationexpense
Issuanceofrestrictedstock,netofshares
withheld
Purchaseofsubsidiarysharesfrom
noncontrollinginterest

92.8

92.8

(56.2)

618,338

14.5

(41.7)

(18.7)

Taxbenefitofstockoptionplans
ExchangeofMylanInc.commonstockinto
MylanN.V.ordinaryshares

52.5

52.5

(378,388,431)

(185.0)

185.0

IssuanceofordinarysharestoMylanN.V.
Issuanceofordinarysharestopurchasethe
EPDBusiness

378,388,431

110,000,000

1.3

6,304.5

6,305.8

RetirementofMylanInc.treasurystock,net

(170,816,862)

(85.4)

(3,757.7)
(1.8)

170,816,862

3,843.1
0.1

(0.1)

(1.8)

Other
BalanceatDecember31,2015

491,928,095 $

847.6

5.5 $ 7,128.6 $ 4,462.1

1,311,193 $

See Notes to Consolidated Financial Statements

93

(67.5) $

(1,764.3) $

(18.7)

1.4

$ 9,765.8

TableofContents
MYLAN N.V. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(Inmillions)

Year Ended December 31,

2015

Cashflowsfromoperatingactivities:

2014

Netearnings

847.7 $

933.1 $

Adjustmentstoreconcilenetearningstonetcashprovidedbyoperatingactivities:

Depreciationandamortization
Share-basedcompensationexpense
Changeinestimatedsalesallowances
Deferredincometaxprovision
Lossfromequitymethodinvestments
Financingfees
Othernon-cashitems
Litigationsettlements,net
Changesinoperatingassetsandliabilities:

2013

626.5

1,032.1

566.6

516.0

92.8

66.0

47.0

331.1

707.9

345.8

(115.9)

(315.2)

(87.1)

105.1

91.4

34.6

99.6

263.2

139.1

127.1

15.1

7.4

(14.6)

Accountsreceivable

(265.3)

(939.1)

(553.5)

Inventories

(320.4)

(147.5)

(157.1)

131.8

(0.3)

(164.2)

78.5

Tradeaccountspayable
Incometaxes
Otheroperatingassetsandliabilities,net
Netcashprovidedbyoperatingactivities
Cashflowsfrominvestingactivities:

Capitalexpenditures
Cashpaidforacquisitions,net
Proceedsfromsaleofproperty,plantandequipment
Purchaseofmarketablesecurities
Proceedsfromsaleofmarketablesecurities
Paymentsforproductrightsandother,net
Netcashusedininvestingactivities
Cashflowsfromfinancingactivities:

Paymentoffinancingfees

(1.1)

(44.2)

(173.1)

85.8

2,008.5

1,014.8

1,106.6

(362.9)

Changeinrestrictedcash

137.2

(325.3)

(334.6)

21.8

(5.1)

(228.0)

(693.1)

(50.0)

(1,261.9)

2.3

8.9

(62.1)

(19.9)

33.1

20.2

(508.8)

(429.1)

(60.9)

(1,569.7)

(800.3)

(1,868.8)

25.3
(19.3)
10.6

(130.4)

(5.8)

(34.6)

(67.5)

(1,000.0)

Changeinshort-termborrowings,net

(329.2)

(107.8)

Proceedsfromconvertiblenotehedge

1,970.8

Proceedsfromissuanceoflong-termdebt

3,539.2

2,235.0

4,974.7

(4,484.1)

(2,295.8)

(3,480.3)

97.7

53.8

76.2

Taxespaidrelatedtonetsharesettlementofequityawards

(31.8)

(27.7)

Acquisitionofnoncontrollinginterest

(11.7)

(150.0)

Purchaseofordinaryshares

Paymentoflong-termdebt
Proceedsfromexerciseofstockoptions

Paymentsforcontingentconsideration
Otheritems,net
Netcashprovidedby(usedin)financingactivities
Effectoncashofchangesinexchangerates
Netincrease(decrease)incashandcashequivalents
Cashandcashequivalentsbeginningofperiod

141.4

51.8

30.9

15.5

604.8

(267.4)

692.9

(33.1)

(12.9)

10.6

1,010.5

(65.8)

(58.7)

225.5

291.3

350.0

Cashandcashequivalentsendofperiod

1,236.0 $

225.5 $

291.3

Supplementaldisclosuresofcashflowinformation

Non-cashtransactions:

Contingentconsideration

18.0 $

250.0

Ordinarysharesissuedforacquisition

6,305.8 $

Cashpaidduringtheperiodfor:

Incometaxes

302.9 $

210.5 $

189.6

Interest

254.7 $

273.8 $

249.4

See Notes to Consolidated Financial Statements

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TableofContents
Mylan N.V. and Subsidiaries
Notes to Consolidated Financial Statements
1.

Nature of Operations

MylanN.V.anditssubsidiaries(collectively,theCompany,Mylan,ourorwe)areengagedintheglobaldevelopment,licensing,manufacture,
marketinganddistributionofgeneric,brandandbrandedgenericpharmaceuticalproductsforresalebyothersandactivepharmaceuticalingredients(API)
throughtwosegments,GenericsandSpecialty.TheprincipalmarketsforGenericsareproprietaryandethicalpharmaceuticalwholesalersanddistributors,
grouppurchasingorganizations,drugstorechains,independentpharmacies,drugmanufacturers,institutions,andpublicandgovernmentalagenciesprimarily
withintheUnitedStates(U.S.)andCanada(collectively,NorthAmerica);Europe;andIndia,Australia,Japan,NewZealandandBrazil(collectively,Restof
World).GenericsalsofocusesondevelopingAPIwithnon-infringingprocessesforbothinternaluseandtopartnerwithmanufacturersinregulatedmarketssuch
astheU.S.andtheEuropeanUnion(theEU)atmarketformation.TheprincipalmarketforSpecialtyispharmaceuticalwholesalersanddistributors,pharmacies
andhealthcareinstitutionsprimarilyintheU.S.
2.

Summary of Significant Accounting Policies

Principles of Consolidation. TheConsolidatedFinancialStatementsincludetheaccountsofMylanandthoseofitswhollyownedandmajority-owned

subsidiaries.Allintercompanyaccountsandtransactionshavebeeneliminatedinconsolidation.Investmentsinequitymethodaffiliatesarerecordedatcostand
adjustedfortheCompanysshareoftheaffiliatescumulativeresultsofoperations,capitalcontributionsanddistributions.Noncontrollinginterestsinthe
Companyssubsidiariesarerecordednetoftaxasnetearningsattributabletononcontrollinginterests.
Use of Estimates in the Preparation of Financial Statements. Thepreparationoffinancialstatements,inconformitywithaccountingprinciples
generallyacceptedintheUnitedStatesofAmerica(U.S.GAAP),requiresmanagementtomakeestimatesandassumptionsthataffectthereportedamountsof
assetsandliabilitiesatthedateofthefinancialstatementsandthereportedamountsofrevenuesandexpensesduringthereportingperiod.Becauseofthe
uncertaintyinherentinsuchestimates,actualresultscoulddifferfromthoseestimates.
Foreign Currencies. TheConsolidatedFinancialStatementsarepresentedinU.S.Dollars,thereportingcurrencyofMylan.StatementsofOperations
andCashFlowsofalloftheCompanyssubsidiariesthathavefunctionalcurrenciesotherthanU.S.Dollarsaretranslatedataweightedaverageexchangeratefor
theperiodforinclusionintheConsolidatedStatementsofOperationsandCashFlows,whereasassetsandliabilitiesaretranslatedattheendoftheperiodexchange
ratesforinclusionintheConsolidatedBalanceSheets.Translationdifferencesarerecordeddirectlyinshareholdersequityasforeigncurrencytranslation
adjustments.Gainsorlossesontransactionsdenominatedinacurrencyotherthanthesubsidiariesfunctionalcurrency,whichariseasaresultofchangesin
foreigncurrencyexchangerates,arerecordedintheConsolidatedStatementsofOperations.
Cash and Cash Equivalents. Cashandcashequivalentsarecomprisedofhighlyliquidinvestmentswithanoriginalmaturityofthreemonthsorlessat
thedateofpurchase.
Marketable Securities. Marketableequityanddebtsecuritiesclassifiedasavailable-for-salearerecordedatfairvalue,withnetunrealizedgainsand
losses,netofincometaxes,reflectedinaccumulatedothercomprehensivelossasacomponentofshareholdersequity.Netrealizedgainsandlossesonsalesof
available-for-salesecuritiesarecomputedonaspecificsecuritybasisandareincludedinotherexpense(income),net,intheConsolidatedStatementsof
Operations.Marketableequityanddebtsecuritiesclassifiedastradingsecuritiesarevaluedatthequotedmarketpricefrombrokerordealerquotationsor
transparentpricingsourcesatthereportingdate,andrealizedandunrealizedgainsandlossesareincludedinotherexpense(income),net,intheConsolidated
StatementsofOperations.
Concentrations of Credit Risk. FinancialinstrumentsthatpotentiallysubjecttheCompanytocreditriskconsistprincipallyofinterest-bearing
investments,derivativesandaccountsreceivable.
Mylaninvestsitsexcesscashinhigh-quality,liquidmoneymarketinstruments,principallyovernightdepositsandhighlyratedmoneymarketfunds.The
Companymaintainsdepositbalancesatcertainfinancialinstitutionsinexcessoffederallyinsuredamounts.Periodically,theCompanyreviewsthe
creditworthinessofitscounterpartiestoderivativetransactions,anditdoesnotexpecttoincuralossfromfailureofanycounterpartiestoperformunder
agreementsithaswithsuchcounterparties.

95

TableofContents
Mylanperformsongoingcreditevaluationsofitscustomersandgenerallydoesnotrequirecollateral.Approximately42%and53%oftheaccounts
receivablebalancesrepresentamountsduefromthreecustomersatDecember31,2015and2014,respectively.Totalallowancesfordoubtfulaccountswere$33.6
millionand$25.7millionatDecember31,2015and2014,respectively.
Inventories. Inventoriesarestatedatthelowerofcostormarket,withcostprincipallydeterminedbythefirst-in,first-outmethod.Provisionsfor
potentiallyobsoleteorslow-movinginventory,includingpre-launchinventory,aremadebasedonouranalysisofinventorylevels,historicalobsolescenceand
futuresalesforecasts.
Property, Plant and Equipment. Property,plantandequipmentarestatedatcostlessaccumulateddepreciation.Depreciationiscomputedandrecorded
onastraight-linebasisovertheassetsestimatedservicelives(threeto18yearsformachineryandequipmentandotherfixedassetsand15to39yearsfor
buildingsandimprovements).Capitalizedsoftwareisincludedinproperty,plantandequipmentandisamortizedoveraperiodofthreeyears.Capitalizedsoftware
costsincludedonourConsolidatedBalanceSheetswere$130.0millionand$116.3million,netofaccumulateddepreciation,atDecember31,2015and2014,
respectively.TheCompanyperiodicallyreviewstheoriginalestimatedusefullivesofassetsandmakesadjustmentswhenappropriate.Depreciationexpensewas
approximately$186.1million,$172.8millionand$152.3millionfortheyearsendedDecember31,2015,2014and2013,respectively.
Intangible Assets and Goodwill. Intangibleassetsarestatedatcostlessaccumulatedamortization.Amortizationisgenerallyrecordedonastraight-line
basisoverestimatedusefullivesrangingfromfiveto20years.TheCompanyperiodicallyreviewstheoriginalestimatedusefullivesofintangibleassetsand
makesadjustmentswheneventsindicatethatashorterlifeisappropriate.
TheCompanyaccountsforacquiredbusinessesusingthepurchasemethodofaccounting,whichrequiresthattheassetsacquiredandliabilitiesassumed
berecordedatthedateofacquisitionattheirrespectivefairvalues.Thecosttoacquireabusinessisallocatedtotheunderlyingnetassetsoftheacquiredbusiness
inproportiontotheirrespectivefairvalues.Amountsallocatedtoacquiredin-processresearchanddevelopment(IPR&D)arecapitalizedatthedateofan
acquisitionand,atthetime,suchIPR&Dassetshaveindefinitelives.Asproductsindevelopmentareapprovedforsale,amountswillbeallocatedtoproductrights
andlicensesandwillbeamortizedovertheirestimatedusefullives.Definite-livedintangibleassetsareamortizedovertheexpectedlifeoftheasset.Anyexcessof
thepurchasepriceovertheestimatedfairvaluesofthenetassetsacquiredisrecordedasgoodwill.
TheCompanyreviewsgoodwillforimpairmentatleastannuallyormorefrequentlyifeventsorchangesincircumstancesindicatethatthecarryingvalue
ofgoodwillmaynotberecoverablebasedonmanagement'sassessmentofthefairvalueoftheCompany'sreportingunitsascomparedtotheirrelatedcarrying
value.UndertheauthoritativeguidanceissuedbytheFinancialAccountingStandardsBoard(FASB),wehavetheoptiontofirstassessthequalitativefactorsto
determinewhetheritismorelikelythannotthatthefairvalueofthereportingunitislessthanitscarryingamountasabasisfordeterminingwhetheritisnecessary
to perform the two-step goodwill impairment test. If we determine that it is more likely than not that the fair value of a reporting unit is less than its carrying
amount,thenthetwo-stepgoodwillimpairmenttestisperformed.Thefirststep,identifyingapotentialimpairment,comparesthefairvalueofthereportingunit
withitscarryingamount.Ifthecarryingamountexceedsitsfairvalue,thesecondstepwouldneedtobeperformed;otherwise,nofurtherstepisrequired.The
secondstep,measuringtheimpairmentloss,comparestheimpliedfairvalueofthegoodwillwiththecarryingamountofthegoodwill.Anyexcessofthegoodwill
carryingamountovertheappliedfairvalueisrecognizedasanimpairmentloss,andthecarryingvalueofgoodwilliswrittendowntofairvalue.
Thejudgmentsmadeindeterminingtheestimatedfairvalueassignedtoeachclassofassetsacquiredandliabilitiesassumed,aswellasassetlives,can
materiallyimpacttheCompanysfinancialconditionandresultsofoperations.Fairvaluesandusefullivesaredeterminedbasedon,amongotherfactors,the
expectedfutureperiodofbenefitoftheasset,thevariouscharacteristicsoftheassetandprojectedcashflows.
Contingent Consideration. Mylanrecordscontingentconsiderationresultingfrombusinessacquisitionsatfairvalueontheacquisitiondate.Each
reportingperiodthereafter,theCompanyrevaluestheseobligationsandrecordsincreasesordecreasesintheirfairvalueasacharge(credit)tootheroperating
(income)expense,netwithintheConsolidatedStatementsofOperations.Changesinthefairvalueofthecontingentconsiderationobligationscanresultfrom
adjustmentstothediscountrates,paymentperiodsandadjustmentsintheprobabilityofachievingfuturedevelopmentsteps,regulatoryapprovals,marketlaunches,
salestargetsandprofitability.ThesefairvaluemeasurementsrepresentLevel3measurements,astheyarebasedonsignificantinputsnotobservableinthemarket.

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Significantjudgmentisemployedindeterminingtheassumptionsutilizedasoftheacquisitiondateandforeachsubsequentmeasurementperiod.
Accordingly,changesintheassumptionsdescribedabovecouldhaveamaterialimpactontheCompanysconsolidatedfinancialconditionandresultsof
operations.
Impairment of Long-Lived Assets. Thecarryingvaluesoflong-livedassets,whichincludeproperty,plantandequipmentandintangibleassetswithfinite
lives,areevaluatedperiodicallyinrelationtotheexpectedfutureundiscountedcashflowsoftheunderlyingassetsandmonitoredforotherpotentialtriggering
events.Adjustmentsaremadeintheeventthatestimatedundiscountednetcashflowsarelessthanthecarryingvalue.
Indefinite-livedintangibles,principallyIPR&D,aretestedatleastannuallyforimpairmentorupontheoccurrenceofatriggeringevent.Theimpairment
testforIPR&Dconsistsofacomparisonoftheassetsfairvaluewithitscarryingvalue.Impairmentisdeterminedtoexistwhenthefairvalueislessthanthe
carryingvalueoftheassetsbeingtested.
Short-Term Borrowings. TheCompanyssubsidiariesinIndiahaveworkingcapitalfacilitieswithseveralbanks.AtDecember31,2015,theCompany
hadnoamountsoutstandingundersuchfacilities.AtDecember31,2014,theworkingcapitalfacilitieshadaweightedaverageinterestrateof10.9%on
borrowingsofapproximately$6million.
MylanPharmaceuticalsInc.(MPI),awhollyownedsubsidiaryoftheCompany,alsohasa$400millionaccountsreceivablefacility(Receivables
Facility),whichwillexpireinJanuary2018.TheCompanyhadnoamountsoutstandingundertheReceivablesFacilityintheConsolidatedBalanceSheetsat
December31,2015.IncludedintheConsolidatedBalanceSheetsatDecember31,2014was$325millionofshort-termborrowings,whicharerecordedasa
securedloan.Thereceivablesunderlyinganyborrowingsareincludedinaccountsreceivable,net,intheConsolidatedBalanceSheets.AtDecember31,2015and
2014,therewas$914.2millionand$1.07billionofsecuritizedaccountsreceivable,respectively.
Revenue Recognition. Mylanrecognizesnetrevenueforproductsaleswhentitleandriskoflosspasstoitscustomersandwhenprovisionsfor
estimates,includingdiscounts,salesallowances,priceadjustments,returns,chargebacksandotherpromotionalprograms,arereasonablydeterminable.The
followingbrieflydescribesthenatureofeachprovisionandhowsuchprovisionsareestimated.
Discountsarereductionstoinvoicedamountsofferedtocustomersforpaymentwithinaspecifiedperiodandareestimateduponsaleutilizinghistorical
customerpaymentexperience.
Volume-basedsalesallowancesareofferedtokeycustomerstopromotecustomerloyaltyandencouragegreaterproductsales.Theseprogramsprovide
thatupontheattainmentofpre-establishedvolumesortheattainmentofrevenuemilestonesforaspecifiedperiod,thecustomerreceivescreditagainstpurchases.
Otherpromotionalprogramsareincentiveprogramsperiodicallyofferedtoourcustomers.TheCompanyisabletoestimateprovisionsforvolume-basedsales
allowancesandotherpromotionalprogramsbasedonthespecifictermsineachagreementatthetimeofsale.
Consistentwithindustrypractice,Mylanmaintainsareturnpolicythatallowscustomerstoreturnproductwithinaspecifiedperiodpriorandsubsequent
totheexpirationdate.TheCompanysestimateoftheprovisionforreturnsisgenerallybaseduponhistoricalexperiencewithactualreturns.
Priceadjustments,whichincludeshelfstockadjustments,arecreditsissuedtoreflectdecreasesinthesellingpricesofproducts.Shelfstockadjustments
arebasedupontheamountofproductwhichthecustomerhasremaininginitsinventoryatthetimeofthepricereduction.Decreasesinsellingpricesare
discretionarydecisionsmadebytheCompanytoreflectmarketconditions.Amountsrecordedforestimatedpriceadjustmentsarebaseduponspecifiedtermswith
directcustomers,estimatedlaunchdatesofcompetingproducts,estimateddeclinesinmarketpriceand,inthecaseofshelfstockadjustments,estimatesof
inventoryheldbythecustomer.
TheCompanyhasagreementswithcertainindirectcustomers,suchasindependentpharmacies,managedcareorganizations,hospitals,nursinghomes,
governmentalagenciesandpharmacybenefitmanagementcompanies,whichestablishcontractpricesforcertainproducts.Theindirectcustomersthen
independentlyselectawholesalerfromwhichtoactuallypurchasetheproductsatthesecontractedprices.Alternatively,certainwholesalersmayenterinto
agreementswithindirectcustomersthatestablishcontractpricingforcertainproducts,whichthewholesalersprovide.Undereitherarrangement,Mylanwill
providecredittothewholesalerforanydifferencebetweenthecontractedpricewiththeindirectpartyandthewholesalersinvoiceprice.Suchcreditsarecalled
chargebacks.Theprovisionforchargebacksisbasedonexpectedsell-throughlevelsbyourwholesalercustomerstoindirectcustomers,aswellasestimated
wholesalerinventorylevels.

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Accountsreceivablearepresentednetofallowancesrelatingtotheaboveprovisions.Nosignificantrevisionsweremadetothemethodologyusedin
determiningtheseprovisionsduringtheyearsendedDecember31,2015and2014.Suchallowanceswere$1.84billionand$1.63billionatDecember31,2015
and2014,respectively.Othercurrentliabilitiesincluded$681.8millionand$581.3millionatDecember31,2015and2014,respectively,forcertainsales
allowancesandotheradjustmentsthatarepaidtoindirectcustomers.
Royaltyorprofitsharerevenuefromlicensees,whicharebasedonthird-partysalesoflicensedproductsandtechnology,isrecordedinaccordancewith
thecontractterms,whenthird-partysalescanbereliablymeasuredandcollectionofthefundsisreasonablyassured.Royaltyrevenueisincludedinotherrevenue
intheConsolidatedStatementsofOperations.
TheCompanyrecognizescontractmanufacturingandotherservicerevenuewhentheserviceisperformedorwhentheCompanyspartnerstake
ownershipandtitlehaspassed,collectabilityisreasonablyassured,thesalespriceisfixedordeterminable,andthereispersuasiveevidenceofanarrangement.
ThefollowingtablerepresentsthepercentageofconsolidatedthirdpartynetsalestoMylansmajorcustomersduringtheyearsendedDecember31,2015
,2014and2013.

Percentage of Third Party Net Sales

2015

2014

2013

AmeriSourceBergenCorporation

16%

13%

10%

McKessonCorporation

15%

19%

14%

CardinalHealth,Inc.

12%

12%

15%

Research and Development. Researchanddevelopment(R&D)expensesarechargedtooperationsasincurred.

Income Taxes. Incometaxeshavebeenprovidedforusinganassetandliabilityapproachinwhichdeferredincometaxesreflectthetaxconsequenceson
futureyearsofeventsthattheCompanyhasalreadyrecognizedinthefinancialstatementsortaxreturns.Changesinenactedtaxratesorlawsmayresultin
adjustmentstotherecordedtaxassetsorliabilitiesintheperiodthatthenewtaxlawisenacted.
Earnings per Ordinary Share. BasicearningsperordinaryshareiscomputedbydividingnetearningsattributabletoMylanN.V.ordinaryshareholders
bytheweightedaveragenumberofsharesoutstandingduringtheperiod.Dilutedearningsperordinaryshareiscomputedbydividingnetearningsattributableto
MylanN.V.ordinaryshareholdersbytheweightedaveragenumberofsharesoutstandingduringtheperiodincreasedbythenumberofadditionalsharesthatwould
havebeenoutstandingrelatedtopotentiallydilutivesecuritiesorinstruments,iftheimpactisdilutive.
OnSeptember15,2008,concurrentwiththesaleof$575millionaggregateprincipalamountofCashConvertibleNotesdue2015(theCashConvertible
Notes),MylanInc.enteredintoconvertiblenotehedgeandwarranttransactionswithcertaincounterparties.InconnectionwiththeconsummationoftheEPD
Transaction(asdefinedbelowinNote3Acquisitions and Other Transactions ),thetermsoftheconvertiblenotehedgewereadjustedsothatthecashsettlement
valuewouldbebasedonMylanN.V.ordinaryshares.TheCompanysconvertiblenotehedgeonitsCashConvertibleNotes,whichwasenteredintoinorderto
offsetthecashflowriskassociatedwiththecashconversionfeatureoftheCashConvertibleNotes,wassettledinconjunctionwiththematurityandfull
redemptionoftheCashConvertibleNotesonSeptember15,2015.ThetermsofthewarranttransactionswerealsoadjustedsothattheCompanymaysettlethe
obligationsunderthewarranttransactionsbydeliveringMylanN.V.ordinaryshares.Pursuanttothewarranttransactions,asadjusted,theCompanyhassoldtothe
counterpartieswarrantstopurchaseintheaggregateuptoapproximately43.2millionsharesofMylanN.V.ordinaryshares,subjecttocertainanti-dilution
adjustments,whichundermostcircumstancesrepresentedthemaximumnumberofsharestowhichtheCashConvertibleNotesrelated(basedontheconversion
referencerateatthetimeofissuance).Thesoldwarrantshadanexercisepriceof$20.00andwillbenetsharesettled,meaningthattheCompanywillissuea
numberofsharesperwarrantcorrespondingtothedifferencebetweenitssharepriceateachwarrantexpirationdateandtheexerciseprice.Thewarrantsmeetthe
definitionofderivativesundertheguidanceintheFASBAccountingStandardsCodification(ASC)815Derivatives and Hedging (ASC815);however,
becausetheseinstrumentshavebeendeterminedtobeindexedtotheCompanysownordinarysharesandmeetthecriteriaforequityclassificationunderASC
815-40Contracts in Entitys Own Equity (ASC815-40),thewarrantshavebeenrecordedinshareholdersequityintheConsolidatedBalanceSheets.
InSeptember2011,MylanInc.enteredintoamendmentswiththecounterpartiestoexchangetheoriginalwarrantswithanexercisepriceof$20.00(the
OldWarrants)fornewwarrantswithanexercisepriceof$30.00(theNewWarrants).Approximately41.0millionOldWarrantswereexchangedforNew
Warrants.Allothertermsandsettlementprovisionsofthe
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OldWarrantsremainunchangedintheNewWarrants.TheNewWarrantsmeetthedefinitionofderivativesundertheguidanceinASC815;however,because
theseinstrumentshavebeendeterminedtobeindexedtotheCompanysownordinarysharesandmeetthecriteriaforequityclassificationunderASC815-40,the
NewWarrantshavealsobeenrecordedinshareholdersequityintheConsolidatedBalanceSheets.Settlementofthewarrantswilloccurinthesecondquarterof
2016.ThedilutiveimpactoftheOldWarrantsandNewWarrantsareincludedinthecalculationofdilutedearningspersharebasedupontheaveragemarketvalue
oftheCompanysordinarysharesduringtheperiodascomparedtotheexerciseprice.FortheyearsendedDecember31,2015,2014and2013,warrantsincluded
inthecalculationofdilutedearningspersharewere20.7million,17.7millionand5.1million,respectively.
TheBoardofDirectorsperiodicallyauthorizestheCompanytorepurchaseordinarysharesintheopenmarketorthroughothermethods.TheCompany
repurchasedapproximately1.3millionordinarysharesatacostofapproximately$67.5millionin2015.TheCompanymayrepurchaseupto$1billionofthe
CompanysordinarysharesunderitscurrentrepurchaseprogramthatwasannouncedonNovember16,2015(theShareRepurchaseProgram),butisnot
obligatedtoacquireanyparticularamountofordinarysharesandtheprogramexpiresonAugust27,2016.TheCompanyrepurchasedapproximately28.5million
commonsharesatacostofapproximately$1.0billionin2014andapproximately41.4millioncommonsharesatacostofapproximately$1.0billionin2013.
TheseamountsreflecttransactionsexecutedthroughDecember31stofeachyear.
BasicanddilutedearningsperordinaryshareattributabletoMylanN.V.arecalculatedasfollows:

Year Ended December 31,

2015 (1)

(In millions, except per share amounts)

Basic earnings attributable to Mylan N.V. ordinary shareholders (numerator):

NetearningsattributabletoMylanN.V.ordinaryshareholders
Shares (denominator):

847.6 $

929.4 $

472.2

Weightedaverageordinarysharesoutstanding
BasicearningsperordinaryshareattributabletoMylanN.V.ordinaryshareholders

2014

1.80 $

2.49 $

Diluted earnings attributable to Mylan N.V. ordinary shareholders (numerator):

NetearningsattributabletoMylanN.V.ordinaryshareholders

847.6 $

929.4 $

Shares (denominator):

Share-basedawardsandwarrants
Totaldilutivesharesoutstanding
DilutedearningsperordinaryshareattributabletoMylanN.V.ordinaryshareholders

623.7

373.7

Weightedaverageordinarysharesoutstanding

2013

383.3
1.63

623.7

472.2

373.7

383.3

25.2

24.3

11.2

497.4

398.0

394.5

1.70 $

2.34 $

1.58

____________
(1)AsMylanN.V.isthesuccessortoMylanInc.,theinformationsetforthabovereferstoMylanInc.forperiodspriortoFebruary27,2015,andtoMylanN.V.

onandafterFebruary27,2015.
AdditionalstockoptionsorrestrictedstockawardswereoutstandingduringtheyearsendedDecember31,2015,2014and2013butwerenotincludedin
thecomputationofdilutedearningspershareforeachrespectiveperiod,becausetheeffectwouldbeanti-dilutive.Suchanti-dilutivestockoptionsorrestricted
stockawardsrepresented5.9million,6.1millionand1.0millionsharesfortheyearsendedDecember31,2015,2014and2013,respectively.
Share-Based Compensation. Thefairvalueofshare-basedcompensationisrecognizedasexpenseintheConsolidatedStatementsofOperationsoverthe
vestingperiod.
Derivatives. FromtimetotimetheCompanymayenterintoderivativefinancialinstruments(mainlyforeigncurrencyexchangeforwardcontracts,
interestrateswapsandpurchasedequitycalloptions)designedto:1)hedgethecashflowsresultingfromexistingassetsandliabilitiesandtransactionsexpectedto
beenteredintooverthenext24monthsincurrenciesotherthanthefunctionalcurrency,2)hedgethevariabilityininterestexpenseonfloatingratedebt,3)hedge
thefairvalueoffixed-ratenotes,4)hedgeagainstchangesininterestratesthatcouldimpactfuturedebtissuances,or5)hedgecashorsharepaymentsrequiredon
conversionofissuedconvertiblenotes.DerivativesarerecognizedasassetsorliabilitiesintheConsolidatedBalanceSheetsattheirfairvalue.Whenthederivative
instrumentqualifiesasacashflowhedge,changesinthefairvalueareincludedinearningsordeferredthroughothercomprehensiveearningsdependingonthe
natureandeffectiveness

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oftheoffset.Ifaderivativeinstrumentqualifiesasafairvaluehedge,thechangesinthefairvalue,aswellastheoffsettingchangesinthefairvalueofthehedged
items,areincludedininterestexpense.WhensuchinstrumentsdonotqualifyforhedgeaccountingthechangesinfairvaluearerecordedintheConsolidated
StatementsofOperationswithinotherexpense(income),net.
Financial Instruments. TheCompanysfinancialinstrumentsconsistprimarilyofshort-termandlong-termdebt,interestrateswaps,forwardcontracts
andoptioncontracts.TheCompanysfinancialinstrumentsalsoincludecashandcashequivalentsaswellasaccountsandotherreceivablesandaccountspayable,
thefairvaluesofwhichapproximatetheircarryingvalues.Asapolicy,theCompanydoesnotengageinspeculativeorleveragedtransactions.
TheCompanyusesderivativefinancialinstrumentsforthepurposeofhedgingforeigncurrencyandinterestrateexposures,whichexistaspartofongoing
businessoperationsortohedgecashorsharepaymentsrequiredonconversionofissuedconvertiblenotes.TheCompanycarriesderivativeinstrumentsonthe
ConsolidatedBalanceSheetsatfairvalue,determinedbyreferencetomarketdatasuchasforwardratesforcurrencies,impliedvolatilities,andinterestrateswap
yieldcurves.Theaccountingforchangesinthefairvalueofaderivativeinstrumentdependsonwhetherithasbeendesignatedandqualifiesaspartofahedging
relationshipand,ifso,thereasonforholdingit.
Recent Accounting Pronouncements. InJanuary2016,theFASBissuedAccountingStandardsUpdate2016-01,Recognition and Measurement of
Financial Assets and Financial Liabilities (ASU2016-01),whichrequiresthatmostequityinvestmentsbemeasuredatfairvalue,withsubsequentchangesin
fairvaluerecognizedinnetincome(otherthanthoseaccountedforunderequitymethodofaccounting).Theamendmentsinthisupdatealsorequireanentityto
presentseparatelyinothercomprehensiveincometheportionofthetotalchangeinthefairvalueofaliabilityresultingfromachangeintheinstrument-specific
creditriskwhentheentityhaselectedtomeasuretheliabilityatfairvalueinaccordancewiththefairvalueoptionforfinancialinstruments.ASU2016-01also
impactsfinancialliabilitiesunderthefairvalueoptionandthepresentationanddisclosurerequirementsforfinancialinstruments.Thisguidanceiseffectivefor
fiscalyears,andinterimperiodswithinthoseyears,beginningafterDecember15,2017.TheCompanyiscurrentlyassessingtheimpactoftheadoptionofthis
guidanceonitsConsolidatedFinancialStatementsanddisclosures.
InNovember2015,theFASBissuedAccountingStandardsUpdate2015-17,Balance Sheet Classification of Deferred Taxes (ASU2015-17),which
simplifiesthepresentationofdeferredtaxesbyrequiringthatalldeferredtaxassetsandliabilities,alongwithanyrelatedvaluationallowance,beclassifiedas
noncurrentonthebalancesheet.Asaresult,eachjurisdictionwillnowonlyhaveonenetnoncurrentdeferredtaxassetorliability.Theupdatedguidancedoesnot
changetheexistingrequirementthatonlypermitsoffsettingwithinajurisdiction,andassuch,companiesarestillprohibitedfromoffsettingdeferredtaxliabilities
fromonejurisdictionagainstdeferredtaxassetsofanotherjurisdiction.ThisguidanceiseffectiveforfiscalyearsbeginningafterDecember15,2016,including
interimperiodswithinthoseyearsandearlyadoptionispermitted.Thisguidancemaybeappliedeitherprospectively,foralldeferredtaxassetsandliabilities,or
retrospectively.Ifappliedprospectively,companiesarerequiredtoincludeastatementthatpriorperiodswerenotretrospectivelyadjusted.Ifapplied
retrospectively,companiesarerequiredtoincludequantitativeinformationabouttheeffectsofthechangeonpriorperiods.TheCompanyhaselectedtoearly
adoptthenewaccountingguidancerelatedtothepresentationofdeferredtaxesasofDecember31,2015.Asaresult,theCompanyhaschangeditsaccounting
policytorecordalldeferredtaxassetsandliabilities,alongwithanyrelatedvaluationallowance,asnoncurrentontheConsolidatedBalanceSheets.The
ConsolidatedBalanceSheethasbeenretrospectivelyadjustedtoreflectthischangeforallperiodspresented.Thereclassificationresultedinadecreaseincurrent
assetsandadecreaseincurrentliabilitiesofapproximately$345.7millionand$0.2million,respectivelyatDecember312014.
InSeptember2015,theFASBissuedAccountingStandardsUpdate2015-16,Business Combinations (Topic 805) - Simplifying the Accounting for
Measurement-Period Adjustments (ASU2015-16),whichrequiresthatanacquirerrecognizeadjustmentstoprovisionalamountsthatareidentifiedduringthe
measurementperiodinthereportingperiodinwhichtheadjustmentamountsaredetermined.TheamendmentsinASU2015-16requirethattheacquirerrecord,in
thesameperiodsfinancialstatements,theeffectonearningsofchangesindepreciation,amortization,orotherincomeeffects,ifany,asaresultofthechangeto
theprovisionalamounts,calculatedasiftheaccountinghadbeencompletedattheacquisitiondate.Anentityisrequiredtopresentseparatelyonthefaceofthe
incomestatementordiscloseinthenotestheretotheportionoftheamountrecordedincurrentperiodearningsbylineitemthatwouldhavebeenrecordedin
previousreportingperiodsiftheadjustmenttotheprovisionalamountshadbeenrecognizedasoftheacquisitiondate.Thisguidanceiseffectiveforfiscalyears,
andforinterimperiodswithinthosefiscalyears,beginningafterDecember15,2015andshouldbeappliedprospectivelytoadjustmentstoprovisionalamounts
thatoccuraftertheeffectivedatewithearlieradoptionpermittedforfinancialstatementsthathavenotbeenissued.TheCompanywillprospectivelyadoptthis
guidancebeginninginfiscalyear2016.

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InAugust2015,theFASBissuedAccountingStandardsUpdate2015-15,Interest - Imputation of Interest, Presentation and Subsequent Measurement of
Debt Issuance Costs Associated with Line-of-Credit Arrangements (ASU2015-15),whichstatesthatgiventheabsenceofauthoritativeguidancefordebt
issuancecostsrelatedtoline-of-creditarrangementswithinASU2015-03,definedbelow,theSECstaffwouldnotobjecttoanentitydeferringandpresentingsuch
costsasanassetandsubsequentlyamortizingthedeferreddebtissuancecostsratablyoverthetermoftheline-of-creditarrangement,regardlessofwhetherthere
areanyoutstandingborrowingsontheline-ofcreditarrangement.TheCompanyhaselectedtocontinuetopresentdebtissuancecostsrelatedtoline-of-credit
arrangementsasassetsandcontinuetoamortizethecostsratablyoverthetermoftheline-ofcreditarrangement.
InApril2015,theFASBissuedAccountingStandardsUpdate2015-03,Interest Imputation of Interest (ASU2015-03),whichsimplifiesthe
presentationofdebtissuancecostsbyrequiringthatdebtissuecostsfortermdebtbepresentedonthebalancesheetasadirectreductionofthetermdebtliability
asopposedtoadeferredchargewithinothernon-currentassets.Thechangeiseffectiveforfiscalyearsandinterimperiodswithinthosefiscalyearsbeginningafter
December15,2015.Retrospectiveapplicationisrequiredandearlyadoptionispermitted.TheCompanyhaselectedtoearlyadoptthenewaccountingguidance
relatedtodeferredfinancingfeesfortermdebtasofDecember31,2015.Asaresult,theCompanyhaschangeditsaccountingpolicytorecorddeferredfinancing
fees,relatedtotermdebt,asareductionoftheliabilityrecordedforthedebtinstrumentratherthanasanasset.TheConsolidatedBalanceSheethasbeen
retrospectivelyadjustedtoreflectthischangeforallperiodspresented.TheCompanyretrospectivelyreclassifiedapproximately$34.4millionfromotherassetsto
long-termdebt,includingcurrentportionoflong-termdebt,fortheyearendedDecember31,2014.
InFebruary2015,theFASBissuedAccountingStandardsUpdate2015-02,Amendments to Consolidation Analysis (ASU2015-02).ASU2015-02
revisestheguidancewithrespecttotheanalysisthatareportingentitymustperformtodeterminewhetheritshouldconsolidatecertaintypesoflegalentities.All
legalentitiesaresubjecttoreevaluationundertherevisedconsolidationmodel.Therevisedguidancemodifiestheevaluationofwhethercertainlimited
partnershipsandsimilarentitiesarevariableinterestentities(VIE)orvotinginterestentities,impactstheconsolidationanalysisofVIEs,clarifieswhenfeespaid
toadecisionmakershouldbefactorstoincludeintheconsolidationofVIEs,amendstheguidanceforassessinghowrelatedpartyrelationshipsaffectVIE
consolidationanalysisandprovidesanexemptionforcertainregisteredmoneymarketfunds.Thisguidanceiseffectiveforfiscalyears,andforinterimperiods
withinthosefiscalyears,beginningafterDecember15,2015andcanbeappliedusingamodifiedretrospectiveapproach.TheCompanywilladoptthisguidance
beginninginfiscalyear2016anddoesnotbelieveitwillhaveamaterialimpactontheCompanysConsolidatedFinancialStatements.
InMay2014,theFASBissuedAccountingStandardsUpdate2014-09,Revenue from Contracts with Customers (ASU2014-09updatedwithASU
2015-14),whichrevisesaccountingguidanceonrevenuerecognitionthatwillsupersedenearlyallexistingrevenuerecognitionguidanceunderU.S.GAAP.The
coreprincipalofthisguidanceisthatanentityshouldrecognizerevenuewhenittransferspromisedgoodsorservicestocustomersinanamountthatreflectsthe
considerationwhichtheentityexpectstoreceiveinexchangeforthosegoodsorservices.Thisguidancealsorequiresadditionaldisclosureaboutthenature,
amount,timinganduncertaintyofrevenueandcashflowsarisingfromcustomercontracts,includingsignificantjudgmentsandchangesinjudgmentsandassets
recognizedfromcostsincurredtoobtainorfulfillacontract.ThisguidanceiseffectiveforfiscalyearsbeginningafterDecember15,2017,andforinterimperiods
withinthosefiscalyears,andcanbeappliedusingafullretrospectiveormodifiedretrospectiveapproach.TheCompanyiscurrentlyassessingtheimpactofthe
adoptionofthisguidanceonitsfinancialcondition,resultsofoperationsandcashflows.

3.

Acquisitions and Other Transactions

EPD Business
OnJuly13,2014,MylanN.V.,MylanInc.,andMoonofPAInc.enteredintoadefinitiveagreementwithAbbottLaboratories(Abbott)toacquirethe
EPDBusinessinanall-stocktransaction.OnNovember4,2014,MylanN.V.,MylanInc.,MoonofPAInc.andAbbottenteredintoanamendedandrestated
definitiveagreementimplementingthetransaction(theEPDTransactionAgreement).TheEPDTransaction,closedonFebruary27,2015(theEPD
TransactionClosingDate),afterreceivingapprovalfromMylanInc.sshareholdersonJanuary29,2015.Atclosing,AbbotttransferredtheEPDBusinessto
MylanN.V.,inexchangefor110millionordinarysharesofMylanN.V.ImmediatelyafterthetransferoftheEPDBusiness,MylanInc.mergedwithMoonofPA
Inc.,anindirectwhollyownedsubsidiaryofMylanN.V.,withMylanInc.becominganindirectwhollyownedsubsidiaryofMylanN.V.Inaddition,MylanInc.s
outstandingcommonstockwasexchangedonaonetoonebasisforMylanN.V.ordinaryshares.AsaresultoftheEPDTransaction,MylanN.V.scorporateseat
islocatedinAmsterdam,theNetherlands,itsprincipalexecutiveofficesarelocatedinHatfield,Hertfordshire,EnglandandMylanN.V.groupsglobal
headquartersarelocatedinCanonsburg,Pennsylvania.
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TheacquiredEPDBusinessincludedmorethan100specialtyandbrandedgenericpharmaceuticalproductsinfivemajortherapeuticareasandincludes
severalpatentprotected,noveland/orhard-to-manufactureproducts.Asaresultoftheacquisition,Mylanhassignificantlyexpandedandstrengtheneditsproduct
portfolioinEurope,Japan,Canada,AustraliaandNewZealand.
ThepurchasepriceforMylanN.V.oftheacquiredEPDBusiness,whichwasonadebt-freebasis,was$6.31billionbasedontheclosingpriceofMylan
Inc.sstockasoftheEPDTransactionClosingDate,asreportedbytheNASDAQGlobalSelectStockMarket(NASDAQ).AttheclosingoftheEPD
Transaction,formershareholdersofMylanInc.ownedapproximately78%ofMylanN.V.sordinarysharesandcertainaffiliatesofAbbott(theAbbott
Shareholders)ownedapproximately22%ofMylanN.V.sordinaryshares.OntheEPDTransactionClosingDate,MylanN.V.,AbbottandAbbottShareholders
enteredintoashareholderagreement(theShareholderAgreement).FollowinganunderwrittenpublicofferingofAbbottShareholdersofaportionofMylanN.V.
sordinarysharesheldbythem,whichofferingclosedonApril6,2015,theAbbottShareholderscollectivelyownedapproximately14.2%ofMylanN.V.s
outstandingordinaryshares.TheCompanyandAbbottengageincommercialtransactionsforthesupplyofproducts.Inaddition,Abbottprovidescertain
transitionalservicestoMylan.TheCompanybelievesthatthesetransactionsareconductedoncommerciallyreasonableterms.
InaccordancewithU.S.GAAP,MylanN.V.usedthepurchasemethodofaccountingtoaccountfortheEPDTransactionwithMylanInc.beingtreatedas
theaccountingacquirer.Underthepurchasemethodofaccounting,theassetsacquiredandliabilitiesassumedintheEPDTransactionwererecordedattheir
respectiveestimatedfairvaluesattheEPDTransactionClosingDate.DuringtheyearendedDecember31,2015,adjustmentsweremadetothepreliminary
purchasepricerecordedatFebruary27,2015.Theseadjustmentsmadetothepreliminarypurchasepricerelatedprimarilytoworkingcapitalamounts,deferred
taxesandliabilitiesforpost-employmentbenefits.Thepurchasepricewasfinalizedduringthefourthquarterof2015.Theallocationofthe$6.31billionpurchase
price(asvaluedontheEPDTransactionClosingDate)totheassetsacquiredandliabilitiesassumedfortheacquiredEPDBusinessisasfollows:
Preliminary Purchase
Price Allocation as of
February 27, 2015 (a)

(In millions)

Accountsreceivable

Inventories

462.5
196.3

Othercurrentassets
Property,plantandequipment

Measurement Period
Adjustments (b)

Purchase Price Allocation

as of December 31, 2015

(as adjusted)

(18.7) $
2.2

443.8

198.5

70.1

(27.1)

43.0

140.8

140.8

Identifiedintangibleassets

4,843.0

4,843.0

Goodwill

1,285.7

55.3

1,341.0

15.5

25.5

41.0

7,013.9

37.2

7,051.1

0.1

(268.9)

(39.8)

(421.9)

Otherassets
Totalassetsacquired
Currentliabilities

(269.0)

Deferredtaxliabilities

(382.1)

Othernon-currentliabilities
$

Netassetsacquired

(57.0)

2.5

6,305.8 $

(54.5)
6,305.8

____________
(a)
AsoriginallyreportedintheCompanysQuarterlyReportonForm10-QforthethreemonthsendedMarch31,2015.
(b)
Themeasurementperiodadjustmentsarefor1)certainworkingcapitaladjustmentstoreflectfactsandcircumstancesthatexistedasoftheacquisition
date,2)anincreaseintheliabilityrecordedforpost-employmentbenefitprogramstoreflectupdatedopeningbalancesheetactuarialvaluationsand3)
adjustmentstodeferredincometaxes.TheseadjustmentsdidnothaveasignificantimpactontheCompanyspreviouslyreportedcondensedconsolidated
financialstatementsandaccordingly,theCompanyhasnotretrospectivelyadjustedthosefinancialstatements.
Theidentifiedintangibleassetsof$4.84billionarecomprisedof$4.52billionofproductrightsandlicensesthathaveweightedaverageusefullivesof13
yearsand$320millionofcontractualrightsthathaveweightedaverageusefullivesrangingfromtwotofiveyears.Significantassumptionsutilizedinthe
valuationofidentifiedintangibleassetswerebasedoncompanyspecificinformationandprojectionswhicharenotobservableinthemarketandarethus
consideredLevel3measurementsasdefinedbyU.S.GAAP.Thegoodwillof$1.34billionarisingfromtheacquisitionprimarilyrelatestotheexpectedsynergies
ofthecombinedcompanyandthevalueoftheemployeeworkforce.Allofthegoodwillwasassignedtothe

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Genericssegment.Goodwillof$947millioniscurrentlyexpectedtobedeductibleforincometaxpurposes.Acquisitionrelatedcostsofapproximately$86.1
millionand$50.2millionwereincurredduringtheyearsendedDecember31,2015and2014,respectively,whichwererecordedasacomponentofselling,
generalandadministrative(SG&A)expenseintheConsolidatedStatementsofOperations.
TheoperatingresultsoftheacquiredEPDBusinesshavebeenincludedintheCompanysConsolidatedStatementsofOperationssinceFebruary27,2015
.TherevenuesoftheacquiredEPDBusinessfortheperiodfromtheacquisitiondatetoDecember31,2015were$1.47billionandthenetloss,netoftax,was
$62.4million.Thenetloss,netoftax,includestheeffectsofthepurchaseaccountingadjustmentsandacquisitionrelatedcosts.
Unaudited Pro Forma Financial Results
ThefollowingtablepresentssupplementalunauditedproformainformationasiftheacquisitionoftheEPDBusinesshadoccurredonJanuary1,2014.
Theunauditedproformaresultsreflectcertainadjustmentsrelatedtopastoperatingperformanceandacquisitionaccountingadjustments,suchasincreased
amortizationexpensebasedonthefairvalueofassetsacquired,theimpactoftransactioncostsandtherelatedincometaxeffects.Theunauditedproformaresults
donotincludeanyanticipatedsynergieswhichmaybeachievablesubsequenttotheEPDTransactionClosingDate.Accordingly,theunauditedproformaresults
arenotnecessarilyindicativeoftheresultsthatactuallywouldhaveoccurredhadtheacquisitionbeencompletedonJanuary1,2014,noraretheyindicativeofthe
futureoperatingresultsofMylanN.V.

Year Ended December 31,

(Unaudited, in millions, except per share amounts)

2015

2014

Totalrevenues

9,676.3 $

9,704.6

NetearningsattributabletoMylanN.V.ordinaryshareholders

934.9 $

694.0

EarningsperordinaryshareattributabletoMylanN.V.ordinaryshareholders:

Basic

1.91 $

1.43

Diluted

1.81 $

1.37

Weightedaverageordinarysharesoutstanding:
Basic

490.5

483.7

Diluted

515.7

508.0

Jai Pharma Limited

OnFebruary2,2015,theCompanysignedadefinitiveagreementtoacquirecertainfemalehealthcarebusinessesfromFamyCareLimited(such
businessesJaiPharmaLimited),aspecialtywomenshealthcarecompanywithgloballeadershipingenericoralcontraceptiveproducts.OnNovember20,
2015,theCompanycompletedtheacquisitionofJaiPharmaLimitedthroughitswhollyownedsubsidiaryMylanLaboratoriesLimitedforacashpaymentof$750
millionplusadditionalcontingentpaymentsofupto$50millionforthefilingforapprovalwith,andreceiptofapprovalfrom,theU.S.FoodandDrug
Administration(FDA)ofaproductunderdevelopmentwithJaiPharmaLimited.
InaccordancewithU.S.GAAP,theCompanyusedthepurchasemethodofaccountingtoaccountforthistransaction.Underthepurchasemethodof
accounting,theassetsacquiredandliabilitiesassumedinthetransactionwererecordedattheirrespectiveestimatedfairvaluesattheacquisitiondate.TheU.S.
GAAPpurchasepricewas$711.1million,whichexcludesthe$50millionpaidintoescrowatclosingthatiscontingentuponatleastoneoftwoformerprincipal
shareholdersofJaiPharmaLimitedcontinuingtoprovideconsultingservicestotheacquiredbusinessforthetwoyearpost-closingperiodandthisamountwillbe
treatedascompensationexpenseovertheserviceperiod.TheU.S.GAAPpurchasepricealsoexcludes$7millionofworkingcapitalandotheradjustmentsand
includesestimatedcontingentconsiderationofapproximately$18millionrelatedtothe$50millioncontingentpayment.Theallocationofthe$711.1million
purchasepricetotheassetsacquiredandliabilitiesassumedforJaiPharmaLimitedisasfollows:

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(In millions)

Currentassets(excludinginventories)

Inventories

25.7
4.9

Property,plantandequipment

17.2

Identifiedintangibleassets

437.0

In-processresearchanddevelopment

98.0

Goodwill

317.2

Otherassets

0.7

Totalassetsacquired

900.7

Currentliabilities

(9.1)

Deferredtaxliabilities

(180.5)
$

Netassetsacquired

711.1

Thepreliminaryfairvalueestimatesfortheassetsacquiredandliabilitiesassumedwerebaseduponpreliminarycalculations,valuationsandassumptions
thataresubjecttochangeastheCompanyobtainsadditionalinformationduringthemeasurementperiod(uptooneyearfromtheacquisitiondate).Theprimary
areasofthosepreliminaryestimatesthatarenotyetfinalizedrelatetothedeterminationofcontingentliabilities,thefinalizationofthefairvalueoftangibleand
intangibleassets,thefinalizationoftheworkingcapitaladjustmentanddeferredincometaxes.
TheacquisitionofJaiPharmaLimitedsignificantlybroadenedtheCompanyswomenshealthcareportfolioandstrengtheneditstechnicaland
manufacturingcapabilities.TheamountallocatedtoIPR&Drepresentsanestimateofthefairvalueofpurchasedin-processtechnologyforresearchprojectsthat,
asoftheclosingdateoftheacquisition,hadnotreachedtechnologicalfeasibilityandhadnoalternativefutureuse.ThefairvalueofIPR&Dwasbasedonthe
excessearningsmethod,whichutilizesforecastsofexpectedcashinflows(includingestimatesforongoingcosts)andothercontributorycharges.Discountratesof
10%and11%wereutilizedtodiscountnetcashinflowstopresentvalues.IPR&Disaccountedforasanindefinite-livedintangibleassetandwillbesubjectto
impairmenttestinguntilcompletionorabandonmentoftheprojects.Uponsuccessfulcompletionandlaunchofeachproduct,theCompanywillmakea
determinationoftheestimatedusefullifeoftheindividualIPR&Dasset.TheacquiredIPR&Dprojectsareinvariousstagesofcompletionandtheestimatedcosts
tocompletetheseproductswilltotalapproximately$5millionandareexpectedtobeincurredfrom2016through2019.Therearerisksanduncertainties
associatedwiththetimelyandsuccessfulcompletionoftheprojectsincludedinIPR&D,andnoassurancescanbegiventhattheunderlyingassumptionsusedto
estimatethefairvalueofIPR&Dwillnotchangeorthetimelycompletionofeachprojecttocommercialsuccesswilloccur.
Theidentifiedintangibleassetsof$437millionarecomprisedofproductrightsandlicensesthathaveweightedaverageusefullivesofnineyears.
Significantassumptionsutilizedinthevaluationofidentifiedintangibleassetswerebasedoncompanyspecificinformationandprojectionswhicharenot
observableinthemarketandarethusconsideredLevel3measurementsasdefinedbyU.S.GAAP.Thegoodwillof$317.2millionarisingfromtheacquisition
consistedlargelyofthevalueoftheemployeeworkforceandthevalueofproductstobedevelopedinthefuture.AllofthegoodwillwasassignedtoMylans
Genericssegment.Noneofthegoodwillrecognizediscurrentlyexpectedtobedeductibleforincometaxpurposes.Acquisitionrelatedcostsofapproximately
$8.5millionwereincurredduringtheyearendedDecember31,2015,whichwererecordedasacomponentofSG&AexpenseintheConsolidatedStatementsof
Operations.TheacquisitiondidnothaveamaterialimpactontheCompanysresultsofoperationssincetheacquisitiondateoronaproformabasis.
Agila Specialties
OnFebruary27,2013,theCompanyannouncedthatithadsigneddefinitiveagreementstoacquiretheAgilaSpecialtiesbusinesses(Agila),a
developer,manufacturerandmarketerofhigh-qualitygenericinjectableproducts,fromStridesArcolabLimited(StridesArcolab).Thetransactionclosedon
December4,2013,andthetotalpurchasepricewasapproximately$1.43billion(netofcashacquiredof$3.4million),whichincludedestimatedcontingent
considerationof$250million.Duringthethirdquarterof2014,theCompanyenteredintoanagreementwithStridesArcolabtosettleaportionofthecontingent
considerationfor$150million,forwhichtheCompanyaccrued$230millionattheacquisitiondate.Asaresultofthisagreement,theCompanyrecognizedagain
of$80millionduringtheyearendedDecember31,2014,whichisincludedinotheroperating(income)expense,netintheConsolidatedStatementsofOperations.
Theremainingcontingentconsideration,whichcouldtotalamaximumof$173million,isprimarilyrelatedtothesatisfactionofcertainregulatoryconditions,
includingpotentialregulatoryremediationcostsandtheresolutionofcertainpre-acquisitioncontingencies.TheacquisitionofAgila
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significantlyexpandedandstrengthenedMylaninjectablesplatformandportfolio,andalsoprovidedMylanentryintocertainnewgeographicmarkets.
Approximately$49.8millionofexpenseswereincurredduringtheyearendedDecember31,2013thatrelatedtothisacquisition.
InaccordancewithU.S.GAAP,theCompanyusedthepurchasemethodofaccountingtoaccountforthistransaction.Underthepurchasemethodof
accounting,theassetsacquiredandliabilitiesassumedinthetransactionwererecordedattheirrespectiveestimatedfairvaluesattheacquisitiondate.Duringthe
sixmonthsendedJune30,2014,adjustmentsweremadetothepreliminaryamountsrecordedatDecember31,2013primarilyrelatedtoworkingcapitaland
deferredtaxes.Theseadjustmentsarereflectedinthevaluespresentedbelow.Theallocationofthe$1.43billionpurchasepricetotheassetsacquiredandliabilities
assumedforAgilaisasfollows:
(In millions)

Currentassets(excludinginventories)

Inventories

45.5
37.3

Property,plantandequipment

146.2

Identifiedintangibleassets

280.0

In-processresearchanddevelopment

436.0

Goodwill

936.6

Otherassets(includingequitymethodinvestment)

152.8

Totalassetsacquired

2,034.4

Currentliabilities

(242.0)

Deferredtaxliabilities

(235.1)

Othernoncurrentliabilities

(123.6)
$

Netassetsacquired

1,433.7

TheamountallocatedtoIPR&Drepresentsanestimateofthefairvalueofpurchasedin-processtechnologyforresearchprojectsthat,asoftheclosing
dateoftheacquisition,hadnotreachedtechnologicalfeasibilityandhadnoalternativefutureuse.ThefairvalueoftheIPR&Dwasbasedontheexcessearnings
method,whichutilizedforecastsofexpectedcashinflows(includingestimatesforongoingcosts)andothercontributorycharges.Adiscountrateof13.0%was
utilizedtodiscountnetcashinflowstopresentvalues.IPR&Disaccountedforasanindefinite-livedintangibleassetandwillbesubjecttoimpairmenttestinguntil
completionorabandonmentoftheprojects.Uponsuccessfulcompletionandlaunchofeachproduct,theCompanywillmakeadeterminationoftheestimated
usefullifeoftheindividualIPR&Dasset.TheacquiredIPR&Dprojectsareinvariousstagesofcompletionandtheestimatedcoststocompletetheseprojectstotal
approximately$10million,whichisexpectedtobeincurredin2016.Therearerisksanduncertaintiesassociatedwiththetimelyandsuccessfulcompletionofthe
projectsincludedinIPR&D,andnoassurancescanbegiventhattheunderlyingassumptionsusedtoestimatethefairvalueofIPR&Dwillnotchangeorthetimely
completionofeachprojecttocommercialsuccesswilloccur.
Theidentifiedintangibleassetsof$280millionarecomprisedof$221millionofproductrightsandlicensesthathaveweightedaverageusefullivesof
eightyearsand$59millionofcustomerrelationshipsthathaveweightedaverageusefullivesoffiveyears.Theequitymethodinvestmentof$125million
representsthefairvalueofAgilas50%interestinSagentAgilaLLC(SagentAgila).Paymentsforproductrightsandother,netontheConsolidated
StatementsofCashFlowsfortheyearendedDecember31,2014,includespaymentstotaling$120milliontoacquirecertaincommercializationrightsintheU.S.
andothercountries.Thegoodwillofapproximately$937millionarisingfromtheacquisitionconsistedlargelyofthevalueoftheemployeeworkforceandthe
valueofproductstobedevelopedinthefuture.AllofthegoodwillwasassignedtoMylansGenericssegment.Atthedateoftheacquisition,theCompany
estimatedthatnoneofthegoodwillrecognizedwouldbedeductibleforincometaxpurposes.AsaresultofalegalmergeroftheIndiansubsidiariesofAgilawith
MylanLaboratoriesLimited,whichwasapprovedbytherelevantIndianregulatoryauthoritiesduringthethirdquarterof2014,approximately$711millionof
goodwillrelatedtotheacquisitionofAgilawillbedeductiblefortaxpurposes,refertoNote10Income Taxes foradditionalinformation.
Significantassumptionsutilizedinthevaluationofidentifiedintangibleassets,theequitymethodinvestmentandIPR&Dwerebasedoncompanyspecific
informationandprojectionswhicharenotobservableinthemarketandarethusconsideredLevel3measurementsasdefinedbyU.S.GAAP.
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TableofContents
Unaudited Pro Forma Financial Results
ThefollowingtablepresentssupplementalunauditedproformainformationasiftheacquisitionofAgilahadoccurredonJanuary1,2012.Theunaudited
proformaresultsreflectcertainadjustmentsrelatedtopastoperatingperformanceandacquisitionaccountingadjustments,suchasincreasedamortizationexpense
basedonthefairvaluationofassetsacquired,theimpactofacquisitionfinancing,transactioncostsandtherelatedincometaxeffects.Theunauditedproforma
resultsdonotincludeanyanticipatedsynergieswhichmaybeachievablesubsequenttotheacquisitiondate.Accordingly,theunauditedproformaresultsarenot
necessarilyindicativeoftheresultsthatactuallywouldhaveoccurredhadtheacquisitionbeencompletedonJanuary1,2012,noraretheyindicativeofthefuture
operatingresultsofthecombinedcompany.
Year Ended
December 31,

(Unaudited, in millions, except per share amounts)

2013

Totalrevenues

7,109

NetearningsattributabletoMylanInc.commonshareholders

443

EarningspercommonshareattributabletoMylanInc.commonshareholders

Basic

1.16

Diluted

1.12

Weightedaveragecommonsharesoutstanding:

Basic

383.3

Diluted

394.5

Other Transactions
OnJanuary8,2016,theCompanyenteredintoanagreementwithMomentaPharmaceuticals,Inc.(Momenta)todevelop,manufactureand
commercializeuptosixofMomentascurrentbiosimilarcandidates,includingMomentasbiosimilarcandidate,ORENCIA(abatacept).Mylanpaidanup-front
cashpaymentof$45milliontoMomenta.Underthetermsoftheagreement,Momentaiseligibletoreceiveadditionalcontingentmilestonepaymentsofupto
$200million.TheCompanyandMomentawilljointlyberesponsibleforproductdevelopmentandwillequallyshareinthecostsandprofitsoftheproducts.
Undertheagreement,Mylanwillleadtheworldwidecommercializationefforts.
InDecember2015,theCompanyenteredintoanagreementtoacquirecertainEuropeanintellectualpropertyrightsandmarketingauthorizations.The
purchasepricewas$202.5millionincludingapproximately$2.5millionoftransactioncosts.TheCompanyaccountedforthistransactionasanassetacquisition.
TheCompanypaid$10millionattheclosingofthetransaction,whichisincludedininvestingontheConsolidatedStatementsofCashFlows.TheCompany
expectstopayapproximately$165millionduring2016andtheremaining$25millionduringthefirstquarterof2017,subjecttocertaintimingconditions.The
assetwillbeamortizedoverausefullifeoffiveyears.
OnNovember13,2015,theCompanyannouncedthattheacceptanceconditiontoourpreviouslyannouncedoffer(thePerrigoOffer)toacquireallof
theissuedandoutstandingordinarysharesofPerrigoCompanyplc(Perrigo)hadnotbeensatisfiedandhadlapsedinaccordancewithitsterms.AnyPerrigo
ordinarysharesthatweretenderedbyPerrigoshareholderswerereturnedtotherespectivePerrigoshareholders.
OnApril3,2015,theCompanyandStichtingPreferredSharesMylan(theFoundation)enteredintoacalloptionagreement(theCallOption
Agreement).PursuanttothetermsoftheCallOptionAgreement,MylanN.V.grantedtheFoundationacalloption(theOption),permittingtheFoundationto
acquirefromtime-to-timeMylanN.V.preferredsharesuptoamaximumnumberequaltothetotalnumberofMylanN.V.ordinarysharesissuedatsuchtimeto
theextentsuchsharesarenotheldbytheFoundation.TheexercisepriceoftheOptionis0.01perpreferredshare.OnApril21,2015,theCompanyreceiveda
letterfromthePresidentandChiefExecutiveOfficerofTevaPharmaceuticalIndustriesLtd.("Teva"),containinganon-bindingexpressionofinterestfromTeva
toacquireMylanfor$82perMylanordinaryshare.OnJuly23,2015,inresponsetoTeva'sunsolicitedexpressionofinterestinacquiringMylan,theFoundation
exercisedtheOptionandacquired488,388,431MylanpreferredsharespursuanttothetermsoftheCallOptionAgreement.Incompliancewiththecurrent
statutoryarrangement,25%ofthenominalvalueofthepreferredshares,approximately$1.3million,waspaidtoMylanincashuponissuance.EachMylan
ordinaryshareandpreferredshareisentitledtoonevoteoneachmatterproperlybroughtbeforeageneralmeetingofshareholders.OnJuly27,2015,Teva
announceditsentryintoanagreementtoacquiretheGenericDrugUnitofAllerganplcandthewithdrawalofitsunsolicited,non-bindingexpressionofinterestto
acquireMylan.OnSeptember

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19,2015,theFoundationrequestedtheredemptionoftheMylanpreferredsharesissuedonJuly23,2015,informingMylanthatitwasreasonablyconvincedthat
theinfluencesthatmightadverselyaffectorthreatenthestrategy,mission,independence,continuityand/oridentityofMylananditsbusinessinamannerthatis
contrarytotheinterestofMylan,itsbusiness,anditsstakeholdershadbeensufficientlyaddressed.Mylanordinaryshareholdersapprovedtheredemptionofthe
preferredsharesonJanuary7,2016atanextraordinarygeneralmeetingofshareholders.TheFoundationwillcontinuetohavetherighttoexercisetheOptionin
thefutureinresponsetoanewthreattotheinterestsofMylan,itsbusinessesanditsstakeholdersfromtimetotime.
During2015,theCompanyenteredintoagreementswithmultiplecounterpartiestoacquirecertainmarketedpharmaceuticalproductsforupfront
paymentstotalingapproximately$360.8million,whichwerepaidduringtheyearendedDecember31,2015andareincludedininvestingactivitiesinthe
ConsolidatedStatementsofCashFlows.TheCompanywillbesubjecttopotentialfuturesalesandothercontingentmilestonepaymentsunderthetermsofoneof
theagreements.
OnJanuary30,2015,theCompanyenteredintoadevelopmentandcommercializationcollaborationwithTheravanceBiopharma,Inc.(Theravance
Biopharma)forthedevelopmentand,subjecttoFDAapproval,commercializationofRevefenacin(TD-4208),anovelonce-dailynebulizedlong-acting
muscarinicantagonist(LAMA)forchronicobstructivepulmonarydisease(COPD)andotherrespiratorydiseases.Underthetermsoftheagreement,Mylan
andTheravanceBiopharmawillco-developnebulizedTD-4208forCOPDandotherrespiratorydiseases.TheravanceBiopharmawillleadtheU.S.registrational
developmentprogramandMylanwillberesponsibleforthereimbursementofTheravanceBiopharma'sdevelopmentcostsforthatprogramupuntiltheapproval
ofthefirstnewdrugapplication,afterwhichcostswillbeshared.Inaddition,Mylanwillberesponsibleforcommercialmanufacturing.IntheU.S.,Mylanwill
leadcommercializationandTheravanceBiopharmawillretaintherighttoco-promotetheproductunderaprofit-sharingarrangement.OnSeptember14,2015,
MylanannouncedtheinitiationofthePhase3programthatwillsupporttheregistrationaldevelopmentprogramofTD-4208intheU.S.Inadditiontofundingthe
U.S.registrationaldevelopmentprogram,theCompanymadea$30millioninvestmentinTheravanceBiopharmascommonstockduringthefirstquarterof2015,
whichisbeingaccountedforasanavailable-for-salesecurity.TheCompanyincurred$15millioninupfrontdevelopmentcostsduringtheyearendedDecember
31,2015.Underthetermsoftheagreement,TheravanceBiopharmaiseligibletoreceivepotentialdevelopmentandsalesmilestonepaymentstotaling$220
millionintheaggregate.
OnSeptember10,2014,theCompanyenteredintoanagreementwithAspenGlobalIncorporatedtoacquiretheU.S.commercialization,marketingand
intellectualpropertyrightsrelatedtoArixtraInjection(Arixtra)andtheauthorizedgenericrightsofArixtra.Thepurchasepriceforthisintangibleassetwas
$300million,ofwhich$225millionwaspaidattheclosingofthetransactiononSeptember25,2014.Anadditional$37.5millionwaspaidduringthefourth
quarterof2014,andisincludedinpaymentsforproductrightsandother,netontheConsolidatedStatementsofCashFlows.Theremaining$37.5million,which
washeldinescrow,wasreleasedduringtheyearendedDecember31,2015uponthesatisfactionofcertainconditions.Theassetwillbeamortizedoveran
estimatedusefullifeoftenyears.
OnJune30,2014,theCompanyacquiredcertainproductrightsandotherintangibleassetsin,orfor,Australia,NewZealandandBrazil.Inaccordance
withU.S.GAAP,theCompanyusedthepurchasemethodofaccountingtoaccountforthistransaction.Thepurchasepricefortheseassetswas$50.0million.The
purchasepriceallocationresultedinapproximately$36.7millionofintangibleassetswhichwereincludedinproductrightsandlicenses,andgoodwillof
approximately$13.3millionwhichwasassignedtoMylansGenericssegment.Significantassumptionsutilizedinthevaluationofidentifiedintangibleassets
werebasedoncompanyspecificinformationandprojectionswhicharenotobservableinthemarketandarethusconsideredLevel3measurementsasdefinedby
U.S.GAAP.TheacquisitiondidnothaveamaterialimpactontheCompanysresultsofoperationssincetheacquisitiondate.
4.

Balance Sheet Components

Selectedbalancesheetcomponentsconsistofthefollowing:

(In millions)

December 31, 2015 December 31, 2014

Inventories:

592.4 $

549.5

387.0

298.4

Rawmaterials
Workinprocess
Finishedgoods

971.6
$

107

1,951.0 $

803.5
1,651.4

TableofContents

(In millions)

December 31, 2015 December 31, 2014

Property,plantandequipment:

124.5 $

Landandimprovements
Buildingsandimprovements
Machineryandequipment
Constructioninprogress

Lessaccumulateddepreciation

Othercurrentliabilities:
Legalandprofessionalaccruals,includinglitigationaccruals

88.3

950.6

826.4

1,928.4

1,739.3

290.5

301.8

3,294.0

2,955.8

1,310.1

1,170.1

1,983.9 $

1,785.7

122.6 $

81.8

Payrollandemployeebenefitplanaccruals

367.9

282.6

Accruedsalesallowances

681.8

581.3

25.1

63.8

Accruedinterest
Fairvalueoffinancialinstruments
Other
$

19.8

52.2

624.7

372.4

1,841.9 $

1,434.1

Contingentconsiderationincludedinothercurrentliabilitiesis$35.0millionand$20.0millionatDecember31,2015and2014,respectively.Contingent
considerationincludedinotherlong-termobligationsis$491.4millionand$450.0millionatDecember31,2015and2014,respectively.Duringtheyearended
December31,2015,theCompanyreclassified$15.0millionofcontingentconsiderationfromotherlong-termobligationstoothercurrentliabilitiesrepresenting
milestonepaymentsthatareexpectedtobepaidin2016.Includedinprepaidexpensesandothercurrentassetsis$106.6millionand$134.1millionofrestricted
cashatDecember31,2015and2014,respectively.Anadditional$100millionofrestrictedcashisclassifiedasacomponentofotherlong-termassetsat
December31,2015and2014,principallyrelatedtoamountsdepositedinescrow,orrestrictedaccounts,forpotentialcontingentconsiderationpaymentsrelatedto
theAgilaacquisition.
5.

Equity Method Investments

TheCompanyshasfiveequitymethodinvestmentsinlimitedliabilitycompaniesthatownrefinedcoalproductionplants(thecleanenergy
investments),whoseactivitiesqualifyforincometaxcreditsunderSection45oftheInternalRevenueCode,asamended(theCode).Thecarryingvalueofthe
cleanenergyinvestmentstotaled$379.3millionand$437.5millionatDecember31,2015and2014,respectively,andareincludedinotherassetsinthe
ConsolidatedBalanceSheets.Liabilitiesrelatedtothesecleanenergyinvestmentstotaled$419.3millionand$472.7millionatDecember31,2015and2014,
respectively.Oftheseliabilities,$357.0millionand$412.9millionareincludedinotherlong-termobligationsintheConsolidatedBalanceSheetsatDecember31,
2015and2014,respectively.Theremaining$62.3millionand$59.8millionareincludedinothercurrentliabilitiesintheConsolidatedBalanceSheetsat
December31,2015and2014,respectively.
Inaddition,theCompanyholdsa50%interestinSagentAgila,whichisaccountedforusingtheequitymethodofaccounting.SagentAgilawas
establishedtoallowforthedevelopment,manufacturinganddistributionofcertaingenericinjectableproductsintheU.S.market.Theinitialtermoftheventure
expiresuponthetenthanniversaryofitsformation.ThecarryingvalueoftheinvestmentinSagentAgilaincludedinotherassetstotaled$96.2millionand$109.9
millionatDecember31,2015and2014,respectively,intheConsolidatedBalanceSheets.
Summarizedfinancialinformation,intheaggregate,oftheCompanysequitymethodinvestmentsona100%basisasofandfortheyearsended
December31,2015,2014and2013areasfollows:

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TableofContents

(In millions)

December 31, 2015 December 31, 2014

Currentassets

97.6 $

Noncurrentassets
Totalassets
Currentliabilities

14.6

18.8

112.2

116.1

74.9

83.8

2.6

2.5

77.5

86.3

34.7 $

29.8

Noncurrentliabilities
Totalliabilities
$

Netassets

(In millions)

97.3

Year Ended December 31,

2015

Totalrevenues

Operatingandnon-operatingexpense
$

2014

774.6 $

Grossloss
Netloss

2013

536.8 $

167.5

(11.3)

(7.8)

(6.1)

25.6

16.9

4.3

(36.9) $

(24.7) $

(10.4)

TheCompanysnetlossesfromequitymethodinvestmentsincludesamortizationexpenserelatedtotheexcessofthecostbasisoftheCompanys
investmenttotheunderlyingassetsofeachindividualinvestee.FortheyearsendedDecember31,2015,2014and2013,theCompanysshareofthenetlossof
theequitymethodinvestmentswas$105.1million,$91.4millionand$34.6million,respectively,whichwasrecognizedasacomponentofotherincome
(expense),net.TheCompanyrecognizestheincometaxcreditsandbenefitsfromthecleanenergyinvestmentsaspartofitsprovisionforincometaxes.
6.

Goodwill and Other Intangible Assets

ThechangesinthecarryingamountofgoodwillfortheyearsendedDecember31,2015and2014areasfollows:

Specialty
Segment

(In millions)

Generics Segment

BalanceatDecember31,2013:

3,991.4 $

734.1 $

Goodwill
Accumulatedimpairmentlosses

Total

4,725.5

(385.0)

3,991.4

349.1

Acquisitions

13.3

13.3

Divestment

(10.5)

(10.5)

(294.0)

(294.0)

3,700.2

349.1

Foreigncurrencytranslation

BalanceatDecember31,2014:

Goodwill
Accumulatedimpairmentlosses

Acquisitions
Foreigncurrencytranslation

BalanceatDecember31,2015:

Goodwill
Accumulatedimpairmentlosses
$

109

(385.0)
4,340.5

4,049.3

3,700.2

734.1

(385.0)

3,700.2

349.1

4,049.3

1,658.2

1,658.2

(327.4)

5,031.0

349.1

(385.0)

(327.4)
5,380.1

5,031.0

734.1

(385.0)

5,031.0 $

4,434.3

349.1 $

5,765.1
(385.0)
5,380.1

TableofContents
IntangibleassetsconsistofthefollowingcomponentsatDecember31,2015and2014:
Weighted
Average Life
(Years)

(In millions)

December 31, 2015

Amortizedintangibleassets:

Original
Cost

Accumulated
Amortization

Patentsandtechnologies

20

116.6 $

103.8 $

Productrightsandlicenses

11

Other(1)

8,848.6

Net Book
Value

2,652.7

12.8
6,195.9

465.3

189.8

275.5

9,430.5

2,946.3

6,484.2

In-processresearchanddevelopment

10,168.2 $

2,946.3 $

December 31, 2014

Amortizedintangibleassets:

Patentsandtechnologies

20

Productrightsandlicenses

10

Other(1)

737.7

116.6 $
3,617.0

737.7
7,221.9

99.2 $
2,127.8

17.4
1,489.2

162.2

70.6

91.6

3,895.8

2,297.6

1,598.2

In-processresearchanddevelopment

748.9

748.9

4,644.7 $

2,297.6 $

2,347.1

____________
(1)

Otherintangiblesconsistprincipallyofcustomerlists,contractualrightsandothercontracts.

Productrightsandlicensesareprimarilycomprisedoftheproductsmarketedatthetimeofacquisition.Theseproductrightsandlicensesrelateto
numerousindividualproducts,thenetbookvalueofwhich,bytherapeuticcategory,isasfollows:
(In millions)

December 31, 2015 December 31, 2014

Allergy

Anti-infectives

71.2 $

82.5

368.7

152.8

Antineoplastic

169.3

123.7

Cardiovascular

1,105.5

175.0

949.8

199.5

CentralNervousSystem
Dermatological

52.9

65.9

EndocrineandMetabolic

1,152.5

54.8

Gastrointestinal

1,289.9

67.6

HematologicalAgents

370.1

294.5

ImmunologicalAgents

322.7

20.8

RespiratorySystem

137.9

78.3

Other(1)

205.4

173.8

6,195.9 $

1,489.2

____________
(1)

Otherconsistsofnumeroustherapeuticclasses,noneofwhichindividuallyexceeds5%oftotalproductrightsandlicenses.

Amortizationexpense,whichisclassifiedprimarilywithincostofsalesintheConsolidatedStatementsofOperations,fortheyearsendedDecember31,
2015,2014and2013wasapproximately$846.0million,$393.8millionand$363.7million,respectively.Amortizationexpensefortheyearsended
December31,2015,2014and2013includesintangibleassetimpairmentchargesof$31.3million,$27.7millionand$18.0million,respectively.Amortization
expense,inclusiveoftheintangibleassetsacquiredasaresultoftheacquisitionoftheEPDBusinessandtheacquisitionofJaiPharmaLimitedduring

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2015,isexpectedtobeapproximately$933million,$795million,$742million,$661millionand$568millionfortheyearsendedDecember31,2016through
2020,respectively.
Indefinite-livedintangibles,suchastheCompanysIPR&Dassets,aretestedatleastannuallyforimpairment,buttheymaybetestedwhenevercertain
impairmentindicatorsarepresent.Impairmentisdeterminedtoexistwhenthefairvalueislessthanthecarryingvalueoftheassetsbeingtested.
TheCompanyperformeditsannualimpairmentreviewofcertainIPR&Dassetsduringthethirdandfourthquartersof2015.ThisreviewofIPR&Dassets
principallyrelatestoassetsacquiredaspartoftheAgilaacquisitioninDecember2013,therespiratorydeliveryplatformacquisitioninDecember2011andthe
BionichePharmaacquisitioninSeptember2010.FortheyearsendedDecember31,2015and2014,theCompanyrecorded$31.3millionand$17.7million,
respectively,ofimpairmentchargesrelatedtotheAgilaIPR&Dassets,whichwasrecordedasacomponentofamortizationexpense.FortheyearendedDecember
31,2013,theCompanyrecorded$18.0millionofimpairmentchargesprimarilyrelatedtotheBionichePharmaIPR&Dassets,whichwasrecordedasacomponent
ofamortizationexpense.TheseimpairmentchargesresultedfromtheCompanysestimateofthefairvalueoftheseassets,whichwasbaseduponupdatedforecasts
andcommercialdevelopmentplans,comparedwiththeassignedfairvaluesattheacquisitiondate.Thefairvaluewasdeterminedbasedupondetailedvaluations
employingtheincomeapproachwhichutilizedLevel3inputs,asdefinedinNote7Financial Instruments and Risk Management .ThefairvalueofIPR&Dwas
calculatedasthepresentvalueoftheestimatedfuturenetcashflowsusingamarketrateofreturn.Theassumptionsinherentintheestimatedfuturecashflows
include,amongotherthings,theimpactofchangestothedevelopmentprograms,theprojecteddevelopmentandregulatorytimeframesandthecurrent
competitiveenvironment.Discountratesrangingbetween9.8%and11.8%wereutilizedinthevaluationsperformedduringthethirdandfourthquartersof2015.
Discountratesrangingbetween10%and12%wereutilizedinvaluationduringthethirdquarterof2014.ChangestoanyoftheCompanysassumptionsmay
resultinafurtherreductiontotheestimatedfairvalueoftheIPR&Dasset.DuringtheyearsendedDecember31,2015and2014,approximately$59.4millionand
$60.3million,respectively,wasreclassifiedfromacquiredIPR&Dtoproductrightsandlicenses.
Inaddition,theCompanymonitorslong-livedintangibleassetsforpotentialtriggeringeventsorchangesincircumstancesthatwouldindicatethatthe
carryingamountoftheassetmaynotberecoverable.DuringtheyearendedDecember31,2015,theCompanyreviseditsestimatedusefullivesoncertain
intangibleassets.DuringtheyearendedDecember31,2014,theCompanyrecordedimpairmentchargesofapproximately$10.0millionrelatedtoproductrights
andlicenses,whichwasrecordedasacomponentofamortizationexpense.
DuringtheyearendedDecember31,2015,theCompanymadecashpaymentsofapproximately$425millionforproductsrightsandlicensesrelatedto
certainmarketedpharmaceuticalproductswithmultiplecounterparties,asfurtherdescribedinNote3Acquisitions and Other Transactions .Duringtheyearended
December31,2014,theCompanymadecashpaymentsofapproximately$383millionforproductrightsandlicenses,ofwhichapproximately$120million
relatedtotheCompanyspurchaseofcertaincommercializationrightsintheU.S.andothercountriesrelatedtotheAgilaacquisitionandapproximately$263
millionrelatedtotheCompanyspurchaseoftheU.S.commercialization,marketingandintellectualpropertyrightsofArixtraandtheauthorizedgenericrightsof
Arixtra.
7.

Financial Instruments and Risk Management

TheCompanyisexposedtocertainfinancialrisksrelatingtoitsongoingbusinessoperations.Theprimaryfinancialrisksthataremanagedbyusing
derivativeinstrumentsareforeigncurrencyrisk,interestrateriskandequityrisk.
Foreign Currency Risk Management
Inordertomanageforeigncurrencyrisk,theCompanyentersintoforeignexchangeforwardcontractstomitigateriskassociatedwithchangesinspot
exchangeratesofmainlynon-functionalcurrencydenominatedassetsorliabilities.Theforeignexchangeforwardcontractsaremeasuredatfairvalueandreported
ascurrentassetsorcurrentliabilitiesontheConsolidatedBalanceSheets.Anygainsorlossesontheforeignexchangeforwardcontractsarerecognizedin
earningsintheperiodincurredintheConsolidatedStatementsofOperations.
TheCompanyhasalsoenteredintoforwardcontractstohedgeforecastedforeigncurrencydenominatedsalesfromcertaininternationalsubsidiaries.
Thesecontractsaredesignatedascashflowhedgestomanageforeigncurrencytransactionriskandaremeasuredatfairvalueandreportedascurrentassetsor
currentliabilitiesontheConsolidatedBalanceSheets.Anychangesinfairvalueareincludedinearningsordeferredthroughaccumulatedothercomprehensive
earnings(AOCE),dependingonthenatureandeffectivenessoftheoffset.

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Interest Rate Risk Management

TheCompanyentersintointerestrateswapsinordertomanageinterestrateriskassociatedwiththeCompanysfixed-andfloating-ratedebt.These
derivativeinstrumentsaremeasuredatfairvalueandreportedascurrentassetsorcurrentliabilitiesontheConsolidatedBalanceSheets.
Cash Flow Hedging Relationships
TheCompanysinterestrateswapsdesignatedascashflowhedgesfixtheinterestrateonaportionoftheCompanysvariable-ratedebtorhedgepartof
theCompanysinterestrateexposureassociatedwiththevariabilityinthefuturecashflowsattributabletochangesininterestrates.Anychangesinfairvalueare
includedinearningsordeferredthroughAOCE,dependingonthenatureandeffectivenessoftheoffset.Anyineffectivenessinacashflowhedgingrelationshipis
recognizedimmediatelyinearningsintheConsolidatedStatementsofOperations.
Inconjunctionwithaseniornotesofferingduringthesecondquarterof2013andtherelatedrepaymentoftheCompanysvariable-rate2011termloans
(the2011TermLoans),theCompanyterminatedallinterestrateswapsthathadpreviouslyfixedtheinterestrateonaportionoftheCompanysvariable-rate
2011TermLoans.Asaresult,duringtheyearendedDecember31,2013,approximately$0.8millionthathadpreviouslybeenclassifiedinAOCEwasrecognized
intootherexpense(income),net,astheforecastedtransactionwasnolongerprobableofoccurring.Inaddition,$750millionoffloating-ratedebtinterestrate
swapsthatwereextendedthroughforward-startingswapswereterminatedduringtheyearendedDecember31,2013inthetransactiondescribedabove.There
werenointerestrateswapsonfloating-ratedebtasofDecember31,2015orDecember31,2014.
Inanticipationofissuingfixed-ratedebt,theCompanymayusetreasuryratelocksorforwardstartinginterestrateswapsthataredesignatedascashflow
hedges.InApril2013,theCompanyenteredintoaseriesofforwardstartingswapstohedgeagainstchangesininterestratesthatcouldimpactfuturedebt
issuances.Theseswapsweredesignedascashflowhedgesofexpectedfutureissuancesoflong-termbonds.TheCompanyexecuted$1billionofnotionalvalue
swapswithaneffectivedateofAugust2015.Theseswapshadamaturityoftenyears.InAugust2015,theCompanyterminatedtheseswaps.Asaresultofthis
termination,theCompanyincurredlosses,netoftax,ofapproximately$32.9million,whichwererecordedinAOCEinthethirdquarterof2015.Duringthe
fourthquarterof2015,thebalanceinAOCEwasrecognizedinotherexpense(income),netastheforecastedtransactionwasnolongerprobableofoccurring.
InAugust2014,theCompanyenteredintoaseriesofforwardstartingswapstohedgeagainstchangesininterestratesthatcouldimpactfuturedebt
issuances.Theseswapsweredesignedascashflowhedgesofexpectedfutureissuancesoflong-termbonds.TheCompanyexecuted$575millionofnotionalvalue
swapswithaneffectivedateofSeptember2015.Theseswapshadamaturityoftenyears.InSeptember2015,theCompanyterminatedtheseswaps,andasa
resultofthistermination,theCompanyhasrecognizedlosses,netoftax,ofapproximately$22.4million,whichwererecordedinAOCE.Duringthefourthquarter
of2015,theCompanyissued$500millionaggregateprincipalamountof3.000%SeniorNotesdueDecember2018and$500millionaggregateprincipalamount
of3.750%SeniorNotesdueDecember2020.TheCompanyrecognizedapproximately$11.8millionoftheloss,netoftax,previouslyrecordedtoAOCEinother
expense(income),netduringthefourthquarterof2015.Theremainingloss,netoftax,ofapproximately$10.6millionwillbeamortizedovertheremaininglives
ofthe3.000%SeniorNotesdueDecember2018and3.750%SeniorNotesdueDecember2020.
InSeptember2015,theCompanyenteredintoaseriesofforwardstartingswapstohedgeagainstchangesininterestratesrelatedtofuturedebtissuances.
Theseswapsaredesignatedascashflowhedgesofexpectedfutureissuancesoflong-termbonds.TheCompanyexecuted$500millionofnotionalvalueswaps
withaneffectivedateofJune2016andanadditional$500millionofnotionalvalueswapswithaneffectivedateofNovember2016.Bothsetsofswapshavea
maturityoftenyears.
InDecember2014,theCompanyterminatedcertainforwardstartingswapsdesignatedascashflowhedgesofexpectedfutureissuancesoflong-term
bonds.Asaresultofthistermination,theCompanyhasrecognizedalossofapproximately$14.6millionduringtheyearendedDecember31,2014.
Duringthefirstandthirdquartersof2013,theCompanyenteredintoaseriesofforwardstartingswapstohedgeagainstchangesininterestratesthat
couldimpacttheCompanysexpectedfinancingoftheacquisitionofAgila.Theseinterestrateswapsweredesignatedascashflowhedgesofexpectedfuture
interestpayments.InFebruary2013,theCompanyexecutedinterestrateswapswithanotionalvalueof$1.07billion.InSeptember2013,thetermsofthese
swapswereextendedtoaneffectivedateinNovember2013andtheCompanyexecutedanadditional$930millionofnotionalvalueofinterestrateswapswithan
effectivedateinNovember2013.InNovember2013,alloftheswapswereterminatedinconjunctionwiththecompletionofthefinancingoftheAgila
acquisition.Asaresult,againof$41.2millionwasrecordedinAOCE,whichisbeing
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amortizedoverthetermoftherelatedfinancingtransactions.Inaddition,approximately$0.8millionofhedgeineffectivenesswasrecordedinotherexpense
(income),net.
Fair Value Hedging Relationships
TheCompany'sinterestrateswapsdesignatedasfairvaluehedgesconvertthefixedrateonaportionoftheCompany'sfixed-rateseniornotestoa
variablerate.TheseinterestrateswapsdesignatedasfairvaluehedgesaremeasuredatfairvalueandreportedasassetsorcurrentliabilitiesintheConsolidated
BalanceSheets.Anychangesinthefairvalueofthesederivativeinstruments,aswellastheoffsettingchangeinfairvalueoftheportionofthefixed-ratedebt
beinghedged,isincludedininterestexpense.InNovember2014,inconjunctionwiththeredemptionoftheCompanys6.000%SeniorNotesdue2018,the
CompanyscounterpartiesexercisedtheirrighttoterminatecertainswapsthathadbeendesignatedasafairvaluehedgeonaportionoftheCompanys6.000%
SeniorNotesdue2018.Asaresult,duringtheyearendedDecember31,2014,theCompanyreceivedapaymentofapproximately$15millionrelatedtotheswap
termination,whichwasrecognizedintootherexpense(income),net.
InJune2013,theCompanyenteredintointerestrateswapswithanotionalvalueof$500millionthatweredesignatedashedgesoftheCompanys
1.800%SeniorNotesdue2016.InOctober2014,theCompanyterminatedthesefairvalueswaps,andasaresult,duringtheyearendedDecember31,2014,the
Companyrecognizedagainofapproximately$0.4million.Thisamountwillbeamortizedtoearningsovertheremaininglifeofthe1.350%SeniorNotesdue
2016.InDecember2013,theCompanyenteredintointerestrateswapswithanotionalvalueof$750millionthatweredesignatedashedgesoftheCompanys
3.125%SeniorNotesdue2023.Thevariableratewas0.74%atDecember31,2015.ThetotalnotionalamountoftheCompanysinterestrateswapsonfixed-rate
debtwas$750millionasofDecember31,2015and2014.
CertainderivativeinstrumentcontractsenteredintobytheCompanyaregovernedbymasteragreements,whichcontaincredit-risk-relatedcontingent
featuresthatwouldallowthecounterpartiestoterminatethecontractsearlyandrequestimmediatepaymentshouldtheCompanytriggeraneventofdefaulton
otherspecifiedborrowings.TheCompanyisnotsubjecttoanyobligationstopostcollateralunderderivativeinstrumentcontracts.
InconnectionwiththeconsummationoftheEPDTransaction,MylanInc.andMylanN.V.executedasupplementalindenturethatamendedtheindenture
governingtheCashConvertibleNotessothat,amongotherthings,allrelevantdeterminationsforpurposesofthecashconversionrightstowhichholdersmaybe
entitledfromtime-to-timeinaccordancewithsuchindentureshallbemadebyreferencetotheMylanN.V.ordinaryshares.Asadjustedinconnectionwiththe
consummationoftheEPDTransaction,holderscouldconverttheirCashConvertibleNotessubjecttocertainconversionprovisionsdeterminedbya)themarket
priceofMylanN.V.sordinaryshares,b)specifieddistributionstocommonshareholders,c)afundamentalchange,asdefinedintheindenturegoverningtheCash
ConvertibleNotes,ord)certaintimeperiodsspecifiedintheindenturegoverningtheCashConvertibleNotes.Theconversionfeaturecouldonlybesettledincash
and,therefore,itwasbifurcatedfromtheCashConvertibleNotesandtreatedasaseparatederivativeinstrument.Inordertooffsetthecashflowriskassociated
withthecashconversionfeature,theCompanyenteredintoaconvertiblenotehedgewithcertaincounterparties.InconnectionwiththeconsummationoftheEPD
Transaction,thetermsoftheconvertiblenotehedgewereadjustedsothatthecashsettlementvaluewouldbebasedonMylanN.V.ordinaryshares.Boththecash
conversionfeatureandthepurchasedconvertiblenotehedgeweremeasuredatfairvaluewithgainsandlossesrecordedintheCompanysConsolidatedStatements
ofOperations.TheCompanysconvertiblenotehedgeonitsCashConvertibleNotes,whichwasenteredintoinordertooffsetthecashflowriskassociatedwith
thecashconversionfeatureoftheCashConvertibleNotes,wassettledinconjunctionwiththematurityandfullredemptionoftheCashConvertibleNoteson
September15,2015.
AtDecember31,2014,theconvertiblenotehedgehadatotalfairvalueof$1.85billion,whichreflectedthemaximumlossthatwouldhavebeen
incurredhadthepartiesfailedtoperformaccordingtothetermsofthecontract.Thecounterpartieswerehighlyrateddiversifiedfinancialinstitutionswithboth
commercialandinvestmentbankingoperations.Thecounterpartieswererequiredtopostcollateralagainstthisobligationhadtheybeendowngradedbelow
thresholdsspecifiedinthecontract.Eligiblecollateralwascomprisedofawiderangeoffinancialsecuritieswithavaluationdiscountpercentagereflectingthe
associatedrisk.
Also,inconjunctionwiththeissuanceoftheCashConvertibleNotes,MylanInc.enteredintoseveralwarranttransactionswithcertaincounterparties.In
connectionwiththeconsummationoftheEPDTransaction,thetermsofthewarrantswerealsoadjustedsothattheCompanymaysettletheobligationsunderthe
warranttransactionbydeliveringMylanN.V.ordinaryshares.Settlementofthewarrantswilloccurduringthesecondquarterof2016.Thewarrantsmeetthe
definitionofderivatives;however,becausetheseinstrumentshavebeendeterminedtobeindexedtotheCompanysownordinaryshares,andhavebeenrecorded
inshareholdersequityintheCompanysConsolidatedBalanceSheets,theinstrumentsareexempt
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fromthescopeofU.S.GAAPguidanceregardingaccountingforderivativeinstrumentsandhedgingactivitiesandarenotsubjecttothefairvalueprovisionsset
forththerein.
TheCompanyregularlyreviewsthecreditworthinessofitsfinancialcounterpartiesanddoesnotexpecttoincurasignificantlossfromfailureofany
counterpartiestoperformunderanyagreements.TheCompanyrecordsallderivativeinstrumentsonagrossbasisintheConsolidatedBalanceSheets.
Accordingly,therearenooffsettingamountsthatnetassetsagainstliabilities.Theassetandliabilitybalancespresentedinthetablesbelowreflectthegross
amountsofderivativesrecordedintheCompanysConsolidatedFinancialStatements.
Fair Values of Derivative Instruments
Derivatives Designated as Hedging Instruments

Asset Derivatives

December 31, 2015

(In millions)

Balance Sheet Location

Interestrateswaps

Prepaidexpensesandother
currentassets

Foreigncurrencyforwardcontracts

Prepaidexpensesandother
currentassets

Total

Fair Value

December 31, 2014

Balance Sheet Location

Prepaidexpensesandother
36.3 currentassets
Prepaidexpensesandother
8.4 currentassets
44.7

Fair Value

30.4

12.9

43.3

Liability Derivatives

(In millions)

Interestrateswaps

December 31, 2015

Balance Sheet Location

Othercurrentliabilities

Total

Fair Value

December 31, 2014

Balance Sheet Location

Fair Value

10.5 Othercurrentliabilities

49.9

10.5

49.9

Fair Values of Derivative Instruments

Derivatives Not Designated as Hedging Instruments

Asset Derivatives

(In millions)

December 31, 2015

Balance Sheet Location

Foreigncurrencyforwardcontracts

Prepaidexpensesandother
currentassets

Purchasedcashconvertiblenotehedge

Prepaidexpensesandother
currentassets

Total

Fair Value

December 31, 2014

Balance Sheet Location

Prepaidexpensesandother
20.0 currentassets
Prepaidexpensesandother
currentassets
20.0

Fair Value

5.5

1,853.5

1,859.0

Liability Derivatives

December 31, 2015

(In millions)

Balance Sheet Location

Fair Value

December 31, 2014

Balance Sheet Location

Foreigncurrencyforwardcontracts

Othercurrentliabilities

9.3 Othercurrentliabilities

CashconversionfeatureofCashConvertibleNotes

Currentportionoflong-term
debtandotherlong-term
obligations

Currentportionoflong-term
debtandlong-termobligations

1,853.5

9.3

1,855.8

Total

114

Fair Value

2.3

TableofContents
The Effect of Derivative Instruments on the Consolidated Statements of Operations
Derivatives in Fair Value Hedging Relationships
Amount of (Loss) or Gain Recognized in Earnings on
Derivatives

(In millions)

Location of (Loss) or Gain Recognized in

Earnings on Derivatives

Interestrateswaps

Interestexpense

Total

Year Ended December 31,

2015

2014

2013

5.9 $

35.6 $

(17.9)

5.9 $

35.6 $

(17.9)

Amount of (Loss) or Gain Recognized in Earnings on

Hedging Items

(In millions)

Location of (Loss) or Gain Recognized

in Earnings on Hedged Items

2016SeniorNotes(1.800%coupon)

Interestexpense

2018SeniorNotes(6.000%coupon)

Interestexpense

2018SeniorNotes(6.000%coupon)

Otherexpense(income),net

2023SeniorNotes(3.125%coupon)

Interestexpense

Year Ended December 31,

2014

Total

2015

2013

(0.9) $

0.4

4.6

17.1

15.0

(5.9)

(45.7)

15.4

(5.9) $

(27.0) $

32.9

The Effect of Derivative Instruments on the Consolidated Statements of Operations

Derivatives in Cash Flow Hedging Relationships

Amount of (Loss) or Gain

Recognized in AOCE (Net of Tax)
on Derivative
(Effective Portion)

Year Ended December 31,

(In millions)

2015

Foreigncurrencyforwardcontracts

(44.5) $

Interestrateswaps

13.5
$

Total

(31.0) $

2014

(26.8) $
(135.1)

2013

(83.8)
136.6

(161.9) $

52.8

Amount of Loss
Reclassified from AOCE
into Earnings
(Effective Portion)

(In millions)

Location of Loss Reclassified from AOCE into

Earnings (Effective Portion)

Foreigncurrencyforwardcontracts

Netsales

Interestrateswaps

Interestexpense

Interestrateswaps

Otherexpense(income),net

Year Ended December 31,

Total

2015

2014

2013

(40.3) $

(47.9) $

(60.5)

(0.8)

(0.6)

(1.5)

(0.8)

(41.1) $

(48.5) $

(62.8)

Amount of Gain
Excluded from the Assessment
of Hedge Effectiveness

(In millions)

Foreigncurrencyforwardcontracts

Year Ended December 31,

Location of Gain Excluded from the

Assessment of Hedge Effectiveness

Otherexpense(income),net

Total

115

2015

2014

2013

45.1 $

82.3 $

61.6

45.1 $

82.3 $

61.6

TableofContents
AtDecember31,2015,theCompanyexpectsthatapproximately$40.7millionofpre-taxnetlossesoncashflowhedgeswillbereclassifiedfromAOCE
intoearningsduringthenexttwelvemonths.
The Effect of Derivative Instruments on the Consolidated Statements of Operations
Derivatives Not Designated as Hedging Instruments

(In millions)

Amount of Gain or (Loss)

Recognized in Earnings on
Derivatives

Location of Gain
or (Loss)
Recognized
in Earnings
on Derivatives

Year Ended December 31,

2015

2013

Otherexpense(income),net

Foreigncurrencyforwardcontracts

Otherexpense(income),net

41.7

(78.3)

CashconversionfeatureofCashConvertibleNotes

Otherexpense(income),net

1,853.5

(550.2)

(667.0)

Purchasedcashconvertiblenotehedge

Otherexpense(income),net

(1,853.5)

550.2

667.0

Total

(71.2) $

2014

Interestrateswaps

(29.5) $

2.2

(78.3) $

2.2

Fair Value Measurement

Fairvalueisbasedonthepricethatwouldbereceivedfromthesaleofanidenticalassetorpaidtotransferanidenticalliabilityinanorderlytransaction
betweenmarketparticipantsatthemeasurementdate.Inordertoincreaseconsistencyandcomparabilityinfairvaluemeasurements,afairvaluehierarchyhas
beenestablishedthatprioritizesobservableandunobservableinputsusedtomeasurefairvalueintothreebroadlevels,whicharedescribedbelow:
Level 1: Quotedprices(unadjusted)inactivemarketsthatareaccessibleatthemeasurementdateforidenticalassetsorliabilities.Thefairvalue
hierarchygivesthehighestprioritytoLevel1inputs.
Level 2: Observablemarket-basedinputsotherthanquotedpricesinactivemarketsforidenticalassetsorliabilities.
Level 3: Unobservableinputsareusedwhenlittleornomarketdataisavailable.ThefairvaluehierarchygivesthelowestprioritytoLevel3inputs.
Indeterminingfairvalue,theCompanyutilizesvaluationtechniquesthatmaximizetheuseofobservableinputsandminimizetheuseofunobservableinputstothe
extentpossible,aswellasconsiderscounterpartycreditriskinitsassessmentoffairvalue.
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Financialassetsandliabilitiescarriedatfairvalueareclassifiedinthetablesbelowinoneofthethreecategoriesdescribedabove:

December 31, 2015

(In millions)

Level 1

Recurring fair value measurements

Level 2

Level 3

Total

923.3 $

923.3

923.3

923.3

Financial Assets
Cashequivalents:
Moneymarketfunds
Totalcashequivalents
Tradingsecurities:

Equitysecuritiesexchangetradedfunds
Totaltradingsecurities
Available-for-salefixedincomeinvestments:

22.8

22.8

22.8

22.8

U.S.Treasuries

4.7

4.7

Corporatebonds

15.7

15.7

Agencymortgage-backedsecurities

3.9

3.9

Assetbackedsecurities

2.3

2.3

Other

1.4

1.4

28.0

28.0

Totalavailable-for-salefixedincomeinvestments
Available-for-saleequitysecurities:

Marketablesecurities

26.0

Totalavailable-for-saleequitysecurities
Foreignexchangederivativeassets
Interestrateswapderivativeassets
Totalassetsatrecurringfairvaluemeasurement

26.0

26.0

26.0

28.4

28.4

36.3

972.1 $

92.7 $

1,064.8

36.3

9.3 $

9.3

Financial Liabilities
Foreignexchangederivativeliabilities
Interestrateswapderivativeliabilities

10.5

10.5

Contingentconsideration

526.4

526.4

526.4 $

546.2

Totalliabilitiesatrecurringfairvaluemeasurement
117

19.8 $

TableofContents

December 31, 2014

(In millions)

Level 1

Recurring fair value measurements

Level 2

Level 3

Total

Financial Assets
Cashequivalents:
Moneymarketfunds

122.2 $

122.2

122.2

122.2

Totalcashequivalents
Tradingsecurities:

Equitysecuritiesexchangetradedfunds
Totaltradingsecurities
Available-for-salefixedincomeinvestments:

20.2

20.2

20.2

20.2

U.S.Treasuries

0.6

0.6

Corporatebonds

12.0

12.0

Agencymortgage-backedsecurities

13.3

13.3

Other

2.2

2.2

28.1

28.1

Totalavailable-for-salefixedincomeinvestments
Available-for-saleequitysecurities:

Marketablesecurities

0.1

0.1

0.1

0.1

Foreignexchangederivativeassets

18.4

18.4

Interestrateswapderivativeassets

30.4

30.4

Purchasedcashconvertiblenotehedge

1,853.5

1,853.5

1,930.4 $

2,072.9

2.3 $

Totalavailable-for-saleequitysecurities

Totalassetsatrecurringfairvaluemeasurement

142.5 $

Financial Liabilities
Foreignexchangederivativeliabilities

2.3

Interestrateswapderivativeliabilities

49.9

49.9

CashconversionfeatureofCashConvertibleNotes

1,853.5

1,853.5

470.0

Contingentconsideration

Totalliabilitiesatrecurringfairvaluemeasurement

1,905.7 $

470.0 $

470.0
2,375.7

ForfinancialassetsandliabilitiesthatutilizeLevel2inputs,theCompanyutilizesbothdirectandindirectobservablepricequotes,includingtheLIBOR
yieldcurve,foreignexchangeforwardprices,andbankpricequotes.FortheyearsendedDecember31,2015and2014,therewerenotransfersbetweenLevel1
and2ofthefairvaluehierarchy.BelowisasummaryofvaluationtechniquesforLevel1andLevel2financialassetsandliabilities:

Cash equivalents valuedatobservablenetassetvalueprices.

Trading securities valuedattheactivequotedmarketpricefrombrokerordealerquotationsortransparentpricingsourcesatthereportingdate.

Available-for-sale fixed income investments valuedatthequotedmarketpricefrombrokerordealerquotationsortransparentpricingsourcesat

thereportingdate.

Available-for-sale equity securities valuedusingquotedstockpricesfrompublicexchangesatthereportingdateandtranslatedtothe

U.S.Dollaratprevailingspotexchangerates.

Interest rate swap derivative assets and liabilities valuedusingtheLIBOR/EURIBORyieldcurvesatthereportingdate.Counterpartiestothese

contractsarehighlyratedfinancialinstitutions.

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Foreign exchange derivative assets and liabilities valuedusingquotedforwardforeignexchangepricesatthereportingdate.Counterpartiesto

thesecontractsarehighlyratedfinancialinstitutions.

Cash conversion feature of cash convertible notes and purchased convertible note hedge valuedusingquotedpricesfortheCompanyscash
convertiblenotes,itsimpliedvolatilityandthequotedyieldontheCompanysotherlong-termdebtatthereportingdate.Counterpartiestothe
purchasedconvertiblenotehedgewerehighlyratedfinancialinstitutions.

ThefairvaluemeasurementofcontingentconsiderationisdeterminedusingLevel3inputs.TheCompanyscontingentconsiderationrepresentsa
componentofthetotalpurchaseconsiderationfortherespiratorydeliveryplatform,theAgilaacquisition,theacquisitionofJaiPharmaLimitedandcertainother
acquisitions.ThemeasurementiscalculatedusingunobservableinputsbasedontheCompanysownassumptions.Fortherespiratorydeliveryplatform,Jai
PharmaLimitedandcertainotheracquisitions,significantunobservableinputsinthevaluationincludetheprobabilityandtimingoffuturedevelopmentand
commercialmilestonesandfutureprofitsharingpayments.AdiscountedcashflowmethodwasusedtovaluecontingentconsiderationatDecember31,2015and
2014,whichwascalculatedasthepresentvalueoftheestimatedfuturenetcashflowsusingamarketrateofreturn.Discountratesrangingfrom0.9%to9.8%
wereutilizedinthevaluation.FortheAgilaacquisition,significantunobservableinputsinthevaluationincludetheprobabilityoffuturepaymentstothesellerof
amountswithheldattheclosingdate.Significantchangesinunobservableinputscouldresultinmaterialchangestothecontingentconsiderationliability.During
thethirdquarterof2014,theCompanyenteredintoanagreementwithStridesArcolabtosettleaportionofthecontingentconsiderationfor$150million,for
whichtheCompanyaccrued$230millionattheacquisitiondate.Asaresultofthisagreement,theCompanyrecognizedagainof$80millionduringtheyear
endedDecember31,2014,whichisincludedinotheroperating(income)expense,netintheConsolidatedStatementsofOperations.Duringtheyearsended
December31,2015and2014,accretionof$38.4millionand$35.3million,respectively,wasrecordedininterestexpense.Totalcontingentconsiderationalso
increased$18.0millionin2015duetotheacquisitionofJaiPharmaLimited.
AlthoughtheCompanyhasnotelectedthefairvalueoptionforfinancialassetsandliabilities,anyfuturetransactedfinancialassetorliabilitywillbe
evaluatedforthefairvalueelection.
Available-for-Sale Securities
Theamortizedcostandestimatedfairvalueofavailable-for-salesecurities,includedinprepaidexpensesandothercurrentassets,wereasfollows:

(In millions)

Cost

Gross
Unrealized
Gains

Gross
Unrealized
Losses

Fair
Value

December 31, 2015

Debtsecurities

28.3 $

(0.3) $

28.0

27.3

(1.3)

26.0

55.6 $

(1.6) $

54.0

Equitysecurities

December 31, 2014

Debtsecurities

27.7 $

0.4 $

0.1

0.5 $

Equitysecurities

27.7 $

28.1
0.1
28.2

Maturitiesofavailable-for-saledebtsecuritiesatfairvalueasofDecember31,2015,wereasfollows:

(In millions)

Maturewithinoneyear

1.2

Matureinonetofiveyears

14.8

Matureinfiveyearsandlater

12.0
$

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TableofContents
8.

Debt

Receivables Facility
TheCompanyhastheReceivablesFacility,anaccountsreceivablesecuritizationfacility,withacommittedbalanceof$400million,althoughfromtimeto-time,theavailableamountoftheReceivablesFacilitymaybelessthan$400millionbasedonaccountsreceivableconcentrationlimitsandothereligibility
requirements.InJanuary2015,theReceivablesFacilitywasamendedandrestated,anditsmaturitywasextendedthroughJanuary2018.
UnderthetermsoftheReceivablesFacility,oursubsidiary,MPI,sellscertainaccountsreceivabletoMylanSecuritizationLLC(MylanSecuritization)
awhollyownedspecialpurposeentitywhichinturnsellsapercentageownershipinterestinthereceivablestofinancialinstitutionsandcommercialpaperconduits
sponsoredbyfinancialinstitutions.MPIistheservicerofthereceivablesundertheReceivablesFacility.PurchasesundertheReceivablesFacilitywillberepaidas
accountsreceivablearecollected,withnewpurchasesbeingadvancedasnewaccountsreceivableareoriginatedbyMPI.MylanSecuritizationsassetshavebeen
pledgedtotheagentinsupportofitsobligationsundertheReceivablesFacility.
Anyamountsoutstandingunderthefacilitywillberecordedasasecuredloanandthereceivablesunderlyinganyborrowingswillcontinuetobeincluded
inaccountsreceivable,net,intheConsolidatedBalanceSheetsoftheCompany.
TheReceivablesFacilitycontainsrequirementsrelatingtotheperformanceoftheaccountsreceivableandcovenantsrelatedtotheCompany.Ifwedonot
complywiththecovenantsundertheReceivablesFacility,ourabilitytousetheReceivablesFacilitymaybesuspendedandrepaymentofanyoutstandingbalances
undertheReceivablesFacilitymayberequired.
AsofDecember31,2015,theCompanyhad$914.2millionaccountsreceivablebalancessoldtoMylanSecuritizationandnoshort-termborrowings
includedintheConsolidatedBalanceSheets.AsofDecember31,2014,theConsolidatedBalanceSheetsinclude$1.07billionofaccountsreceivablebalances
soldtoMylanSecuritization,aswellas$325millionofshort-termborrowings.Theinterestrateonborrowingsunderthisfacilitywasapproximately0.93%at
December31,2014.DuringtheyearendedDecember31,2015,theCompanypaidapproximately$1.5millioninupfrontfeesandotherfeeswhichwererecorded
asdeferredfinancingcostsintheConsolidatedBalanceSheets.

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Long-Term Debt
Asummaryoflong-termdebtisasfollows:
(In millions)

Coupon

2015TermLoans

2014TermLoan

December 31,
2015

1,600.0 $

December 31,
2014

800.0

800.0

CashConvertibleNotes(a)

3.750%

2,405.6

2016SeniorNotes(b)

1.800%

500.1

500.2

2016SeniorNotes(c)

1.350%

499.9

499.8

2018SeniorNotes(d)

2.600%

649.3

649.0

2018SeniorNotes(d)

3.000%

499.4

2019SeniorNotes(e)

2.550%

499.2

499.0

2020SeniorNotes(f)

3.750%

499.8

2020SeniorNotes(g)

7.875%

1,010.5

2023SeniorNotes(e)

3.125%

785.2

779.1

2023SeniorNotes(h)

4.200%

498.4

498.2

2043SeniorNotes(h)

5.400%

497.0

497.0

4.3

0.1

Other

Deferredfinancingfees(i)

(38.3)

Totallong-termdebt,includingcurrentportionoflong-termdebt

7,294.3

8,104.1

998.7

2,404.2

6,295.6 $

5,699.9

Lesscurrentportion
Totallong-termdebt

(34.4)

____________
(a)
(b)

(c)

(d)
(e)
(f)

(g)
(h)
(i)

TheCashConvertibleNotesmaturedonSeptember15,2015andtheremainingamountoutstandingwasrepaidinfullbytheCompanyutilizingproceeds
fromtheDelayedDrawLoan,includedin2015TermLoansabove.Inaddition,theconvertiblenotehedgewassettledduringthethirdquarterof2015.
InstrumentiscallablebytheCompanyatanytimeatthegreaterof100%oftheprincipalamountorthesumofthepresentvaluesoftheremaining
scheduledpaymentsofprincipalandinterestdiscountedattheU.S.Treasuryrateplus0.20%plus,ineachcase,accruedandunpaidinterest.Instrumentis
dueonJune24,2016andisincludedincurrentportionoflong-termdebtandotherlong-termobligationsintheConsolidatedBalanceSheetsat
December31,2015.
InstrumentiscallablebytheCompanyatanytimeatthegreaterof100%oftheprincipalamountorthesumofthepresentvaluesoftheremaining
scheduledpaymentsofprincipalandinterestdiscountedattheU.S.Treasuryrateplus0.125%plus,ineachcase,accruedandunpaidinterest.Instrument
isdueonNovember29,2016andisincludedincurrentportionoflong-termdebtandotherlong-termobligationsintheConsolidatedBalanceSheetsat
December31,2015.
InstrumentiscallablebytheCompanyatanytimeatthegreaterof100%oftheprincipalamountorthesumofthepresentvaluesoftheremaining
scheduledpaymentsofprincipalandinterestdiscountedattheU.S.Treasuryrateplus0.30%plus,ineachcase,accruedandunpaidinterest.
InstrumentiscallablebytheCompanyatanytimeatthegreaterof100%oftheprincipalamountorthesumofthepresentvaluesoftheremaining
scheduledpaymentsofprincipalandinterestdiscountedattheU.S.Treasuryrateplus0.20%plus,ineachcase,accruedandunpaidinterest.
InstrumentiscallablebytheCompanyatanytimethatisonemonthpriortothematuritydateatthegreaterof100%oftheprincipalamountorthesumof
thepresentvaluesoftheremainingscheduledpaymentsofprincipalandinterestdiscountedattheU.S.Treasuryrateplus0.35%plus,ineachcase,
accruedandunpaidinterest.
InstrumentwascalledbytheCompanyonJuly15,2015ataredemptionpriceof103.938%oftheprincipalamount,togetherwithaccruedandunpaid
interestattheredemptiondate.
InstrumentiscallablebytheCompanyatanytimeatthegreaterof100%oftheprincipalamountorthesumofthepresentvaluesoftheremaining
scheduledpaymentsofprincipalandinterestdiscountedattheU.S.Treasuryrateplus0.25%plus,ineachcase,accruedandunpaidinterest.
TheCompanyhaselectedtoearlyadoptASU2015-03,asfurtherdescribedinNote2Summary of Significant Accounting Policies ,asofDecember31,
2015.Assuch,theCompanyhasretrospectivelyreclassifieddeferredfinancingfeesrelatedtotermdebtandSeniorNotesfromotherassetstothecurrent
portionoflong-termdebtand
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otherlong-termobligationsorlong-termdebt,dependentontherespectivedebtinstrument,ontheConsolidatedBalanceSheetsforallperiodspresented.
Fordisclosurepurposes,theamounthasnotbeenallocatedtotheindividualinstruments.
Revolving Facility
OnDecember19,2014,theCompanyenteredintoarevolvingcreditagreement,whichwasamendedonMay1,2015,subsequentlyamendedonJune19,
2015andfurtheramendedonOctober28,2015(theRevolvingCreditAgreement)withasyndicateoflenders,whichcontaineda$1.5billionrevolvingfacility,
whichexpiresonDecember19,2019.TheRevolvingFacilityincludesa$150millionsubfacilityfortheissuanceoflettersofcreditanda$125millionsubfacility
forswinglineborrowings.InconnectionwithitsentryintotheRevolvingFacility,theCompanyterminatedthecreditagreemententeredintoinJune2013(the
June2013CreditAgreement).TheRevolvingFacilitycontainscustomaryaffirmativecovenantsforfacilitiesofthistype,includingamongothers,covenants
pertainingtothedeliveryoffinancialstatements,noticesofdefaultandcertainmaterialevents,maintenanceofcorporateexistenceandrights,business,property,
andinsuranceandcompliancewithlaws,aswellascustomarynegativecovenantsforfacilitiesofthistype,includinglimitationsontheincurrenceofsubsidiary
indebtedness,liens,mergersandcertainotherfundamentalchanges,investmentsandloans,acquisitions,transactionswithaffiliates,paymentsofdividendsand
otherrestrictedpaymentsandchangesinourlinesofbusiness.TheRevolvingFacilityalsocontainsamaximumconsolidatedleverageratiofinancialcovenant.
OnJune19,2015,theCompanyenteredintoanadditionalamendmenttotheRevolvingCreditAgreement(theIncrementalAmendment).The
IncrementalAmendmentprovidesthatINGBankN.V.willmakeavailable$150millionofadditionalrevolvingcommitmentsundertheRevolvingFacility(the
IncreasedCommitments),increasingtheaggregateprincipalamountoftherevolvingcommitmentsavailableundertheRevolvingFacilityfrom$1.5billionto
$1.65billion(theRevolvingFacility).AtDecember31,2015andDecember31,2014,theCompanyhadnoamountsoutstandingundertheRevolvingFacility.
TheinterestrateundertheRevolvingFacilityatDecember31,2015wasLIBORplus1.325%perannum.TheRevolvingFacilityhasafacilityfeewhichis
0.175%.

2015 Term Loans

OnJuly15,2015,theCompanyenteredintoatermcreditagreement,whichwasamendedonOctober28,2015(the2015TermCreditAgreement)
amongtheCompany,asguarantor,MylanInc.(theBorrower),certainlendersandPNCBank,NationalAssociationastheadministrativeagent(insuchcapacity,
theCreditAgreementAdministrativeAgent).The2015TermCreditAgreementprovidedforadelayed-drawtermloancreditfacility(theCreditFacility)
underwhichtheBorrowerobtainedloansintheaggregateamountof$1.6billion,consistingof(i)aclosingdatetermloan(theClosingDateLoan)inthe
amountof$1.0billion,borrowedonJuly15,2015,whichwasusedtoredeemtheCompanys7.875%SeniorNotesdue2020(theJuly2020SeniorNotes)and
(ii)adelayeddrawtermloan(theDelayedDrawLoan,andtogetherwiththeClosingDateLoan,the2015TermLoans)intheamountof$600.0million,
borrowedonSeptember15,2015,whichwasprimarilyusedtorepaythenotionalamountoftheCompanysCashConvertibleNotesthatmaturedonSeptember
15,2015.
Theloansunderthe2015TermCreditAgreementbearinterestatLIBOR(determinedinaccordancewiththe2015TermCreditAgreement)plus1.375%
perannum,iftheBorrowerchoosestomakeLIBORborrowings,oratabaserate(determinedinaccordancewiththe2015TermCreditAgreement)plus0.375%
perannum.TheapplicablemarginsoverLIBORandthebaseratefortheloanscanfluctuatebasedonthelongtermunsecuredsenior,non-creditenhanceddebt
ratingoftheCompanybyStandard&PoorsRatingsGroupandMoodysInvestorsServiceInc.
MylanInc.hastheoptiontodesignatetheCompanyasaco-borrowerorasuccessorborrowerunderthe2015TermCreditAgreement,uponsatisfaction
ofcertainconditionssetforththerein.The2015TermLoansareunsecuredandareguaranteedbytheCompanyandeachsubsidiaryoftheCompanythat
guarantees(orisotherwiseaco-obligorof)third-partyindebtednessoftheCompanyinexcessof$350million.AsofDecember31,2015,nosubsidiaryofthe
CompanyisrequiredtoprovideaguaranteeoftheCreditFacility.
The2015TermCreditAgreementcontainscustomaryaffirmativecovenantsforfacilitiesofthistype,including,amongothers,covenantspertainingto
thedeliveryoffinancialstatements,noticesofdefaultandcertainothermaterialevents,maintenanceofcorporateexistenceandrights,business,property,and
insuranceandcompliancewithlaws,aswellascustomarynegativecovenantsforfacilitiesofthistype,including,amongothers,limitationsontheincurrenceof
subsidiaryindebtedness,liens,mergersandcertainotherfundamentalchanges,investmentsandloans,acquisitions,transactionswithaffiliates,paymentsof
dividendsandotherrestrictedpaymentsandchangesintheCompanyslineofbusiness.The2015TermCreditAgreementcontainsafinancialcovenantrequiring
maintenanceofamaximumratioof3.75to1.00forconsolidatedtotalindebtednessasoftheendofanyquartertoconsolidatedEBITDA,asdefinedinthe
agreement,forthetrailingfour

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quarters.ThisfinancialcovenantwastestedatthequarterendingDecember31,2015,andtheCompanyhasbeenincompliance.Followingcertainqualifying
acquisitions,attheCompanyselection,themaximumratioofthefinancialcovenantwillbeincreasedto4.25to1.00forthethreefullquartersfollowingsuch
qualifyingacquisition.
The2015TermCreditAgreementcontainsdefaultprovisionscustomaryforfacilitiesofthistype,whicharesubjecttocustomarygraceperiodsand
materialitythresholds,including,amongothers,defaultsrelatedtopaymentfailures,failuretocomplywithcovenants,materialmisrepresentations,defaultsunder
othermaterialindebtedness,theoccurrenceofachangeincontrol,bankruptcyandrelatedevents,materialjudgments,certaineventsrelatedtopensionplansand
theinvalidityorrevocationofanyloandocumentoranyguaranteeagreementofMylanInc.,theCompanyoranysubsidiarythatbecomesaguarantorasdescribed
above.Ifaneventofdefaultoccursunderthe2015TermCreditAgreement,thelendersmay,amongotherthings,terminatetheircommitmentsanddeclare
immediatelypayableallborrowings.
The2015TermLoansmatureonJuly15,2017,subjecttoextensiontotheearlierof(a)December19,2017,and(b)ifdifferent,thematuritydateofthe
2014TermCreditAgreementdatedDecember19,2014,asamendedbyAmendmentNo.1theretodatedMay1,2015andbyAmendmentNo.2theretodated
October28,2015amongMylanInc.,theCompany,certainlendersandBankofAmerica,N.A.,asadministrativeagent.DuringtheyearendedDecember31,2015
,theCompanyincurredapproximately$2.8millionoffees,whichwererecordedasdeferredfinancingcostsintheConsolidatedBalanceSheets.
2014 Term Loan
InDecember2014,theCompanyenteredintoatermcreditagreement,whichwasamendedonApril29,2015andfurtheramendedonOctober28,2015,
withasyndicateofbankswhichprovidedan$800milliontermloan(the2014TermLoan).The2014TermLoanmaturesonDecember19,2017andhasno
requiredamortizationpayments.The2014TermLoanmaybevoluntarilyprepaidwithoutpenaltyorpremiums.Theproceedsofthe2014TermLoanwereused
forworkingcapitalexpendituresandtorepaytheoutstandingborrowingsundertheJune2013CreditAgreement.BorrowingsundertheJune2013Credit
AgreementwereusedtofundtheredemptionoftheNovember2018SeniorNotes.AsofDecember31,2015,the2014TermLoancurrentlybearsinterestat
LIBORplus1.375%perannum.The2014TermLoancontainssimilarcovenantstotheRevolvingFacility.TheCompanywasincompliancewithallcovenants
underitsvariousdebtagreementsasofDecember31,2015.
Cash Convertible Notes
In2008,MylanInc.issued$575millionaggregateprincipalamountofCashConvertibleNotes.TheCashConvertibleNoteshadastatedinterestatarate
of3.75%peryearandaneffectiveinterestrateof9.5%.Theeffectiveinterestratewasbasedontherateforasimilarinstrumentthatdoesnothaveaconversion
feature.InconnectionwiththeconsummationoftheEPDTransaction,MylanInc.andMylanN.V.executedasupplementalindenturethatamendedtheindenture
governingtheCashConvertibleNotessothat,amongotherthings,allrelevantdeterminationsforpurposesofthecashconversionrightstowhichholdersmaybe
entitledfromtime-to-timeinaccordancewithsuchindentureshallbemadebyreferencetoMylanN.V.ordinaryshares.TheCashConvertibleNoteswerenot
convertibleintoordinarysharesoranyothersecuritiesunderanycircumstance.
OnSeptember15,2008,concurrentwiththesaleoftheCashConvertibleNotes,MylanInc.enteredintoconvertiblenotehedgeandwarranttransactions
withcertaincounterparties.InconnectionwiththeconsummationoftheEPDTransaction,thetermsoftheconvertiblenotehedgewereadjustedsothatthecash
settlementwillbebasedonMylanN.V.sordinaryshares.InconnectionwiththeconsummationoftheEPDTransaction,thetermsofthewarranttransactions
werealsoadjustedsothat,fromandaftertheconsummationoftheEPDTransaction,theCompanymaysettletheobligationsunderthewarranttransactionby
deliveringMylanN.V.ordinaryshares.Pursuanttothewarranttransactions,andasubsequentamendmentin2011,MylanInc.soldtothecounterpartieswarrants
topurchaseintheaggregateuptoapproximately43.2millionsharesofMylanInc.commonstock,ofwhichapproximately41.0millionhaveanexercisepriceof
$30.00andtheremainingwarrantshaveanexercisepriceof$20.00,subjecttocertainanti-dilutionadjustments,whichundermostcircumstancesrepresentsthe
maximumnumberofsharestowhichtheCashConvertibleNotesrelate(basedontheconversionreferencerateatthetimeofissuance).Settlementofthewarrants
willoccurinthesecondquarterof2016.Thewarrantswillbenetsharesettled,meaningthattheCompanywillissueanumberofordinarysharesperwarrant
correspondingtothedifferencebetweenitssharepriceateachwarrantexpirationdateandtheexerciseprice.Thewarrantsmeetthedefinitionofderivativesunder
theguidanceinASC815;however,becausetheseinstrumentshavebeendeterminedtobeindexedtotheCompanysownordinarysharesandmeetthecriteriafor
equityclassificationunderASC815-40,thewarrantshavebeenrecordedinshareholdersequityintheConsolidatedBalanceSheets.
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TheCashConvertibleNotesmaturedonSeptember15,2015,andtheCompanyutilizedproceedsfromtheDelayedDrawLoantorepayinfullthe
remainingnotionalamountsoutstanding.TheCompanysconvertiblenotehedgewassettledin2015inconjunctionwiththematurityandfullredemptionofthe
CashConvertibleNotes.DuringtheyearendedDecember31,2015,theCompanypaid$2.54billioninconnectionwiththematurityoftheCashConvertible
Notes,andtheCompanyreceivedproceedsof$1.97billionfromtheconvertiblenotehedge,whichareincludedinfinancingactivitiesintheConsolidated
StatementsofCashFlows.
BelowisthesummaryofthecomponentsoftheCashConvertibleNotesasofDecember31,2014:
(In millions)

December 31, 2014

Outstandingprincipal

Equitycomponentcarryingamount

573.1
1,853.5

Unamortizeddiscount

(21.0)

Netdebtcarryingamount(a)

2,405.6

Purchasedcalloptions(b)

1,853.5

___________
(a)
(b)

AsofDecember31,2014,thecashconvertiblenoteswereclassifiedascurrentportionoflong-termdebtandotherlong-termobligationsandlong-term
debt,respectively,ontheConsolidatedBalanceSheets.
AsofDecember31,2014,purchasedcalloptionswereclassifiedasprepaidexpensesandothercurrentassetsandotherassets,respectively,onthe
ConsolidatedBalanceSheets.

Senior Notes
Senior Notes issued December 2015
InDecember2015,theCompanyissued$500millionaggregateprincipalamountof3.000%SeniorNotesdueDecember2018and$500million
aggregateprincipalamountof3.750%SeniorNotesdueDecember2020(collectively,theDecember2015SeniorNotes)inaprivateofferingexemptfromthe
registrationrequirementsoftheSecuritiesActof1933,asamended,toqualifiedinstitutionalbuyersinaccordancewithRule144Aandtopersonsoutsideofthe
U.S.pursuanttoRegulationSundertheSecuritiesAct.TheDecember2015SeniorNoteswereissuedpursuanttoanindenturedatedDecember9,2015,entered
intobyandbetweentheCompanyandTheBankofNewYorkMellonastrustee.InterestpaymentsontheDecember2015SeniorNotesareduesemi-annuallyin
arrearsonJune15thandDecember15thofeachyearcommencingonJune15,2016.TheDecember2015SeniorNoteswereguaranteedbyMylanInc.upon
issuance.InconnectionwiththeofferingoftheDecember2015SeniorNotes,theCompanyenteredintoaregistrationrightsagreementpursuanttowhichthe
CompanyandMylanInc.willusecommerciallyreasonableeffortstofilearegistrationstatementwithrespecttoanoffertoexchangeeachseriesoftheDecember
2015SeniorNotesfornewnoteswiththesameaggregateprincipalamountandtermssubstantiallyidenticalinallmaterialrespectsandtocausetheexchangeoffer
registrationstatementtobedeclaredeffectivebytheSECandtoconsummatetheexchangeoffernotlaterthan365daysfollowingthedateofissuanceofthe
December2015SeniorNotes.
TheCompanymayredeemthe3.000%SeniorNotesduein2018atanytimepriortothematuritydateandthe3.750%SeniorNotesduein2020atany
timethatisonemonthpriortothematuritydateataredemptionpriceequaltothegreaterof100%oftheaggregateprincipalamountofthenotesandthesumof
thepresentvaluesoftheremainingscheduledpaymentsofprincipalandinterestonthenotesbeingredeemed,discountedtotheredemptiondateonasemi-annual
basis(assuminga360-dayyearconsistingoftwelve30-daymonths)atatreasuryrateplus30basispointswithrespecttothe3.000%SeniorNotesdue2018and
35basispointswithrespecttothe3.750%SeniorNotesdue2020,plusaccruedandunpaidinterestupto,butexcludingtheredemptiondate.IftheCompany
experiencescertainchangeofcontroleventswithrespecttoaseriesofDecember2015SeniorNotes,itmustoffertopurchaseallnotesofsuchseriesatapurchase
priceequalto101%oftheprincipalamountofsuchnotes,plusaccruedbutunpaidinterest,ifany,to(butnotincluding)thedateofpurchase.
TheIndenturecontainscovenantsthat,amongotherthings,restricttheCompanysabilityandtheabilityofcertainofitssubsidiariestoenterintosaleand
leasebacktransactions;createliens;andconsolidate,mergeorsellallorsubstantiallyalloftheCompanysassets.TheIndenturealsoprovidesforcustomary
eventsofdefault(subjectincertaincasestocustomarygraceandcureperiods),whichincludenonpayment,breachofcovenants,paymentdefaultsoracceleration
ofotherindebtedness,failuretopaycertainjudgmentsandcertaineventsofbankruptcyandinsolvency.Thesecovenantsandeventsofdefaultaresubjecttoa
numberofimportantqualifications,limitationsandexceptionsthataredescribedintheIndenture.Ifaneventof

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defaultwithrespecttotheNotesofaseriesoccursundertheIndenture,theprincipalamountofalloftheNotesofsuchseriesthenoutstanding,plusaccruedbut
unpaidinteresttothedateofacceleration,maybecomeimmediatelydueandpayable.
ThenetproceedsfromtheofferingwereprimarilyusedtorepayamountsoutstandingundertheRevolvingFacilityandtheReceivablesFacility.In
addition,theofferingwasusedtofinanceaportionoftherepurchaseofourordinarysharespursuanttotheShareRepurchaseProgram.AtDecember31,2015,the
outstandingbalanceunderthe3.000%SeniorNotesdue2018and3.750%Seniornotesdue2020was$499.4millionand$499.8million,respectively,which
includesdiscountsof$0.6millionand$0.2million,respectively.DuringtheyearendedDecember31,2015,theCompanyincurredapproximately$4.7millionof
fees,whichwererecordedasdeferredfinancingcostsintheConsolidatedBalanceSheets.
July 2020 Senior Notes Redemption
OnJune15,2015,theCompanyannounceditsintentiontoredeemallofitsoutstandingJuly2020SeniorNotesonJuly15,2015ataredemptionpriceof
103.938%oftheprincipalamount,togetherwithaccruedandunpaidinterestattheredemptiondate.OnJuly15,2015,theCompanyutilizedtheproceedsofthe
ClosingDateLoantocompleteitsredemptionoftheJuly2020SeniorNotesforatotalofapproximately$1.08billion,includinga$39.4millionredemption
premiumandapproximately$39.4millionofaccruedinterest.Inaddition,theCompanyexpensedapproximately$11.1millionofpreviouslyrecordeddeferred
financingfeesoffsetbythewrite-offoftheremainingunamortizedpremiumofapproximately$9.7millionrelatedtotheJuly2020SeniorNotes.
Senior Notes Consent Solicitation
Duringthefirstquarterof2015,MylanInc.andMylanN.V.completedconsentsolicitationsrelatingtoMylanN.V.'s3.750%CashConvertibleNotes
due2015,7.875%SeniorNotesdue2020,3.125%SeniorNotesdue2023,1.800%SeniorNotesdue2016,2.600%SeniorNotesdue2018,1.350%SeniorNotes
due2016,2.550%SeniorNotesdue2019,4.200%SeniorNotesdue2023and5.400%SeniorNotesdue2043(collectively,the"SeniorNotes").Theconsent
solicitationsmodifiedthereportingcovenantssetforthintheindenturesgoverningtheSeniorNotessothat,subjecttocertainconditions,thereports,information
andotherdocumentsrequiredtobefiledwiththeSECandfurnishedtoholdersoftheSeniorNotesmay,attheoptionofMylanInc.,befiledbyandbethoseof
anydirectorindirectparententity,ratherthanMylanInc.DuringtheyearendedDecember31,2015,theCompanyincurredapproximately$21.8millionoffees,
whichwererecordedasdeferredfinancingcostsintheConsolidatedBalanceSheets.
November 2018 Senior Notes Redemption
OnNovember15,2014,theCompanyredeemedallofitsoutstanding6.000%SeniorNotesdue2018(November2018SeniorNotes)pursuanttotheir
termsforatotalof$824.0million,includinga$24.0millionredemptionpremium.TheCompanyrecordedapre-taxchargeofapproximately$33.3millionduring
thefourthquarterof2014relatedtotheredemptionoftheNovember2018SeniorNotes,comprisedoftheredemptionpremiumandthewrite-offofdeferred
financingfees,whichisincludedinotherexpense(income),net,intheConsolidatedStatementsofOperations.TheredemptionoftheNovember2018Senior
NoteswasfundedthroughborrowingsundertherevolvingfacilityoftheJune2013CreditAgreement.
Bridge Credit Facility
OnApril24,2015,theCompanyenteredintoabridgecreditagreement,whichwasamendedonApril29,2015andonAugust6,2015(theBridge
CreditAgreement),amongMylan,thelenderspartytheretofromtimetotimeandGoldmanSachsBankUSA,astheadministrativeagent(insuchcapacity,the
AdministrativeAgent),inconnectionwiththePerrigoOffer.TheBridgeCreditAgreementprovidesforabridgecreditfacility(theBridgeFacility)under
whichtheCompanymayobtainloans,inoneormoredrawings,uptoanaggregateamountofapproximately$12.5billion,consistingofTrancheALoans(the
TrancheALoans)inanaggregateamountupto$11.0billion,andTrancheCLoans(theTrancheCLoans,andcollectively,theLoans)inanaggregate
amountuptoapproximately$1.5billion.TheproceedsoftheTrancheALoansandTrancheCLoanswereintendedtobeappliedsolelyto(i)financethe
acquisitionoftheordinarysharesofPerrigopursuanttothetermsofthePerrigoOffer,(ii)repayPerrigosoutstandingtermloansand(iii)payothercosts
associatedwiththeacquisition,includingallnon-periodicfees,expensesandtaxes.TheCompanyannouncedonNovember13,2015thatthePerrigoOfferto
acquirealloftheissuedandoutstandingordinarysharesofPerrigohadnotbeensatisfiedandthePerrigoOfferhadlapsedinaccordancewithitsterms.Assuch,
thecommitmentsundertheBridgeFacilityterminated.DuringtheyearendedDecember31,2015,theCompanypaidapproximately$99.6millionincommitment
andotherfeesundertheBridgeFacility,whichwereexpensedintheConsolidatedStatementofOperations.

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Fair Value
AtDecember31,2015andDecember31,2014,thefairvalueoftheSeniorNoteswasapproximately$4.80billionand$5.03billion,respectively.At
December31,2014,thefairvalueoftheCashConvertibleNoteswasapproximately$2.42billion.ThefairvaluesoftheSeniorNotesandCashConvertible
NoteswerevaluedatquotedmarketpricesfrombrokerordealerquotationsandwereclassifiedasLevel2inthefairvaluehierarchy.Basedonquotedmarketrates
ofinterestandmaturityschedulesforsimilardebtissues,thefairvaluesoftheCompanys2015TermLoans,2014TermLoanandRevolvingFacility,determined
basedonLevel2inputs,approximatetheircarryingvaluesatDecember31,2015andDecember31,2014.
Mandatoryminimumrepaymentsremainingontheoutstandinglong-termdebtatDecember31,2015,excludingthediscounts,premiumandconversion
features,areasfollowsforeachoftheperiodsendingDecember31:

(In millions)

Total

2016

1,000

2017

2,400

2018

1,150

2019

500

2020

500

Thereafter

1,750

Total

9.

7,300

Comprehensive Earnings
Accumulatedothercomprehensiveloss,asreflectedontheConsolidatedBalanceSheets,iscomprisedofthefollowing:

(In millions)

December 31, 2015 December 31, 2014

Accumulatedothercomprehensiveloss:

(1.0) $

Netunrealized(loss)gainonmarketablesecurities,netoftax

0.3

Netunrecognizedlossesandpriorservicecostrelatedtodefinedbenefitplans,netoftax

(14.9)

Netunrecognizedlossesonderivatives,netoftax

(18.1)

(28.4)

(1,730.3)

(939.4)

(1,764.3) $

(987.0)

Foreigncurrencytranslationadjustment
$

126

(19.5)

TableofContents
Componentsofothercomprehensive(loss)earnings,beforetax,consistofthefollowing:
Year Ended December 31, 2015

Gains and Losses on Derivatives in Cash Flow

Hedging Relationships

Gains and Losses on

Defined
Foreign Currency
Marketable
Pension Plan
Translation

Securities
Items
Adjustment

(In millions)

Foreign
Currency
Forward
Contracts

BalanceatDecember31,2014,netoftax

Interest Rate

Swaps

Total

(28.4) $

Othercomprehensiveearnings(loss)
beforereclassifications,beforetax

129.0

Amountsreclassifiedfrom
accumulatedothercomprehensive
(loss)earnings,beforetax:

Lossonforeignexchangeforward
contractsclassifiedascashflow
hedges,includedinnetsales
Lossoninterestrateswaps
classifiedascashflowhedges,
includedininterestexpense

(40.3)

0.3

Totals

(19.5) $

(939.4) $

(987.0)

(790.9)

(663.3)

(2.0)

0.6

(40.3)

(40.3)

(0.8)

(0.8)

(0.8)

Lossoninterestrateswaps
classifiedascashflowhedges,
includedinother(expense)income,
net

(71.2)

(71.2)

(71.2)

Amortizationofpriorservicecosts
includedinSG&Aexpenses

0.3

0.3

Amortizationofactuarialgain
includedinSG&Aexpenses

2.2

2.2

Netothercomprehensiveearnings
(loss),beforetax

16.7

(2.0)

3.1

(790.9)

Incometaxprovision(benefit)

6.4

(0.7)

(1.5)

BalanceatDecember31,2015,netoftax

(18.1) $
127

(1.0) $

(14.9) $

(1,730.3) $

(773.1)
4.2
(1,764.3)

TableofContents

Year Ended December 31, 2014

Gains and Losses on Derivatives in Cash Flow

Hedging Relationships

Gains and Losses on

Defined
Foreign Currency
Marketable
Pension Plan
Translation

Securities
Items
Adjustment

(In millions)

Foreign
Currency
Forward
Contracts

84.8 $

0.3 $

(8.7) $

(316.5) $

(240.1)

(622.9)

(866.8)

BalanceatDecember31,2013,netoftax
Othercomprehensivelossbefore
reclassifications,beforetax
Amountsreclassifiedfrom
accumulatedothercomprehensive
loss,beforetax:

Interest Rate

Swaps

Lossonforeignexchangeforward
contractsclassifiedascashflow
hedges,includedinnetsales
Lossoninterestrateswaps
classifiedascashflowhedges,
includedininterestexpense

(47.9)

Total

(231.1)

(12.8)

Totals

(47.9)

(47.9)

(0.6)

(0.6)

(0.6)

Amortizationofpriorservicecosts
includedinSG&Aexpenses

(0.3)

(0.3)

Amortizationofactuarialgain
includedinSG&Aexpenses

(0.7)

(0.7)

Amountsreclassifiedfrom
accumulatedothercomprehensive
loss,beforetax

(48.5)

(1.0)

(49.5)

Netothercomprehensiveloss,before
tax

(182.6)

(11.8)

(622.9)

(817.3)

Incometaxbenefit

(69.4)

(1.0)

(70.4)

BalanceatDecember31,2014,netoftax

(28.4) $

0.3 $

128

(19.5) $

(939.4) $

(987.0)

TableofContents

Year Ended December 31, 2013

Gains and Losses on Derivatives in Cash Flow

Hedging Relationships

Gains and Losses on

Defined
Foreign Currency
Marketable
Pension Plan
Translation

Securities
Items
Adjustment

(In millions)

Foreign
Currency
Forward
Contracts

BalanceatDecember31,2012,netoftax

Interest Rate

Swaps

Total

(30.8) $

117.6

Amountsreclassifiedfromaccumulated
othercomprehensiveearnings(loss),
beforetax:

Othercomprehensiveearnings(loss)
beforereclassifications,beforetax

Lossonforeignexchangeforward
contractsclassifiedascashflow
hedges,includedinnetrevenues
Lossoninterestrateswapsclassified
ascashflowhedges,includedin
interestexpense

(60.5)

1.0

(13.9) $

(42.8) $

(1.2)

9.7

(273.7)

Totals

(86.5)
(147.6)

(60.5)

(60.5)

(1.5)

(1.5)

(1.5)

Lossoninterestrateswapsclassified
ascashflowhedges,includedinother
(expense)income,net

(0.8)

(0.8)

(0.8)

Realizedlossonsaleofmarketable
securities,includedinotherincome
(expense),net

(0.1)

(0.1)

Amortizationofpriorservicecosts
includedinSG&Aexpenses

0.3

0.3

Amortizationofactuarialgain
includedinSG&Aexpenses

1.2

1.2

Amountsreclassifiedfrom
accumulatedothercomprehensive
(loss)earnings,beforetax

(62.8)

(0.1)

1.5

(61.4)

Netothercomprehensiveearnings
(loss),beforetax

180.4

(1.1)

8.2

(273.7)

(86.2)

Incometaxprovision(benefit)

64.8

(0.4)

3.0

BalanceatDecember31,2013,netoftax

84.8 $

129

0.3

(8.7) $

(316.5) $

67.4
(240.1)

TableofContents

10. Income Taxes

Incometaxprovisionconsistedofthefollowingcomponents:

Year Ended December 31,

(In millions)

2015

U.S.Federal:
Current

13.7 $

218.1 $

Deferred

Current

(35.8)

(147.5)

(22.1)

70.6

8.1

Deferred

Non-U.S.:

2014

U.S.State:

2013

89.5
(41.1)
48.4

33.8

18.0

(11.9)

(1.6)

(1.9)

(3.8)

32.2

16.1

Current

161.8

104.6

100.4

Deferred

(68.2)

(166.0)

(44.1)

93.6

(61.4)

Incometaxprovision
Earningsbeforeincometaxesandnoncontrollinginterest:
UnitedKingdom

67.7 $

41.4 $

(189.6) $

56.3
120.8

14.2 $

16.5

UnitedStates

474.4

679.2

513.8

Foreign-Other

630.6

281.1

217.0

915.4 $

974.5 $

747.3

Totalearningsbeforeincometaxesandnoncontrollinginterest

Forallperiodspresented,theallocationofearningsbeforeincometaxesandnoncontrollinginterestbetweenU.S.andnon-U.S.operationsincludes
intercompanyinterestallocationsbetweencertaindomesticandforeignsubsidiaries.Theseamountsareeliminatedonaconsolidatedbasis.
Temporarydifferencesandcarryforwardsthatresultindeferredtaxassetsandliabilitieswereasfollows:
(In millions)

December 31, 2015 December 31, 2014

Deferredtaxassets:

Employeebenefits

202.4 $

162.1

Accountsreceivableallowances

224.9

239.4

Taxcreditandlosscarryforwards

463.7

386.5

Intangibleassets

65.3

184.9

Convertibledebt

62.4

Other

189.4

97.1

1,145.7

1,132.4

Less:Valuationallowance

(355.7)

(304.5)

Totaldeferredtaxassets

790.0

827.9

Deferredtaxliabilities:

Plantandequipment

184.4

156.1

Intangibleassetsandgoodwill

827.0

447.5

Other
Totaldeferredtaxliabilities
Deferredtax(liabilities)assets,net

130

39.1

30.8

1,050.5

634.4

(260.5) $

193.5

TableofContents
Forthoseforeignsubsidiarieswhoseinvestmentsarepermanentinduration,U.S.incomeandforeignwithholdingtaxeshavenotbeenprovidedonthe
amountbywhichtheinvestmentinthosesubsidiaries,asrecordedforfinancialreporting,exceedsthetaxbasis.Thisamountbecomestaxableuponarepatriation
ofassetsfromthesubsidiaryorasaleorliquidationofthesubsidiary.Theamountofsuchtemporarydifferencesisapproximately$1.40billionatDecember31,
2015.Determinationoftheamountofanyunrecognizeddeferredincometaxliabilityonthistemporarydifferenceisnotpracticableassuchdetermination
involvesmaterialuncertaintiesaboutthepotentialextentandtimingofanydistributions,theavailabilityandcomplexityofcalculatingforeigntaxcredits,andthe
potentialindirecttaxconsequencesofsuchdistributions,includingwithholdingtaxes.Nodeferredtaxeshavebeenrecordedontheinstanceswherebythe
CompanysinvestmentinforeignsubsidiariesiscurrentlygreaterforU.S.taxpurposesthanforU.S.GAAPpurposes,asmanagementhasnocurrentplansthat
wouldcausethattemporarydifferencetoreverseintheforeseeablefuture.
PriortotheEPDTransaction,thestatutoryincometaxrateapplicabletoMylanInc.intheU.S.was35%andfollowingtheEPDTransactionthestatutory
incometaxrateapplicabletoMylanN.V.intheUnitedKingdom(theU.K.)fortheyearendingDecember31,2015was20%.Areconciliationofthestatutory
taxratetotheeffectivetaxrateisasfollows:

Year Ended December 31,

2015

Statutorytaxrate

20.0%

2014

35.0%

UnitedStatesOperations

Cleanenergyandresearchcredits

2013

35.0%

(13.0)%

(9.6)%

(5.7)%

U.S.ratedifferential

4.6%

OtherU.S.items

(2.2)%

2.1%

Foreigntaxcredits,net

(0.6)%

(2.6)%

Stateincometaxesandcredits

2.2%

1.0%

OtherForeignOperations

Otherforeignratedifferential
Uncertaintaxpositions

(15.2)%

(11.9)%

(13.0)%

(0.3)%

1.6%

(1.1)%

Valuationallowance

6.5%

0.9%

4.3%

Mergerofforeignsubsidiaries

(15.2)%

Otherforeignitems

4.8%

4.0%

(3.8)%

7.4%

4.2%

16.2%

Effectivetaxrate

TheCompanysjurisdictionallocationofearningsisacomponentoftheeffectivetaxrateeachyear,andtherateimpactofthiscomponentisalso
influencedbythelevelofsuchearningsascomparedtotheCompanystotalearnings.Thejurisdictionalmixofearningscanvaryasaresultofoperating
fluctuationsinthenormalcourseofbusinessandasaresultoftheextentandlocationofotherincomeandexpenseitems,suchasinternalrestructurings,andgains
andlossesonstrategicbusinessdecisions.
Duringthethirdquarterof2014,theCompanyreceivedapprovalsfromtherelevantIndianregulatoryauthoritiestolegallymergeitswhollyowned
subsidiaries,AgilaSpecialtiesPrivateLimitedandOncoTherapiesLimited,intoMylanLaboratoriesLimited.Themergerresultedintherecognitionofa
deferredtaxassetofapproximately$156.0millionforthetaxdeductiblegoodwillinexcessofthebookgoodwillwithacorrespondingbenefittoincometax
provisionfortheyearendedDecember31,2014.
Valuation Allowance
Avaluationallowanceisprovidedwhenitismorelikelythannotthatsomeportionorallofthedeferredtaxassetswillnotberealized.AtDecember31,
2015,avaluationallowancehasbeenappliedtocertainforeignandstatedeferredtaxassetsintheamountof$355.7million.Thevaluationallowanceincreased
by$51.2millionduring2015.

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Net Operating Losses
AsofDecember31,2015,theCompanyhasnetoperatinglosscarryforwardsforU.S.stateincometaxpurposesofapproximately$2.3billion.The
Companyalsohasnon-U.S.netoperatinglosscarryforwardsofapproximately$992million,ofwhich$608millioncanbecarriedforwardindefinitely,withthe
remaining$384millionexpiringinyears2016through2035.Mostofthenetoperatinglosseshaveafullvaluationallowance.
TheCompanyhas$84.8millionofcapitallosscarryforwardsexpiringin2019through2022.Afullvaluationallowanceisrecordedagainsttheselosses.
TheCompanyalsohas$41.6millionofforeign,U.S.andU.S.statecreditcarryovers,expiringinvariousamountsthrough2029.
Tax Examinations
MylanissubjecttoongoingU.S.InternalRevenueService(IRS)examinationsandisavoluntaryparticipantintheIRSComplianceAssuranceProcess.
Theyears2014and2015aretheopenyearsunderexamination.Theyears2012and2013haveoneissueopenintheIRSAppealsprocess.Years2007through
2011arecurrentlyscheduledforU.S.TaxCourtproceedingsin2017.Taxandinterestcontinuetobeaccruedrelatedtouncertaintaxpositions.
TheCompanysmajorstatetaxingjurisdictionsremainopenfromfiscalyear2007through2015,withseveralstateauditscurrentlyinprogress.The
Companysmajorinternationaltaxingjurisdictionsremainopenfrom2007through2015,someofwhichareindemnifiedbyMerckKGaAandStridesArcolabfor
taxassessments.
Accounting for Uncertainty in Income Taxes
Theimpactofanuncertaintaxpositionthatismorelikelythannotofbeingsustaineduponauditbytherelevanttaxingauthoritymustberecognizedat
thelargestamountthatismorelikelythannottobesustained.Noportionofanuncertaintaxpositionwillberecognizedifthepositionhaslessthana50%
likelihoodofbeingsustained.
AsofDecember31,2015and2014,theCompanysConsolidatedBalanceSheetsreflectnetliabilitiesforunrecognizedtaxbenefitsof$174.1million
and$191.2million,ofwhich$128.1millionand$141.2million,respectively,wouldaffecttheCompanyseffectivetaxrateifrecognized.Accruedinterestand
penaltiesincludedintheConsolidatedBalanceSheetswere$73.1millionand$72.3millionasofDecember31,2015and2014,respectively.Fortheyearsended
December31,2015,2014and2013,Mylanrecognized$0.8million,$2.2millionand$0.5million,respectively,forinterestexpenserelatedtouncertaintax
positions.Interestexpenseandpenaltiesrelatedtoincometaxesareincludedinthetaxprovision.
Areconciliationoftheunrecognizedtaxbenefitsisasfollows:

Year Ended December 31,

(In millions)

2015

Unrecognizedtaxbenefitbeginningofyear

2014

2013

191.2 $

174.7 $

Additionsforcurrentyeartaxpositions

1.2

21.9

4.1

Additionsforprioryeartaxpositions

6.3

5.3

Reductionsforprioryeartaxpositions

(9.0)

(5.1)

Settlements

(1.5)

(1.5)

(0.4)

Reductionsduetoexpirationsofstatuteoflimitations

(7.8)

(5.1)

(11.8)

45.1

174.1 $

191.2 $

174.7

Additionduetoacquisition
Unrecognizedtaxbenefitendofyear

132.4

TheCompanybelievesthatitisreasonablypossiblethattheamountofunrecognizedtaxbenefitswilldecreaseinthenexttwelvemonthsby
approximately$95million,involvingfederalandstatetaxauditsandsettlements,possibleresolutionofU.S.TaxCourtproceedingsandexpirationsofcertain
stateandforeignstatutesoflimitations.TheCompanydoesnotanticipatesignificantincreasestothereservewithinthenexttwelvemonths.
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11. Share-Based Incentive Plan

TheCompanysshareholdershaveapprovedthe2003 Long-Term Incentive Plan (asamended,the2003Plan).Underthe2003Plan,55,300,000
ordinarysharesarereservedforissuancetokeyemployees,consultants,independentcontractorsandnon-employeedirectorsoftheCompanythroughavarietyof
incentiveawards,including:stockoptions,stockappreciationrights(SAR),restrictedsharesandunits,performanceawards(PSU),otherstock-basedawards
andshort-termcashawards.Stockoptionawardsaregrantedatthefairmarketvalueofthesharesunderlyingtheoptionsatthedateofthegrant,generallybecome
exercisableoverperiodsrangingfromthreetofouryears,andgenerallyexpireintenyears.Uponapprovalofthe2003Plan,nofurthergrantsofstockoptions
havebeenmadeunderanyotherpreviousplan.
InFebruary2014,MylansCompensationCommitteeandtheindependentmembersoftheBoardofDirectorsadoptedtheOne-TimeSpecial
Performance-BasedFive-YearRealizableValueIncentiveProgram(the2014Program)underthe2003Plan.Underthe2014Program,certainkeyemployees
receivedaone-time,performance-basedincentiveaward(theAwards)eitherintheformofagrantofSARorPSU.TheAwardsweregrantedinFebruary2014
andcontainafive-yearcliff-vestingfeaturebasedontheachievementofvariousperformancetargets,externalmarketconditionsandtheemployeescontinued
services.
ThefollowingtablesummarizesstockoptionandSAR(stockawards)activity:

Number of Shares
Under Stock Awards

OutstandingatDecember31,2012

Weighted
Average
Exercise Price
per Share

16,616,617 $

19.54

2,182,035

32.92

Exercised

(4,367,871)

17.80

Forfeited

(866,900)

23.12

13,563,881 $

22.05

Granted

OutstandingatDecember31,2013
Granted

6,226,185

52.37

Exercised

(2,720,048)

20.25

Forfeited

(862,241)

38.28

16,207,777 $

33.21

OutstandingatDecember31,2014
Granted
Exercised
Forfeited
Converted

937,873

54.92

(5,092,660)

22.48

(220,491)

46.36

(4,100,000)

53.33

OutstandingatDecember31,2015

7,732,499 $

31.85

VestedandexpectedtovestatDecember31,2015

7,374,244 $

31.09

ExercisableatDecember31,2015

5,146,821 $

23.56

AsofDecember31,2015,stockawardsoutstanding,stockawardsvestedandexpectedtovest,andstockawardsexercisablehadaverageremaining
contractualtermsof6.29years,6.18yearsand5.13years,respectively.AlsoatDecember31,2015,stockawardsoutstanding,stockawardsvestedandexpected
tovestandstockawardsexercisablehadaggregateintrinsicvaluesof$175.6million,$172.8millionand$157.3million,respectively.
OnJune10,2015,4.1millionsharesoftheCompanysperformance-basedSARswereconvertedinto1.1millionrestrictedordinaryshares(the
RestrictedOrdinaryShares)pursuanttothetermsofthe2014Program.Inaddition,themaximumnumberoftheCompanysperformancerestrictedstockunits
(PRSU)grantedunderthe2014Programthatcouldvestwasfixedat1.4millionunits.Thefairvalueoftheperformance-basedSARsandPRSUswere
determinedusingaMonteCarlosimulationasboththeSARsandPRSUscontainthesameperformanceandmarketconditions.DuringtheyearendedDecember
31,2015,theCompanyrecordedadditionalshare-basedcompensationexpenseofapproximately$21.8millionrelatedtotheacceleratedvestingofequityawards
asaresultoftheEPDTransaction.

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AsummaryofthestatusoftheCompanysnonvestedrestrictedstockandrestrictedstockunitawards,includingPSUs(restrictedstockawards)asof
December31,2015andthechangesduringtheyearendedDecember31,2015arepresentedbelow:

Number of Restricted
Stock Awards

NonvestedatDecember31,2014
Granted

Weighted Average
Grant-Date
Fair Value Per Share

3,670,238

34.98

1,292,783

54.05

Released

(1,480,561)

34.00

Forfeited

(115,231)

38.57

Converted
NonvestedatDecember31,2015

1,107,207

34.92

4,474,436

40.70

Ofthe1,292,783awardsgrantedduringtheyearendedDecember31,2015,4,414vestratablyoverfouryears,769,963vestratablyoverthreeyearsand
79,306vestratablyover2.3years.Oftheremainingawardsgranted,3,522willcliffvestafterthreeyears,165,086willvestafterthreeyearsandaresubjectto
performanceconditions,237,912willvestafter2.3yearsandaresubjecttomarketconditions,and32,580willcliffvestaftersixmonths.
AsofDecember31,2015,theCompanyhad$129.1millionoftotalunrecognizedcompensationexpense,netofestimatedforfeitures,relatedtoallofits
stock-basedawards,whichwillberecognizedovertheremainingweightedaveragevestingperiodof2.2years.Thetotalintrinsicvalueofstock-basedawards
exercisedandrestrictedstockunitsconvertedduringtheyearsendedDecember31,2015and2014was$260.1millionand$162.2million,respectively.
2003 Plan
WithrespecttooptionsgrantedundertheCompanysshare-basedcompensationplans,thefairvalueofeachoptiongrantwasestimatedatthedateof
grantusingtheBlack-Scholesoptionpricingmodel.Black-Scholesutilizesassumptionsrelatedtovolatility,therisk-freeinterestrate,thedividendyieldand
employeeexercisebehavior.ExpectedvolatilitiesutilizedinthemodelarebasedmainlyontheimpliedvolatilityoftheCompanysstockpriceandotherfactors.
Therisk-freeinterestrateisderivedfromtheU.S.Treasuryyieldcurveineffectatthetimeofgrant.Themodelincorporatesexerciseandpost-vestingforfeiture
assumptionsbasedonananalysisofhistoricaldata.Theexpectedlivesofthegrantsarederivedfromhistoricalandotherfactors.
Theassumptionsusedforoptionsgrantedunderthe2003Planareasfollows:

Year Ended December 31,

2015

2014

2013

Volatility

33.7%

31.6%

23.9%

Risk-freeinterestrate

1.7%

1.9%

1.1%

Expectedterm(years)
Forfeiturerate
Weightedaveragegrantdatefairvalueperoption

6.3

6.3

6.1

5.5%

5.5%

5.5%

$20.18

$17.44

$8.49

2014 Program
Underthe2014Program,approximately4.4millionSARsand1.5millionPSUsweregranted.ThefairvalueoftheAwardswasdeterminedusinga
MonteCarlosimulationasboththeSARsandPSUscontainthesameperformanceandmarketconditions.TheMonteCarlosimulationinvolvesaseriesofrandom
trialsthatresultindifferentfuturestockpricepathsoverthecontractuallifeoftheSARorPSUbasedonappropriateprobabilitydistributions.Conditionsare
imposedoneachMonteCarlosimulationtodetermineiftheextenttowhichtheperformanceconditionswouldhavebeenmet,andthereforetheextenttowhich
theAwardswouldhavevested,fortheparticularstockpricepath.ThemarketconditionwasmetonJune10,2015.Indeterminingthefairvalueofthe
performance-basedSARsandPRSUs,theCompanyconsideredtheachievementofthemarketconditionindeterminingtheestimatedfairvalue.TheRestricted
OrdinarySharesandPRSUsremainsubjecttotheachievementoftheperformanceconditionandtheemployeescontinuedservice.

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EachSARorPSUisequaltooneordinarysharewiththemaximumvalueofeachAwarduponvestingsubjecttovaryinglimitations.
Theassumptionsusedforthe2014Programareasfollows:

Year Ended December 31,

2015

2014

Volatility

33.7%

31.6%

Risk-freeinterestrate

1.7%

1.9%

Expectedterm(years)

6.3

6.3

5.5%

5.5%

WeightedaveragegrantdatefairvalueperSAR

$9.43

$9.43

WeightedaveragegrantdatefairvalueperPSU

$34.58

$34.58

Forfeiturerate

12. Employee Benefit Plans

Defined Benefit Plans
TheCompanysponsorsvariousdefinedbenefitpensionplansinseveralcountries.Benefitsprovidedgenerallydependonlengthofservice,paygradeand
remunerationlevels.TheCompanymaintainsasmallfullyfrozendefinedbenefitpensionplanintheU.S.,andemployeesintheU.S.andPuertoRicoareprovided
retirementbenefitsthroughadefinedcontributionplanratherthanthroughadefinedbenefitplan.AsaresultoftheEPDTransactionduring2015,theCompany
acquiredseveralfundedandunfundeddefinedbenefitpensionplansoutsidetheU.S.
TheCompanyalsosponsorsotherpostretirementbenefitplans.Thereareplansthatprovideforpostretirementsupplementalmedicalcoverage.Benefits
fromtheseplansarepaidtoemployeesandtheirspousesanddependentswhomeetvariousminimumageandservicerequirements.Inaddition,thereareplansthat
provideforlifeinsurancebenefitsandpostretirementmedicalcoverageforcertainofficersandmanagementemployees.
Accounting for Defined Benefit Pension and Other Postretirement Plans
TheCompanyrecognizesonitsbalancesheetanassetorliabilityequaltotheover-orunder-fundedbenefitobligationofeachdefinedbenefitpensionand
otherpostretirementplan.Actuarialgainsorlossesandpriorservicecostsorcreditsthatariseduringtheperiodarenotrecognizedascomponentsofnetperiodic
benefitcostbutarerecognized,netoftax,asacomponentofothercomprehensiveincome.
IncludedinaccumulatedothercomprehensivelossasofDecember31,2015and2014are:

Pension Benefits

December 31,

(In millions)

2015

Unrecognizedactuariallosses

Unrecognizedpriorservicecosts
$

Total

2014

13.5 $

14.9 $

3.0

3.4

16.5 $

18.3 $

Other Postretirement Benefits

December 31,
2015

2014

5.6 $

6.0

5.6 $

6.0

OftheDecember31,2015amount,theCompanyexpectstorecognizeapproximately$0.9millionofunrecognizedactuariallossesand$0.3millionof
unrecognizedpriorservicecostsinnetperiodicbenefitcostduring2016.Theunrecognizednetactuariallossesexceed10%ofthehigherofthemarketvalueof
planassetsortheprojectedbenefitobligationatthebeginningoftheyear,therefore,amortizationofsuchexcesshasbeenincludedinnetperiodicbenefitcostsfor
pensionandotherpostretirementbenefitsineachofthelastthreeyears.Theamortizationperiodistheaverageremainingserviceperiodofactiveemployees
expectedtoreceivebenefitsunlessaplanismostlyinactiveinwhichcasetheamortizationperiodistheaverageremaininglifeexpectancyoftheplanparticipants.
Unrecognizedpriorservicecostisamortizedoverthefutureserviceperiodsofthoseemployeeswhoareactiveatthedatesoftheplanamendmentsandwhoare
expectedtoreceivebenefits.Ifalloralmostallofaplan'sparticipantsareinactive,unrecognizedpriorservicecostisamortizedovertheremaininglife

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expectancyofthoseparticipants.Theincreaseinaccumulatedothercomprehensivelossin2015relatingtopensionbenefitsandotherpostretirementbenefits
consistsof:

Pension Benefits

(In millions)

Unrecognizedactuarial(gain)/loss

Other Postretirement
Benefits

1.3 $

(0.1)

Amortizationofactuarial(gain)/loss

(1.8)

(0.4)

Amortizationofpriorservicecosts

(0.3)

Impactofforeigncurrencytranslation

(1.8)
$

Netchange

(2.6) $

(0.5)

Componentsofnetperiodicbenefitcost,changeinprojectedbenefitobligation,changeinplanassets,fundedstatus,fairvalueofplanassets,assumptions
usedtodeterminenetperiodicbenefitcost,fundingpolicyandestimatedfuturebenefitpaymentsaresummarizedbelowfortheCompanyspensionplansand
otherpostetirementplans.
Net Periodic Benefit Cost
ComponentsofnetperiodicbenefitcostfortheyearsendedDecember31,2015,2014and2013wereasfollows:

Pension Benefits

December 31,

(In millions)

Servicecost

2015

2013

December 31,
2015

2014

2013

5.0 $

5.3 $

0.6 $

0.5 $

0.5

4.0

2.6

2.3

1.1

1.0

0.9

(6.4)

(1.7)

(1.7)

Plancurtailment,settlementandtermination

1.1

0.2

2.1

Amortizationofpriorservicecosts

0.3

0.3

0.3

0.9

0.6

1.1

0.3

0.1

0.1

7.0 $

9.4 $

2.0 $

1.6 $

1.5

Interestcost
Expectedreturnonplanassets

Recognizednetactuariallosses
Netperiodicbenefitcost

11.9 $

2014

Other Postretirement Benefits

11.8 $

Change in Projected Benefit Obligation, Change in Plan Assets and Funded Status
Thetablebelowpresentscomponentsofthechangeinprojectedbenefitobligation,changeinplanassetsandfundedstatusatDecember31,2015and
2014.
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(In millions)

2015

Pension Benefits

2014

Other Postretirement Benefits

2015

2014

Change in Projected Benefit Obligation

Projectedbenefitobligation,beginningofyear

75.7 $

67.7 $

26.2 $

21.9

Servicecost

11.9

5.0

0.6

0.5

Interestcost

4.0

2.6

1.1

1.0

Participantcontributions

0.8

0.6

0.1

0.1

Transferredliabilities

0.4

2.7

166.1

Plansettlementsandterminations

(2.5)

(5.3)

Actuariallosses(gains)

(5.9)

10.7

(0.1)

4.6

Benefitspaid

(8.9)

(2.0)

(1.9)

(1.9)

Acquisitions

Impactofforeigncurrencytranslation

(7.2)

(6.3)

Projectionbenefitobligation,endofyear

234.4 $

75.7 $

26.0 $

26.2

Change in Plan Assets

Fairvalueofplanassets,beginningofyear

33.2 $

29.1 $

Actualreturnonplanassets

(0.8)

3.0

Companycontributions

11.3

7.6

1.7

1.8

Participantcontributions

0.8

0.6

0.1

0.1

131.7

Acquisitions
Transferredassets

0.4

2.7

Plansettlements

(2.7)

(5.3)

Benefitspaid

(8.9)

(2.0)

(1.9)

(1.9)

(0.4)

0.1

(3.0)

(2.1)

Other
Impactofforeigncurrencytranslation
Fairvalueofplanassets,endofyear

162.0
$

Fundedstatusofplans

(72.4) $

33.2

(42.5) $

(26.0) $

(26.2)

NetaccruedbenefitcostsforpensionplansandotherpostretirementbenefitsarereportedinthefollowingcomponentsoftheCompanysconsolidated
balancesheetatDecember31,2015and2014:

Pension Benefits

Other Postretirement Benefits

December 31,

December 31,

(In millions)

2015

Noncurrentassets

Currentliabilities
Noncurrentliabilities
$

Netaccruedbenefitcosts

0.5 $

2014

0.1 $

2015

2014

(2.8)

(0.4)

(1.2)

(1.1)

(70.1)

(42.2)

(24.8)

(25.1)

(72.4) $

(42.5) $

(26.0) $

(26.2)

Theprojectedbenefitobligationistheactuarialpresentvalueofbenefitsattributabletoemployeeservicerenderedtodate,includingtheeffectsof
estimatedfuturepayincreases.Theaccumulatedbenefitobligationistheactuarialpresentvalueofbenefitsattributabletoemployeeservicerenderedtodate,but
doesnotincludetheeffectsofestimatedfuturepayincreases.TheaccumulatedbenefitobligationfortheCompanyspensionplanswas$212.3millionand$64.7
millionatDecember31,2015and2014,respectively.
Theprojectedbenefitobligation,accumulatedbenefitobligationandfairvalueofplanassetsforpensionplanswithanaccumulatedbenefitobligationin
excessofthefairvalueofplanassetsatDecember31,2015and2014wereasfollows:

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December 31

(In millions)

2015

Planswithaccumulatedbenefitobligationinexcessofplanassets:
Accumulatedbenefitobligation

2014

136.8 $

51.2

147.3

55.0

81.5

16.9

Projectedbenefitobligation
Fairvalueofplanassets
Fair Value of Plan Assets

TheCompanymeasuresthefairvalueofplanassetsbasedonthepricesthatwouldbereceivedtosellanassetorpaidtotransferaliabilityinanorderly
transactionbetweenmarketparticipantsatthemeasurementdate.Fairvaluemeasurementsarebasedonathree-tierhierarchydescribedinNote7Financial
Instruments and Risk Management .ThetablebelowpresentstotalplanassetsbyinvestmentcategoryasofDecember31,2015and2014andtheclassificationof
eachinvestmentcategorywithinthefairvaluehierarchywithrespecttotheinputsusedtomeasurefairvalue:

December 31, 2015

(In millions)

Level 1

Cashandcashequivalents

Level 2

1.7 $

Equitysecurities

6.2

78.7

Fixedincomesecurities

3.5

Assetsheldbyinsurancecompaniesandother

8.6
20.0 $

139.0 $

Total

Level 3

Total

1.7

84.9

51.1

54.6

9.2

3.0

20.8

3.0 $

162.0

December 31, 2014

(In millions)

Level 1

Cashandcashequivalents

Level 2

Level 3

Total

0.5 $

0.5

Equitysecurities

5.6

3.9

9.5

Fixedincomesecurities

3.4

4.9

8.3

Assetsheldbyinsurancecompaniesandother

6.8

7.0

1.1

14.9

16.3 $

15.8 $

1.1 $

33.2

Total

Risktoleranceoninvestedpensionplanassetsisestablishedthroughcarefulconsiderationofplanliabilities,planfundedstatusandcorporatefinancial
condition.Investmentriskismeasuredandmonitoredonanongoingbasisthroughannualliabilitymeasures,periodicasset/liabilitystudiesandinvestment
portfolioreviews.TheCompanysinvestmentstrategyistomaintain,wherepossible,adiversifiedinvestmentportfolioacrossseveralassetclassesthat,when
combinedwiththeCompanyscontributionstotheplans,willensurethatrequiredbenefitobligationsaremet.
Assumptions
ThefollowingweightedaverageassumptionswereusedtodeterminethebenefitobligationfortheCompanysdefinedbenefitpensionandother
postretirementplansasofDecember31,2015and2014:

Pension Benefits

2015

2014

Other Postretirement Benefits

2015

2014

Discountrate

2.1%

3.1%

4.3%

4.0%

Expectedreturnonplanassets

4.9%

5.1%

Rateofcompensationincrease

5.5%

7.5%

ThefollowingweightedaverageassumptionswereusedtodeterminethenetperiodicbenefitcostfortheCompanysdefinedbenefitpensionandother
postretirementbenefitplansforthethreeyearsintheperiodendedDecember31,2015:

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Pension Benefits

2015

2014

2013

Other Postretirement Benefits

2015

2014

2013

Discountrate

2.3%

4.1%

3.5%

4.0%

4.8%

4.1%

Expectedreturnonplanassets

4.5%

5.6%

5.9%

Rateofcompensationincrease

5.2%

6.9%

6.6%

Theassumptionsforeachplanarereviewedonanannualbasis.Thediscountratereflectsthecurrentrateatwhichthepensionandotherbenefitliabilities
couldbeeffectivelysettledatthemeasurementdate.Insettingthediscountrates,weutilizecomparablecorporatebondindicesasanindicationofinterestrate
movementsandlevels.Corporatebondindicieswereselectedbasedonindividualplancensusdataandduration.Theexpectedreturnonplanassetswas
determinedusinghistoricalmarketreturnsandlong-termhistoricalrelationshipsbetweenequitiesandfixedincomesecurities.TheCompanycomparesthe
expectedreturnonplanassetsassumptiontoactualhistoricreturnstoensurereasonableness.Currentmarketfactorssuchasinflationandinterestratesarealso
evaluated.
Theweighted-averagehealthcarecosttrendrate(inflation)usedfor2015was7.5%decliningtoaprojected5.0%intheyear2020.For2016,the
assumedweighted-averagehealthcarecosttrendrateusedwillbe7.5%decliningtoaprojected5.0%intheyear2021.Inselectingratesforcurrentandlongtermhealthcarecostassumptions,theCompanytakesintoconsiderationanumberoffactorsincludingtheCompanysactualhealthcarecostincreases,thedesign
oftheCompanysbenefitprograms,thedemographicsoftheCompanysactiveandretireepopulationsandexternalexpectationsoffuturemedicalcostinflation
rates.Ifthese2016healthcarecosttrendrateswereincreasedordecreasedbyonepercentagepointperyear,suchincreaseordecreasewouldhavethefollowing
effects:
(In millions)

Increase

Increase(decrease)inthebenefitobligation

Increase(decrease)intheaggregateofserviceandinterestcostcomponentsofannualexpense

1.1 $

Decrease

(1.0)

Estimated Future Benefit Payments

TheCompanysfundingpolicyforitsfundedpensionplansisbaseduponlocalstatutoryrequirements.TheCompanysfundingpolicyissubjectto
certainstatutoryregulationswithrespecttoannualminimumandmaximumcompanycontributions.Planbenefitsforthenonqualifiedplansarepaidastheycome
due.
EstimatedbenefitpaymentsoverthenexttenyearsfortheCompanyspensionplansandretireehealthplanareasfollows:

Pension Benefits

(In millions)

2016

Other
Postretirement
Benefits

9.0 $

1.2

2017

9.2

1.1

2018

10.8

1.5

2019

10.3

1.3

2020

13.5

1.3

Thereafter

74.2

8.0

127.0 $

14.4

Total

Defined Contribution Plans

TheCompanysponsorsdefinedcontributionplanscoveringcertainofitsemployeesintheU.S.andPuertoRico,aswellascertainemployeesinanumber
ofcountriesoutsidetheU.S.Itsdomesticdefinedcontributionplansconsistprimarilyofa401(k)retirementplanwithaprofitsharingcomponentfornon-union
representedemployeesanda401(k)retirementplanforunion-representedemployees.ProfitsharingcontributionsaremadeatthediscretionoftheBoardof
Directors.Itsnon-domesticplansvaryinformdependingonlocallegalrequirements.TheCompanyscontributionsarebaseduponemployee

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contributions,servicehours,orpre-determinedamountsdependingupontheplan.Obligationsforcontributionstodefinedcontributionplansarerecognizedas
expenseintheConsolidatedStatementsofOperationswhentheyareearned.
TheCompanyadopteda401(k)RestorationPlan(theRestorationPlan),whichpermitsemployeeswhoearncompensationinexcessofthelimits
imposedbySection401(a)(17)oftheCodeto(i)deferaportionofbasesalaryandbonuscompensation,(ii)becreditedwithaCompanymatchingcontributionin
respectofdeferralsundertheRestorationPlan,and(iii)becreditedwithCompanynon-electivecontributions(totheextentsomadebytheCompany),ineach
case,totheextentthatparticipantsotherwisewouldbeabletodeferorbecreditedwithsuchamounts,asapplicable,undertheCompanysProfitSharing401(k)
PlanifnotforthelimitsoncontributionsanddeferralsimposedbytheCode.
TheCompanyadoptedanIncomeDeferralPlan(theIncomeDeferralPlan),whichpermitscertainmanagementorhighlycompensatedemployeeswho
aredesignatedbytheplanadministratortoparticipateintheIncomeDeferralPlantoelecttodeferupto50%ofbasesalaryandupto100%ofbonus
compensation,ineachcase,inadditiontoanyamountsthatmaybedeferredbysuchparticipantsundertheProfitSharing401(k)PlanandtheRestorationPlan.In
addition,undertheIncomeDeferralPlan,eligibleparticipantsmaybegrantedemployeedeferralawards,whichawardswillbesubjecttothetermsandconditions
(includingvesting)asdeterminedbytheplanadministratoratthetimesuchawardsaregranted.
Totalemployercontributionstodefinedcontributionplanswereapproximately$102.4million,$87.4millionand$79.0millionfortheyearsended
December31,2015,2014and2013,respectively.
Other Benefit Arrangements
TheCompanyparticipatedinamulti-employerpensionplanunderpreviouscollectivebargainingagreements.ThePACEIndustryUnion-Management
PensionFund(thePlan)providesdefinedbenefitstocertainretireesandcertainproductionandmaintenanceemployeesattheCompanysmanufacturingfacility
inMorgantown,WestVirginiawhowerecoveredbythepreviouscollectivebargainingagreements.Pursuanttoanewcollectivebargainingagreemententeredinto
onApril16,2012,theCompanywithdrewfromthePlaneffectiveMay10,2012.Inthefourthquarterof2013,thePlantrusteenotifiedtheCompanythatits
withdrawalliabilitywasapproximately$27million,whichwasaccruedbytheCompanyatDecember31,2013.Thewithdrawalliabilityisbeingpaidovera
periodofapproximatelynineyears;paymentsbeganinMarch2014.Thewithdrawalliabilitywasapproximately$23.2millionand$25.5millionatDecember31,
2015and2014,respectively.TheEmployeeIdentificationNumberforthisPlanis11-6166763.

13. Segment Information

TheCompanyhastwosegments,GenericsandSpecialty.TheGenericssegmentprimarilydevelops,manufactures,sellsanddistributesgenericor
brandedgenericpharmaceuticalproductsintablet,capsule,injectableortransdermalpatchform,aswellasAPI.TheSpecialtysegmentengagesmainlyinthe
development,manufactureandsaleofbrandedspecialtynebulizedandinjectableproducts.
TheCompanyschiefoperatingdecisionmakeristheChiefExecutiveOfficer,whoevaluatestheperformanceofitssegmentsbasedontotalrevenuesand
segmentprofitability.SegmentprofitabilityrepresentssegmentgrossprofitlessdirectR&DexpensesanddirectSG&Aexpenses.Certaingeneraland
administrativeandR&Dexpensesnotallocatedtothesegments,netchargesforlitigationsettlements,impairmentchargesandotherexpensesnotdirectly
attributabletothesegments,arereportedinCorporate/Other.Additionally,amortizationofintangibleassetsandotherpurchaseaccountingrelateditems,aswellas
anyothersignificantspecialitems,areincludedinCorporate/Other.ItemsbelowtheearningsfromoperationslineontheCompanysConsolidatedStatementsof
Operationsarenotpresentedbysegment,sincetheyareexcludedfromthemeasureofsegmentprofitability.TheCompanydoesnotreportdepreciationexpense,
totalassetsandcapitalexpendituresbysegment,assuchinformationisnotusedbythechiefoperatingdecisionmaker.
TheaccountingpoliciesofthesegmentsarethesameasthosedescribedinNote2Summary of Significant Accounting Policies toConsolidatedFinancial
Statements.Intersegmentrevenuesareaccountedforatcurrentmarketvaluesandareeliminatedattheconsolidatedlevel.

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Presentedinthetablebelowissegmentinformationfortheperiodsidentifiedandareconciliationofsegmentinformationtototalconsolidated
information.
Generics
Segment

(In millions)

Totalrevenues

Thirdparty

8,198.6 $

1,230.7 $

8,204.9 $

1,241.6 $

(17.2) $

Segmentprofitability

2,555.8 $

670.5 $

(1,765.4) $

Year Ended December 31, 2014

Totalrevenues

Thirdparty

6,510.4 $

1,209.2 $

6.3

Total

Intersegment

4.7

Total

Corporate /
Other (1)

Year Ended December 31, 2015

Intersegment

Specialty
Segment

10.9

9.0

(17.2)

$
(13.8)

6,515.2 $

1,218.2 $

(13.8) $

Segmentprofitability

1,870.3 $

664.5 $

(1,182.2) $

Year Ended December 31, 2013

Totalrevenues

Thirdparty

5,900.6 $

1,008.5 $

Intersegment

5.7

Total

19.3

$
(25.0)

5,906.3 $

1,027.8 $

(25.0) $

Segmentprofitability
____________

1,656.3 $

461.6 $

(982.4) $

(1)

Consolidated

9,429.3

9,429.3
1,460.9

7,719.6

7,719.6
1,352.6

6,909.1

6,909.1
1,135.5

IncludescertaincorporategeneralandadministrativeandR&Dexpenses;litigationsettlements,net;certainintercompanytransactions,including
eliminations;amortizationofintangibleassetsandcertainpurchaseaccountingitems;impairmentcharges;andotherexpensesnotdirectlyattributableto
segments.
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TheCompanysnetsalesaregeneratedviathesaleofproductsinthefollowingtherapeuticcategories:

Year Ended December 31,

(In millions)

2015

Allergy

2014

2013

1,010.8 $

1,017.5 $

Anti-infectives

1,380.0

1,264.4

1,080.3

Cardiovascular

1,167.7

955.9

1,162.3

CentralNervousSystem

1,690.8

1,318.6

1,393.3

Dermatological

850.2

215.4

223.8

247.9

1,165.6

778.7

568.3

Gastrointestinal

761.6

344.6

365.8

RenalandGenitourinaryAgents

395.7

609.5

191.1

RespiratorySystem

442.2

252.3

259.7

EndocrineandMetabolic

Other(1)

1,132.8
$

9,362.6 $

881.2
7,646.5 $

737.7
6,856.6

____________
(1)

Otherconsistsofnumeroustherapeuticclasses,noneofwhichindividuallyexceeds5%ofconsolidatednetsales.

Geographic Information
AtJanuary1,2014,theregionswithintheGenericSegmentwererecasttoNorthAmerica,Europe,andRestofWorld,whicharetheCompanysprincipal
geographicmarkets.Netsalesareclassifiedbasedonthegeographiclocationofoursubsidiariesandareasfollows:

Year Ended December 31,

(In millions)

2015

2014

NorthAmerica

UnitedStates

4,848.9 $

4,425.3 $

251.5

123.1

Other
Europe

TheNetherlands(1)
Other(2)
RestofWorld(3)
$

2013

3,866.8
121.5

66.5

61.1

57.1

2,139.1

1,415.7

1,372.6

2,056.6

1,621.3

1,438.6

9,362.6 $

7,646.5 $

6,856.6

____________
(1)
(2)
(3)

MylanN.V.isdomiciledintheNetherlands.
NetsalesfromFranceconsistedofapproximately8%,9%and10%ofconsolidatednetsalesfortheyearsendedDecember31,2015,2014and2013,
respectively.
NetsalesfromIndiaconsistedofapproximately11%,12%and11%ofconsolidatednetsalesfortheyearsendedDecember31,2015,2014and2013,
respectively.

14. Commitments
Operating Leases
TheCompanyleasescertainpropertyundervariousoperatingleasearrangements.TheseleasesgenerallyprovidetheCompanywiththeoptiontorenew
theleaseattheendoftheleaseterm.FortheyearsendedDecember31,2015,2014and2013,theCompanyhadleaseexpenseof$57.1million,$45.2million
and$40.5million,respectively.
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Futureminimumleasepaymentsunderoperatingleasecommitmentsareasfollows:
(In millions)

December31,

2016

56.9

2017

46.5

2018

30.7

2019

23.9

2020

15.9

Thereafter

69.1
$

243.0

Other Commitments
InconjunctionwiththeacquisitionofAgilaonDecember4,2013,theCompanyrecordedestimatedcontingentconsiderationtotaling$250millionas
partofthepurchaseprice.Duringthethirdquarterof2014,theCompanyenteredintoanagreementwithStridesArcolabtosettleaportionofthecontingent
considerationfor$150million,forwhichtheCompanyaccrued$230millionattheacquisitiondate.Asaresultofthisagreement,theCompanyrecognizedagain
of$80millionduringtheyearendedDecember31,2014,whichisincludedinotheroperating(income)expense,netintheConsolidatedStatementsofOperations.
Theremainingcontingentconsideration,whichcouldtotalamaximumof$173million,forwhichwehaveaccrued$20million,isprimarilyrelatedtothe
satisfactionofcertainregulatoryconditions,includingpotentialregulatoryremediationcostsandtheresolutionofcertainpre-acquisitioncontingencies.
Wearecontractuallyobligatedtomakepotentialfuturedevelopment,regulatoryandcommercialmilestone,royaltyand/orprofitsharingpaymentsin
conjunctionwithacquisitionswehaveenteredintowiththirdparties.Themostsignificantoftheserelatestothepotentialfutureconsiderationrelatedtothe
respiratorydeliveryplatform.Thesepaymentsarecontingentupontheoccurrenceofcertainfutureeventsand,giventhenatureoftheseevents,itisunclearwhen,
ifever,wemayberequiredtopaysuchamounts.Theamountofthecontingentconsiderationliabilitywas$526.4millionatDecember31,2015.Inaddition,the
Companyexpectstoincurapproximately$35millionto$40millionofannualnon-cashaccretionexpenserelatedtotheincreaseinthenetpresentvalueofthe
contingentconsiderationliability.
TheCompanyhasalsoenteredintoemploymentandotheragreementswithcertainexecutivesandotheremployeesthatprovideforcompensation,
retirementandcertainotherbenefits.Theseagreementsprovideforseverancepaymentsundercertaincircumstances.Additionally,theCompanyhassplit-dollar
lifeinsuranceagreementswithcertainretiredexecutives.
Inthenormalcourseofbusiness,Mylanperiodicallyentersintoemployment,legalsettlementandotheragreementswhichincorporateindemnification
provisions.WhilethemaximumamounttowhichMylanmaybeexposedundersuchagreementscannotbereasonablyestimated,theCompanymaintains
insurancecoverage,whichmanagementbelieveswilleffectivelymitigatetheCompanysobligationsundertheseindemnificationprovisions.Noamountshave
beenrecordedintheConsolidatedFinancialStatementswithrespecttotheCompanysobligationsundersuchagreements.
Collaboration and Licensing Agreements
Weperiodicallyenterintocollaborationandlicensingagreementswithotherpharmaceuticalcompaniesforthedevelopment,manufacture,marketing
and/orsaleofpharmaceuticalproducts.Oursignificantcollaborationagreementsarefocusedonthedevelopment,manufacturing,supplyandcommercializationof
multiple,highvaluegenericbiologiccompounds,insulinanalogproductsandrespiratoryproducts.Undertheseagreements,wehavefuturepotentialmilestone
paymentsandco-developmentexpensespayabletothirdpartiesaspartofourlicensing,developmentandco-developmentprograms.Paymentsunderthese
agreementsgenerallybecomedueandarepayableuponthesatisfactionorachievementofcertaindevelopmental,regulatoryorcommercialmilestonesoras
developmentexpensesareincurredondefinedprojects.Milestonepaymentobligationsareuncertain,includingthepredictionoftimingandtheoccurrenceof
eventstriggeringafutureobligationandarenotreflectedasliabilitiesintheConsolidatedBalanceSheets,exceptformilestoneandroyaltyobligationsreflectedas
acquisitionrelatedcontingentconsideration.Ourmaximumdevelopmentmilestonesnotaccruedfortotaledapproximately$525million.Weestimatethatthe
amountsthatmaybepaidinthenexttwelvemonthstobeapproximately$117million.Theseagreementsmayalsoincludepotentialsalesbasedmilestonesand
callforustopayapercentageofamountsearnedfromthesaleoftheproductasaroyaltyoraprofitshare.Theamountsdiscloseddonotincludesalesbased
milestonesorroyaltyobligationsonfuturesalesofproductasthetimingandamountoffuturesaleslevelsandcoststoproduce

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productssubjecttotheseobligationsisnotreasonablyestimable.Thesesalesbasedmilestonesorroyaltyobligationsmaybesignificantdependinguponthelevel
ofcommercialsalesforeachproduct.Asummaryofourmostsignificantcollaborationandlicensingagreementsincludethefollowing:
OnJanuary8,2016,theCompanyenteredintoanagreementwithMomentatodevelop,manufactureandcommercializeuptosixofMomentascurrent
biosimilarcandidates,includingMomentasbiosimilarcandidate,ORENCIA(abatacept).Mylanpaidanup-frontcashpaymentof$45milliontoMomenta.
Underthetermsoftheagreement,Momentaiseligibletoreceiveadditionalcontingentmilestonepaymentsofupto$200million.TheCompanyandMomenta
willjointlyberesponsibleforproductdevelopmentandwillequallyshareinthecostsandprofitsoftheproducts.Undertheagreement,Mylanwillleadthe
worldwidecommercializationefforts.
OnJanuary30,2015,theCompanyenteredintoadevelopmentandcommercializationcollaborationwithTheravanceBiopharmaforthedevelopment
and,subjecttoFDAapproval,commercializationofRevefenacin(TD-4208),anovelonce-dailynebulizedLAMAforCOPDandotherrespiratorydiseases.
Underthetermsoftheagreement,MylanandTheravanceBiopharmawillco-developtheproduct.TheravanceBiopharmawillleadtheU.S.registrational
developmentprogramandMylanwillberesponsibleforthereimbursementofTheravanceBiopharmasdevelopmentcostsforthatprogramupuntiltheapproval
ofthefirstnewdrugapplication,afterwhichcostswillbeshared.Inaddition,Mylanwillberesponsibleforcommercialmanufacturing.IntheU.S.,Mylanwill
leadcommercializationandTheravanceBiopharmawillretaintherighttoco-promotetheproductunderaprofit-sharingarrangement.OnSeptember14,2015,
MylanannouncedtheinitiationofthePhase3programthatwillsupporttheregistrationaldevelopmentprogramofTD-4208intheU.S.Underthetermsofthe
agreement,TheravanceBiopharmaiseligibletoreceivepotentialdevelopmentandsalesmilestonepaymentstotaling$220millionintheaggregate.
Inthefourthquarterof2013,theCompanyenteredintoalicensingagreementwithPfizerInc.fortheexclusiveworldwiderightstodevelop,manufacture
andcommercializeanovellong-actingmuscarinicantagonistcompound.Aspartoftheagreement,theCompanymadeanupfrontdevelopmentpayment,whichis
includedasacomponentofR&Dexpensein2013,andcouldmakeadditionalpaymentsupontheachievementofcertainmilestonesastheCompanys
developmentcontinuesoverthenextseveralyears.Dependingonthecommercializationofthisnovelcompoundandtheleveloffuturesalesandprofits,the
Companycouldalsobeobligatedtomakepaymentsupontheoccurrenceofcertainsalesmilestones,alongwithsalesroyaltiesandprofitsharingpayments.
TheCompanyhasenteredintoanexclusivecollaborationwithBioconLimitedonthedevelopment,manufacturing,supplyandcommercializationof
multiple,highvaluegenericbiologiccompoundsandthreeinsulinanalogproductsfortheglobalmarketplace.TheCompanyplanstoprovidefundingrelatedtothe
collaborationoverthenextseveralyears.Asthetimingofcaseexpendituresisdependentuponanumberoffactors,manyofwhichareoutoftheCompanys
control,itisdifficulttoforecasttheamountofpaymentstobemadeoverthenextfewyears,whichcouldbesignificant.

144

TableofContents

15. Subsidiary Guarantors

Thefollowingtablespresentcondensedconsolidatingfinancialinformationfor(a)theCompany(forpurposesofthisdiscussionandtable,"Parent
Guarantor");(b)MylanInc.,theissueroftheSeniorNotes,excludingtheDecember2015SeniorNotes(Issuer);and(c)allothersubsidiariesoftheParent
Guarantoronacombinedbasis,noneofwhichguaranteedtheCashConvertibleNotesorguaranteetheSeniorNotes("Non-GuarantorSubsidiaries").The
consolidatingadjustmentsprimarilyrelatetoeliminationsofinvestmentsinsubsidiariesandintercompanybalancesandtransactions.Thecondensedconsolidating
financialstatementspresentinvestmentsinsubsidiariesusingtheequitymethodofaccounting.
TheCompanywasincorporatedonJuly7,2014asanindirectwhollyownedsubsidiaryofMylanInc.forthepurposeofconsummatingtheEPD
Transaction.UponconsummationoftheEPDTransaction,onFebruary27,2015,MylanInc.becameanindirectwhollyownedsubsidiaryoftheCompany,andthe
CompanyfullyandunconditionallyguaranteedtheCashConvertibleNotesandtheSeniorNotes.ForperiodspriortoFebruary27,2015,theparententitywas
MylanInc.Therefore,noParentGuarantorcolumnispresentedfortheperiodspriortoFebruary27,2015.
Inaddition,theCompanysDecember2015SeniorNotesareguaranteedonaseniorunsecuredbasisbyMylanInc.Inconnectionwiththeofferingofthe
December2015SeniorNotes,theCompanyenteredintoaregistrationrightsagreementpursuanttowhichtheCompanyandMylanInc.willusecommercially
reasonableeffortstofilearegistrationstatementwithrespecttoanoffertoexchangeeachseriesoftheDecember2015SeniorNotesfornewnoteswiththesame
aggregateprincipalamountandtermssubstantiallyidenticalinallmaterialrespectsandtocausetheexchangeofferregistrationstatementtobedeclaredeffective
bytheSECandtoconsummatetheexchangeoffernotlaterthan365daysfollowingthedateofissuanceoftheDecember2015SeniorNotes.
ThefollowingfinancialinformationpresentstherelatedCondensedConsolidatingBalanceSheetasofDecember31,2015and2014andtherelated
CondensedConsolidatingStatementsofOperations,CondensedConsolidatingStatementsofComprehensiveEarningsandCondensedConsolidatingStatementsof
CashFlowsforeachofthethreeyearsintheperiodendDecember31,2015.Thiscondensedconsolidatingfinancialinformationhasbeenpreparedandpresented
inaccordancewithSECRegulationS-XRule3-10FinancialStatementsofGuarantorsandIssuersofGuaranteedSecuritiesRegisteredorBeingRegistered.
145

TableofContents
CONDENSED CONSOLIDATING BALANCE SHEET
As of December 31, 2015
Mylan N.V.
(Parent
Guarantor)

(In millions)

ASSETS
Assets
Currentassets:
Cashandcashequivalents

Mylan Inc.
(Issuer)

Guarantor
Subsidiaries

Non-Guarantor
Subsidiaries

Eliminations

870.5 $

365.5 $

Consolidated

1,236.0

Accountsreceivable,net

14.4

2,674.7

2,689.1

Inventories

1,951.0

1,951.0

1,097.5

283.2

8,936.4

(10,317.1)

0.3

244.8

351.5

596.6

1,097.8

1,412.9

14,279.1

(10,317.1)

6,472.7

324.4

1,659.5

1,983.9

9,947.7

8,007.7

(17,955.4)

Intercompanynotesandinterestreceivable

9,704.4

18.7

(9,723.1)

Intangibleassets,net

0.5

7,221.4

7,221.9

Goodwill

17.1

5,363.0

5,380.1

135.3

Intercompanyreceivables
Othercurrentassets
Totalcurrentassets
Property,plantandequipment,net
Investmentsinsubsidiaries

Otherassets

1,073.8

Totalassets

11,045.5 $

19,602.3 $

29,615.5 $

(37,995.6) $

33.5 $

1,076.1 $

LIABILITIES AND EQUITY

Liabilities
Currentliabilities:
Tradeaccountspayable

1,209.1
22,267.7

1,109.6

Short-termborrowings

1.3

1.3

Incometaxespayable

92.4

92.4

1,010.1

66.9

1,077.0

Intercompanypayables

283.2

10,033.9

(10,317.1)

Othercurrentliabilities

2.0

320.1

1,519.8

1,841.9

285.2

11,397.6

2,756.5

(10,317.1)

4,122.2

994.5

5,298.4

2.7

6,295.6

18.7

9,704.4

(9,723.1)

122.2

1,961.9

2,084.1

1,279.7

16,836.9

14,425.5

(20,040.2)

12,501.9

Currentportionoflong-termdebtand
otherlong-termobligations

Totalcurrentliabilities
Long-termdebt
Intercompanynotespayable
Otherlong-termobligations
Totalliabilities

Totalequity

9,765.8

2,765.4

15,190.0

(17,955.4)

Totalliabilitiesandequity

11,045.5 $

19,602.3 $

29,615.5 $

(37,995.6) $

146

9,765.8
22,267.7

TableofContents
CONDENSED CONSOLIDATING BALANCE SHEET
As of December 31, 2014
Mylan Inc.
(Issuer)

(In millions)

ASSETS
Assets
Currentassets:
Cashandcashequivalents

Guarantor
Subsidiaries

Non-Guarantor
Subsidiaries

Eliminations

112.9 $

112.6 $

Accountsreceivable,net

16.6

2,251.9

Inventories

Intercompanyreceivables

2,008.1

Othercurrentassets
Totalcurrentassets
Property,plantandequipment,net
Investmentsinsubsidiaries
Intercompanynotesandinterestreceivable
Intangibleassets,net
Goodwill
Otherassets

2,268.5

1,651.4

1,651.4

7,973.6

(7,973.6)

287.7

2,295.8

2,137.6

12,277.2

(7,973.6)

6,441.2

283.6

1,502.1

1,785.7

11,422.9

(11,422.9)

5,897.7

18.2

(5,915.9)

2,347.1

2,347.1

17.1

4,032.2

4,049.3

120.9

1,076.3

1,197.2

19,879.8 $

21,253.1 $

(25,312.4) $

31.4 $

LIABILITIES AND EQUITY

Currentliabilities:
Tradeaccountspayable

225.5

Totalassets

Liabilities

Consolidated

15,820.5

874.2 $

905.6

Short-termborrowings

330.7

330.7

Incometaxespayable

160.7

160.7

Currentportionoflong-termdebtandotherlong-term
obligations

2,404.6

68.3

2,472.9

Intercompanypayables

7,973.6

(7,973.6)

Othercurrentliabilities

352.9

1,081.2

1,434.1

10,762.5

2,515.1

(7,973.6)

5,304.0

5,699.9

5,699.9

Intercompanynotespayable

18.2

5,897.7

(5,915.9)

Otherlong-termobligations

123.2

1,417.4

1,540.6

16,603.8

9,830.2

(13,889.5)

12,544.5

Totalcurrentliabilities
Long-termdebt

Totalliabilities

Totalequity

3,276.0

11,422.9

(11,422.9)

Totalliabilitiesandequity

19,879.8 $

21,253.1 $

(25,312.4) $

147

3,276.0
15,820.5

TableofContents
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
Year Ended December 31, 2015
Mylan N.V.
(Parent
Guarantor)

(In millions)

Mylan Inc.
(Issuer)

Guarantor
Subsidiaries

Non-Guarantor
Subsidiaries

Eliminations

Consolidated

Revenues:

Netsales

9,362.6 $

66.7

66.7

9,429.3

9,429.3

5,213.2

5,213.2

4,216.1

4,216.1

Otherrevenues
Totalrevenues
Costofsales
Grossprofit
Operatingexpenses:

Researchanddevelopment
Selling,generalandadministrative
Litigationsettlements,net
Totaloperatingexpenses

9,362.6

671.9

671.9

106.1

572.1

1,502.5

2,180.7

(97.4)

(97.4)

106.1

572.1

2,077.0

2,755.2

(106.1)

(572.1)

2,139.1

1,460.9

Interestexpense

58.3

217.9

63.2

339.4

Otherexpense(income),net

41.1

165.0

206.1

(205.5)

(790.0)

1,910.9

915.4

(23.2)

90.9

67.7

1,053.2

1,814.8

(2,868.0)

847.7

1,048.0

1,820.0

(2,868.0)

847.7

(0.1)

(0.1)

0.1

Earningsfromoperations

(Losses)earningsbeforeincometaxesand
noncontrollinginterest
Incometax(benefit)provision
Earnings(losses)ofequityinterest
subsidiaries
Netearnings
Netearningsattributabletononcontrolling
interest
NetearningsattributabletoMylanN.V.
ordinaryshareholders

847.6 $

1,048.0 $
148

1,819.9 $

(2,867.9) $

(0.1)
847.6

TableofContents
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
Year Ended December 31, 2014
Mylan Inc.
(Issuer)

(In millions)

Guarantor
Subsidiaries

Non-Guarantor
Subsidiaries

Eliminations

Consolidated

Revenues:

Netsales

7,646.5 $

73.1

73.1

7,719.6

7,719.6

4,191.6

4,191.6

3,528.0

3,528.0

Otherrevenues
Totalrevenues
Costofsales
Grossprofit
Operatingexpenses:

Researchanddevelopment

7,646.5

581.8

581.8

608.8

1,016.9

1,625.7

47.9

47.9

Otheroperatingincome,net

(80.0)

Totaloperatingexpenses

608.8

1,566.6

2,175.4

(608.8)

1,961.4

1,352.6

273.4

59.8

333.2

44.9

44.9

(882.2)

1,856.7

974.5

Selling,generalandadministrative
Litigationsettlements,net

Earningsfromoperations
Interestexpense
Otherexpense(income),net
(Losses)earningsbeforeincometaxesandnoncontrolling
interest
Incometax(benefit)provision
Earnings(losses)ofequityinterestsubsidiaries
Netearnings
Netearningsattributabletononcontrollinginterest
NetearningsattributabletoMylanN.V.ordinaryshareholders

(80.0)

(39.7)

81.1

41.4

1,775.6

(1,775.6)

933.1

1,775.6

(1,775.6)

933.1

(3.7)

933.1 $
149

1,771.9 $

(1,775.6) $

(3.7)
929.4

TableofContents
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
Year Ended December 31, 2013
Mylan Inc.
(Issuer)

(In millions)

Guarantor
Subsidiaries

Non-Guarantor
Subsidiaries

Eliminations

Consolidated

Revenues:

Netsales

6,856.6 $

52.5

52.5

6,909.1

6,909.1

3,868.8

3,868.8

3,040.3

3,040.3

Otherrevenues
Totalrevenues
Costofsales
Grossprofit
Operatingexpenses:

Researchanddevelopment

6,856.6

507.8

507.8

521.0

887.5

1,408.5

(14.6)

Otheroperatingincome,net

3.1

3.1

Totaloperatingexpenses

521.0

1,383.8

1,904.8

(521.0)

1,656.5

1,135.5

259.7

53.6

313.3

74.9

74.9

(780.7)

1,528.0

747.3

Selling,generalandadministrative
Litigationsettlements,net

Earningsfromoperations
Interestexpense
Otherexpense(income),net
(Losses)earningsbeforeincometaxesandnoncontrolling
interest
Incometax(benefit)provision
Earnings(losses)ofequityinterestsubsidiaries
Netearnings
Netearningsattributabletononcontrollinginterest
NetearningsattributabletoMylanN.V.ordinaryshareholders

(14.6)

(29.8)

150.6

120.8

1,377.4

(1,377.4)

626.5

1,377.4

(1,377.4)

626.5

(2.8)

626.5 $

150

1,374.6 $

(1,377.4) $

(2.8)
623.7

TableofContents
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE EARNINGS
Year Ended December 31, 2015
Mylan N.V.
(Parent
Guarantor)

(In millions)

Netearnings

Othercomprehensive(loss)earnings,before
tax:

Foreigncurrencytranslationadjustment

847.7 $

(790.9)

Changeinunrecognizedgainandprior
servicecostrelatedtodefinedbenefit
plans

Mylan Inc.
(Issuer)

1,048.0 $

Guarantor
Subsidiaries

Non-Guarantor
Subsidiaries

1,820.0 $

(790.9)

Eliminations

(2,868.0) $

Consolidated

847.7

790.9

(790.9)

3.1

0.4

2.7

(3.1)

3.1

Netunrecognizedgainonderivatives

16.7

23.4

(6.7)

(16.7)

16.7

Netunrealizedlossonmarketable
securities

(2.0)

(1.3)

(0.7)

2.0

(2.0)

(773.1)

22.5

(795.6)

773.1

(773.1)

4.2

8.7

(4.5)

(4.2)

(777.3)

13.8

(791.1)

777.3

70.4

1,061.8

1,028.9

(2,090.7)

(0.1)

(0.1)

0.1

Othercomprehensive(loss)earnings,
beforetax
Incometaxprovision(benefit)
Othercomprehensive(loss)earnings,
netoftax
Comprehensiveearnings
Comprehensiveearningsattributableto
thenoncontrollinginterest
Comprehensiveearningsattributableto
MylanN.V.ordinaryshareholders

70.3 $

1,061.8 $
151

1,028.8 $

(2,090.6) $

4.2
(777.3)
70.4
(0.1)
70.3

TableofContents
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE EARNINGS
Year Ended December 31, 2014
Mylan Inc.
(Issuer)

(In millions)

Netearnings
Othercomprehensive(loss)earnings,beforetax:

933.1

Foreigncurrencytranslationadjustment
Changeinunrecognized(loss)gainandpriorservicecost
relatedtodefinedbenefitplans
Netunrecognized(loss)gainonderivatives
Othercomprehensive(loss)earnings,beforetax
Incometax(benefit)provision
Othercomprehensive(loss)earnings,netoftax
Comprehensiveearnings(loss)
Comprehensiveearningsattributabletothenoncontrolling
interest
ComprehensiveearningsattributabletoMylanN.V.ordinary
shareholders

Guarantor
Subsidiaries

Non-Guarantor
Subsidiaries

1,775.6

Eliminations

(1,775.6)

Consolidated

933.1

(622.9)

(622.9)

622.9

(622.9)

(11.8)

(7.4)

7.4

(11.8)

(182.6)

30.4

(30.4)

(182.6)

(817.3)

(599.9)

599.9

(817.3)

(70.4)

10.0

(10.0)

(70.4)

(746.9)

(609.9)

609.9

(746.9)

186.2

1,165.7

(1,165.7)

(3.7)

(3.7)

3.7

182.5 $
152

1,162.0 $

(1,162.0) $

186.2
(3.7)
182.5

TableofContents
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE EARNINGS
Year Ended December 31, 2013
Mylan Inc.
(Issuer)

(In millions)

Netearnings

Othercomprehensive(loss)earnings,beforetax:

Foreigncurrencytranslationadjustment

626.5 $

Guarantor
Subsidiaries

Non-Guarantor
Subsidiaries

1,377.4 $

Eliminations

(1,377.4) $

Consolidated

626.5

(273.7)

(273.7)

273.7

8.2

7.5

(7.5)

8.2

Netunrecognizedgain(loss)onderivatives

180.4

(34.5)

34.5

180.4

Netunrealizedlossonmarketablesecurities

(1.1)

(1.2)

1.2

(1.1)

(86.2)

(301.9)

301.9

(86.2)

67.4

(10.0)

10.0

67.4

(153.6)

(291.9)

291.9

(153.6)

472.9

1,085.5

(1,085.5)

(2.8)

(2.8)

2.8

Changeinunrecognizedgain(loss)andpriorservicecost
relatedtodefinedbenefitplans

Othercomprehensive(loss)earnings,beforetax
Incometaxprovision(benefit)
Othercomprehensive(loss)earnings,netoftax
Comprehensiveearnings(loss)
Comprehensiveearningsattributabletothenoncontrolling
interest
ComprehensiveearningsattributabletoMylanN.V.ordinary
shareholders

470.1 $
153

1,082.7 $

(1,082.7) $

(273.7)

472.9
(2.8)
470.1

TableofContents
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
Year Ended December 31, 2015
Mylan N.V.
(Parent
Guarantor)

(In millions)

Cashflowsfromoperatingactivities:
Netcash(usedin)providedbyoperating
activities
Cashflowsfrominvestingactivities:

Mylan Inc.
(Issuer)

Guarantor
Subsidiaries

Non-Guarantor
Subsidiaries

Eliminations

(57.5) $

(707.2) $

2,773.2 $

Consolidated

2,008.5

Capitalexpenditures

(85.4)

(277.5)

Changeinrestrictedcash

(3.6)

25.4

21.8

Cashpaidforacquisitions,net

(693.1)

(693.1)

Proceedsfromsaleofproperty,plantand
equipment

2.3

2.3

Purchaseofmarketablesecurities

(62.1)

(62.1)

Proceedsfromsaleofmarketablesecurities

33.1

33.1

Investmentsinaffiliates

(362.9)

(607.9)

607.9

(1,097.5)

(5,856.4)

(7,682.2)

14,636.1

Repaymentsofloansfromaffiliates

358.5

1,198.5

(1,557.0)

Paymentsforproductrightsandother,net

(1.5)

(507.3)

(508.8)

(1,097.5)

(6,196.3)

(7,962.9)

13,687.0

(1,569.7)

Loanstoaffiliates

Netcash(usedin)providedbyinvesting
activities
Cashflowsfromfinancingactivities:

Paymentoffinancingfees
Purchaseofordinaryshares

(104.4)

(26.0)

(130.4)

(67.5)

(67.5)

Changeinshort-termborrowings,net

(329.2)

Proceedsfromconvertiblenotehedge

1,970.8

1,970.8

999.2

2,540.0

3,539.2
(4,484.1)

Proceedsfromissuanceoflong-termdebt
Paymentoflong-termdebt

(329.2)

(4,484.1)

44.4

53.3

97.7

Taxespaidrelatedtonetsharesettlementof
equityawards

(25.9)

(5.9)

(31.8)

Capitalcontributionfromaffiliates

607.9

(607.9)

(1,198.5)

(358.5)

1,557.0

283.2

8,779.7

5,573.2

(14,636.1)

Proceedsfromexerciseofstockoptions

Paymentsonborrowingsfromaffiliates
Proceedsfromborrowingsfromaffiliates
Acquisitionofnoncontrollinginterest

(11.7)

(11.7)

Otheritems,net

51.8

51.8

1,154.9

7,661.1

5,475.8

(13,687.0)

604.8

(33.1)

(0.1)

757.6

253.0

1,010.5

0.1

112.9

112.5

225.5

Netcashprovidedby(usedin)financing
activities
Effectoncashofchangesinexchangerates
Net(decrease)increaseincashandcash
equivalents
Cashandcashequivalentsbeginningofperiod

(33.1)

870.5 $

365.5 $

Supplementaldisclosuresofcashflowinformation

Non-cashtransactions:

Contingentconsideration

18.0 $

18.0

Ordinarysharesissuedforacquisition

6,305.8 $

6,305.8

Cashandcashequivalentsendofperiod

154

1,236.0

TableofContents
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
Year Ended December 31, 2014
Mylan Inc.
(Issuer)

(In millions)

Cashflowsfromoperatingactivities:
Netcash(usedin)providedbyoperatingactivities
Cashflowsfrominvestingactivities:

Guarantor
Subsidiaries

Non-Guarantor
Subsidiaries

Eliminations

(705.1) $

1,719.9 $

Capitalexpenditures

Consolidated

1,014.8

(72.1)

(253.2)

(325.3)

Changeinrestrictedcash

(5.1)

(5.1)

Cashpaidforacquisitions,net

(50.0)

(50.0)

Proceedsfromsaleofproperty,plantandequipment

8.9

8.9

(2.8)

(17.1)

(19.9)

Purchaseofmarketablesecurities
Proceedsfromsaleofmarketablesecurities
Investmentsinaffiliates
Loanstoaffiliates
Repaymentsofloansfromaffiliates
Paymentsforproductrightsandother,net
Netcash(usedin)providedbyinvestingactivities
Cashflowsfromfinancingactivities:

Paymentoffinancingfees
Changeinshort-termborrowings,net
Proceedsfromissuanceoflong-termdebt
Paymentoflong-termdebt
Proceedsfromexerciseofstockoptions
Taxespaidrelatedtonetsharesettlementofequityawards

1.6

18.6

20.2

(64.1)

64.1

(5,901.0)

(6,857.5)

12,758.5

5.8

20.2

(26.0)

(1.9)

(427.2)

(429.1)

(6,034.5)

(7,562.4)

12,796.6

(800.3)

(5.8)

(5.8)

(107.8)

(107.8)

2,235.0

2,235.0

(2,295.8)

(2,295.8)

53.8

53.8

(17.3)

(10.4)

(27.7)

Paymentsforcontingentconsideration

(150.0)

(150.0)

Capitalcontributionfromaffiliates

64.1

(64.1)

6,857.5

5,901.0

(12,758.5)

(20.2)

(5.8)

26.0

30.9

30.9

6,838.1

5,691.1

(12,796.6)

(267.4)

(12.9)

(12.9)

Netincrease(decrease)incashandcashequivalents

98.5

(164.3)

(65.8)

Cashandcashequivalentsbeginningofperiod

14.4

276.9

291.3

112.6 $

225.5

Proceedsfromborrowingsfromaffiliates
Paymentsonborrowingsfromaffiliates
Otheritems,net
Netcashprovidedby(usedin)financingactivities
Effectoncashofchangesinexchangerates

Cashandcashequivalentsendofperiod

112.9 $
155

TableofContents
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
Year Ended December 31, 2013
Guarantor
Subsidiaries

Mylan Inc. (Issuer)

Cashflowsfromoperatingactivities:

(420.1) $

1,526.7 $

Netcash(usedin)providedbyoperatingactivities
Cashflowsfrominvestingactivities:

Capitalexpenditures

Non-Guarantor
Subsidiaries

(In millions)

Eliminations

Consolidated

1,106.6

(108.1)

(226.5)

(334.6)

(23.5)

(204.5)

(228.0)

Cashpaidforacquisitions,net

(1,261.9)

(1,261.9)

Proceedsfromsaleofproperty,plantandequipment

25.3

25.3

(3.5)

(15.8)

(19.3)

Changeinrestrictedcash

Purchaseofmarketablesecurities
Proceedsfromsaleofmarketablesecurities
Investmentsinaffiliates
Loanstoaffiliates

10.6

10.6

(874.8)

874.8

(4,143.2)

(4,928.7)

9,071.9

Repaymentsofloansfromaffiliates

17.9

17.0

(34.9)

Paymentsforproductrightsandother,net

(3.8)

(57.1)

(60.9)

(5,139.0)

(6,641.6)

9,911.8

(1,868.8)

Netcash(usedin)providedbyinvestingactivities
Cashflowsfromfinancingactivities:

Paymentoffinancingfees
Purchaseofcommonstock
Changeinshort-termborrowings,net
Proceedsfromissuanceoflong-termdebt
Paymentoflong-termdebt
Proceedsfromexerciseofstockoptions
Capitalcontributionfromaffiliates
Proceedsfromborrowingsfromaffiliates
Paymentsonborrowingsfromaffiliates
Otheritems,net
Netcashprovidedby(usedin)financingactivities
Effectoncashofchangesinexchangerates
Net(decrease)increaseincashandcashequivalents
Cashandcashequivalentsbeginningofperiod

(34.6)

(34.6)

(1,000.0)

(1,000.0)

141.4

141.4

4,974.7

4,974.7

(3,480.3)

(3,480.3)

76.2

76.2

874.8

(874.8)

4,928.7

4,143.2

(9,071.9)

(17.0)

(17.9)

34.9

15.5

15.5

5,463.2

5,141.5

(9,911.8)

692.9

10.6

10.6

(95.9)

37.2

(58.7)

110.3

239.7

350.0

Cashandcashequivalentsendofperiod

14.4 $

276.9 $

291.3

Supplementaldisclosuresofcashflowinformation

Non-cashtransactions:

250.0 $

Contingentconsideration

156

250.0

TableofContents

16. Contingencies
Legal Proceedings
TheCompanyisinvolvedinvariousdisputes,governmentaland/orregulatoryinquiriesandproceedings,andlitigationmattersthatarisefromtimeto
time,someofwhicharedescribedbelow.TheCompanyisalsopartytocertainlitigationmattersforwhichMerckKGaAorStridesArcolabhasagreedto
indemnifytheCompany,pursuanttotherespectivesaleandpurchaseagreements.
WhiletheCompanybelievesthatithasmeritoriousdefenseswithrespecttotheclaimsassertedagainstitandintendstovigorouslydefenditsposition,the
processofresolvingmattersthroughlitigationorothermeansisinherentlyuncertain,anditisnotpossibletopredicttheultimateresolutionofanysuch
proceeding.Itispossiblethatanunfavorableresolutionofanyofthemattersdescribedbelow,ortheinabilityordenialofMerckKGaA,StridesArcolaboranother
indemnitororinsurertopayanindemnifiedclaim,couldhaveamaterialeffectontheCompanysbusinessfinancialcondition,resultsofoperationscashflows
and/orordinaryshareprice.Unlessotherwisedisclosedbelow,theCompanyisunabletopredicttheoutcomeoftherespectivelitigationortoprovideanestimate
oftherangeofreasonablypossiblelosses.LegalcostsarerecordedasincurredandareclassifiedinSG&AexpensesintheCompanysConsolidatedStatementsof
Operations.
Lorazepam and Clorazepate
OnJune1,2005,ajuryverdictwasrenderedagainstMylan,MPI,andco-defendantsCambrexCorporationandGymaLaboratoriesintheU.S.District
CourtfortheDistrictofColumbiaintheamountofapproximately$12.0million,whichhasbeenaccruedforbytheCompany.ThejuryfoundthatMylanandits
co-defendantswillfullyviolatedMassachusetts,MinnesotaandIllinoisstateantitrustlawsinconnectionwithAPIsupplyagreementsenteredintobetweenthe
CompanyanditsAPIsupplier(Cambrex)andbroker(Gyma)fortwodrugs,LorazepamandClorazepate,in1997,andsubsequentpriceincreasesonthesedrugsin
1998.ThecasewasbroughtbyfourhealthinsurerswhooptedoutofearlierclassactionsettlementsagreedtobytheCompanyin2001andrepresentsthelast
remainingantitrustclaimsrelatingtoMylans1998priceincreasesforLorazepamandClorazepate.Followingtheverdict,theCompanyfiledamotionfor
judgmentasamatteroflaw,amotionforanewtrial,amotiontodismisstwooftheinsurersandamotiontoreducetheverdict.OnDecember20,2006,the
CompanysmotionforjudgmentasamatteroflawandmotionforanewtrialweredeniedandtheremainingmotionsweredeniedonJanuary24,2008.Inposttrialfilings,theplaintiffsrequestedthattheverdictbetrebledandthatrequestwasgrantedonJanuary24,2008.OnFebruary6,2008,ajudgmentwasissued
againstMylananditsco-defendantsinthetotalamountofapproximately$69.0million,which,inthecaseofthreeoftheplaintiffs,reflectstreblingofthe
compensatorydamagesintheoriginalverdict(approximately$11.0millionintotal)and,inthecaseofthefourthplaintiff,reflectstheiramountofthe
compensatorydamagesintheoriginaljuryverdictplusdoublingthiscompensatorydamageawardaspunitivedamagesassessedagainsteachofthedefendants
(approximately$58.0millionintotal),someorallofwhichmaybesubjecttoindemnificationobligationsbyMylan.Plaintiffsarealsoseekinganawardof
attorneysfeesandlitigationcostsinunspecifiedamountsandprejudgmentinterestofapproximately$8.0million.TheCompanyanditsco-defendantsappealed
totheU.S.CourtofAppealsfortheD.C.Circuitandhavechallengedtheverdictaslegallyerroneousonmultiplegrounds.Theappealswereheldinabeyance
pendingarulingonthemotionforprejudgmentinterest,whichhasbeengranted.Mylanhascontestedthisrulingalongwiththeliabilityfindingandotherdamages
awardsaspartofitsappeal,whichwasfiledintheCourtofAppealsfortheD.C.Circuit.OnJanuary18,2011,theCourtofAppealsissuedajudgmentremanding
thecasetotheDistrictCourtforfurtherproceedingsbasedonlackofdiversitywithrespecttocertainplaintiffs.OnJune13,2011,Mylanfiledacertioraripetition
withtheU.S.SupremeCourtrequestingreviewofthejudgmentoftheD.C.Circuit.OnOctober3,2011,thecertioraripetitionwasdenied.Thecaseisnow
proceedingbeforetheDistrictCourt.OnJanuary14,2013,followinglimitedcourt-orderedjurisdictionaldiscovery,theplaintiffsfiledafourthamendedcomplaint
containingadditionalfactualavermentswithrespecttothediversityofcitizenshipoftheparties,alongwithamotiontovoluntarilydismiss775(of1,387)selffundedcustomerswhosepresencewoulddestroytheDistrictCourtsdiversityjurisdiction.Theplaintiffsalsomovedforaremittitur(reduction)ofapproximately
$8.1millionfromthefulldamagesaward.Mylan'sbriefinresponsetothenewfactualavermentsinthecomplaintwasfiledonFebruary13,2013.OnJuly29,
2014,thecourtgrantedbothplaintiffsmotiontoamendthecomplaintandtheirmotiontodismiss775self-fundedcustomers.
InconnectionwiththeCompanysappealofthejudgment,theCompanysubmittedasuretybondunderwrittenbyathird-partyinsurancecompanyinthe
amountof$74.5millioninFebruary2008.OnMay30,2012,theDistrictCourtorderedtheamountofthesuretybondreducedto$66.6million.
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Pricing and Medicaid Litigation
DeyL.P.(nowknownasMylanSpecialtyL.P.andhereinasMylanSpecialty),awhollyownedsubsidiaryoftheCompany,wasnamedasadefendant
inseveralclassactionsbroughtbyconsumersandthird-partypayors.MylanSpecialtyreachedasettlementoftheseclassactions,whichwasapprovedbythecourt
andallclaimshavebeendismissed.Additionally,acomplaintwasfiledundersealbyaplaintiffonbehalfoftheUnitedStatesofAmericaagainstMylanSpecialty
inAugust1997.InAugust2006,theGovernmentfileditscomplaint-in-interventionandthecasewasunsealedinSeptember2006.TheGovernmentassertedthat
MylanSpecialtywasjointlyliablewithaco-defendantandsoughtrecoveryofallegedoverpayments,togetherwithtrebledamages,civilpenaltiesandequitable
relief.MylanSpecialtycompletedasettlementofthisactioninDecember2010.ThesecasesallhavegenerallyallegedthatMylanSpecialtyfalselyreportedcertain
priceinformationconcerningcertaindrugsmarketedbyMylanSpecialty,thatMylanSpecialtycausedfalseclaimstobemadetoMedicaidandtoMedicare,and
thatMylanSpecialtycausedMedicaidandMedicaretomakeoverpaymentsonthoseclaims.
UnderthetermsofthepurchaseagreementwithMerckKGaA,MylanisfullyindemnifiedfortheclaimsintheprecedingparagraphandMerckKGaAis
entitledtoanyincometaxbenefittheCompanyrealizesforanydeductionsofamountspaidforsuchpricinglitigation.Undertheindemnity,MerckKGaAis
responsibleforallsettlementandlegalcosts,and,assuch,thesesettlementshadnoimpactontheCompanysConsolidatedStatementsofOperations.At
December31,2015,theCompanyhasaccruedapproximately$63.3millioninothercurrentliabilities,whichrepresentsitsestimateoftheremainingamountof
anticipatedincometaxbenefitsduetoMerckKGaA.SubstantiallyallofMylanSpecialtysknownclaimswithrespecttothispricinglitigationhavebeensettled.
Modafinil Antitrust Litigation and FTC Inquiry
BeginninginApril2006,MylanandfourotherdrugmanufacturershavebeennamedasdefendantsincivillawsuitsfiledinortransferredtotheU.S.
DistrictCourtfortheEasternDistrictofPennsylvaniabyavarietyofplaintiffspurportedlyrepresentingdirectandindirectpurchasersofthedrugmodafinilandin
alawsuitfiledbyApotex,Inc.,amanufacturerofgenericdrugs.Theseactionsallegeviolationsoffederalantitrustandstatelawsinconnectionwiththegeneric
defendantssettlementofpatentlitigationwithCephalonrelatingtomodafinil.Discoveryhasclosed.OnJune23,2014,thecourtgrantedthedefendantsmotion
forpartialsummaryjudgment(anddeniedthecorrespondingplaintiffsmotion)dismissingplaintiffsclaimsthatthedefendantshadengagedinanoverall
conspiracytorestraintrade.OnJanuary28,2015,theDistrictCourtdeniedthedefendantssummaryjudgmentmotionsbasedonfactorsidentifiedintheSupreme
CourtsActavis decision.OnJune1,2015,theDistrictCourtdeniedtheindirectpurchaserplaintiffsmotionforclasscertification.Theindirectpurchaserplaintiffs
filedapetitionforleavetoappealthecertificationdecision,whichwasdeniedbytheCourtofAppealsfortheThirdCircuitonDecember21,2015.OnJuly27,
2015,theDistrictCourtgrantedthedirectpurchaserplaintiffsmotionforclasscertification.OnOctober9,2015,theThirdCircuitgrantedDefendantsPetition
forLeavetoAppeal.OnOctober16,2015,Defendantsfiledamotiontostaytheliabilitytrial,whichhadbeensettobeginonFebruary2,2016,withtheDistrict
Courtpendingtheappealofthedecisiontocertifythedirectpurchaserclass;thismotionwasdeniedonDecember17,2015.OnDecember17,2015,theDistrict
Courtapprovedtheformandmannerofnoticetothecertifiedclassofdirectpurchasers;noticesubsequentlyissuedtotheclass.OnDecember21,2015,the
defendantsfiledamotiontostaywiththeCourtofAppealsfortheThirdCircuit,whichwasgrantedonJanuary25,2016;thetrialisnowstayedandthecasehas
beenplacedinsuspense.OnMarch24,2015,MylanreachedasettlementinprinciplewiththeputativeindirectpurchasersandonNovember20,2015,Mylan
enteredintoasettlementagreementwiththeputativeindirectpurchasers.Plaintiffshavenotyetmovedforpreliminaryapprovalofthatsettlement.At
December31,2015,theCompanyhasaccruedapproximately$16.0millionrelatedtothissettlement.OnJune29,2015,theCityofProvidence,RhodeIslandfiled
suitagainstthesamepartiesnamedasdefendantsinlitigationpendingintheEasternDistrictofPennsylvania,includingMylan,assertingstatelawclaimsbasedon
thesameunderlyingallegations.Alldefendants,includingMylan,movedtodismissthesuitonOctober15,2015.Themotionisnowfullybriefed,OnJuly10,
2015,theLouisianaAttorneyGeneralfiledapetitionagainstMylanandthreeotherdrugmanufacturersassertingstatelawclaimsbasedonthesameunderlying
allegationsasthosemadeinlitigationpendingintheEasternDistrictofPennsylvania.Mylansdeclinatoryexceptionofnopersonaljurisdictionandperemptory
exceptionsofnocauseofaction,norightofactionandprescriptionarepending.AhearingontheexceptionwasscheduledforJanuary19,2016;however,the
DistrictCourtadjournedthehearinguntilMay16,2016.
Inaddition,byletterdatedJuly11,2006,MylanwasnotifiedbytheU.S.FederalTradeCommission(FTC)ofaninvestigationrelatingtothesettlement
ofthemodafinilpatentlitigation.Initsletter,theFTCrequestedcertaininformationfromMylan,MPIandMylanTechnologies,Inc.pertainingtothepatent
litigationandthesettlementthereof.OnMarch29,2007,theFTCissuedasubpoena,andonApril26,2007,theFTCissuedacivilinvestigativedemandtoMylan,
requestingadditionalinformationfromtheCompanyrelatingtotheinvestigation.Mylanhascooperatedfullywiththegovernmentsinvestigationandcompleted
allrequestsforinformation.OnFebruary13,2008,theFTCfiledalawsuitagainstCephalonintheU.S.DistrictCourtfortheDistrictofColumbiaandthecase
wassubsequentlybeentransferredtotheU.S.DistrictCourtforthe

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EasternDistrictofPennsylvania.ThelawsuitagainstCephalonsettledandaStipulatedOrderforPermanentInjunctionandEquitableMonetaryReliefwasentered
bytheCourtonJune17,2015.OnJuly1,2010,theFTCissuedathirdpartysubpoenatoMylan,requestingdocumentsinconnectionwithitslawsuitagainst
Cephalon.Mylanhasrespondedtothesubpoena.
Minocycline
OnMay1,2012,theFTCissuedacivilinvestigativedemandtoMylanpertainingtoaninvestigationbeingconductedtodeterminewhetherMedicis
PharmaceuticalCorporation,Mylan,and/orothergenericcompaniesengagedinunfairmethodsofcompetitionwithregardtoMedicisbrandedSolodyn
productsandgenericSolodynproducts,aswellasthe2010settlementofMedicispatentinfringementclaimsagainstMylanandMatrixLaboratoriesLimited
(nowknownasMylanLaboratoriesLimited).MylancooperatedwiththeFTCandrespondedtotherequestsforinformation.TheFTChascloseditsinvestigation
ofMylan,assuchthismattercanbeconsideredclosed.
BeginninginJuly2013,MylanandMylanLaboratoriesLimited,alongwithotherdrugmanufacturers,werenamedasdefendantsincivillawsuitsfiled
byavarietyofplaintiffsintheU.S.DistrictCourtfortheEasternDistrictofPennsylvania,theDistrictofArizona,andtheDistrictofMassachusetts.Those
lawsuitswereconsolidatedintheU.S.DistrictCourtfortheDistrictofMassachusetts.Theplaintiffspurporttorepresentdirectandindirectpurchasersofbranded
orgenericSolodyn,andassertviolationsoffederalandstatelaws,includingallegationsinconnectionwithseparatesettlementsbyMediciswitheachoftheother
defendantsofpatentlitigationrelatingtogenericSolodyn.PlaintiffsconsolidatedamendedcomplaintwasfiledonSeptember12,2014,MylanandMylan
LaboratoriesLimitedarenolongernameddefendantsintheconsolidatedamendedcomplaint.
Pioglitazone
BeginninginDecember2013,Mylan,Takeda,andseveralotherdrugmanufacturershavebeennamedasdefendantsincivillawsuitsconsolidatedinthe
U.S.DistrictCourtfortheSouthernDistrictofNewYorkbyplaintiffswhichpurporttorepresentindirectpurchasersofbrandedorgenericActosandActoplus
Met.Theseactionsallegeviolationsofstateandfederalcompetitionlawsinconnectionwiththedefendantssettlementsofpatentlitigationin2010relatingto
ActosandActoplusMet.PlaintiffsfiledanamendedcomplaintonAugust22,2014.Mylanandtheotherdefendantsfiledmotionstodismisstheamended
complaintonOctober10,2014.Twoadditionalcomplaintsweresubsequentlyfiledbyplaintiffspurportingtorepresentclassesofdirectpurchasersofbrandedor
genericActosandActoplusMet.OnSeptember23,2015,theDistrictCourtgranteddefendantsmotionstodismisstheindirectpurchasersamended
complaintswithprejudice.TheindirectpurchasersfiledanoticeofappealonOctober22,2015.Theindirectpurchaserssubsequentlyfiledtheiropeningbriefon
February4,2016,whichdidnotappealtheDistrictCourt'sdismissalofclaimsassertedagainstMylan.Theputativedirectpurchaserclassfiledanamended
complaintonJanuary8,2016.DefendantsmotiontodismisswasfiledonJanuary28,2016.
Shareholders Class Action
OnJune11,2015,CityofRivieraBeachGeneralEmployeesRetirementSystemandDorisArnold(collectively,theRiviera Plaintiffs)fileda
purportedclassactioncomplaintagainstMylananddirectorsofMylanInc.(theDirectors)intheWashingtonCounty,Pennsylvania,CourtofCommonPleas
(thePennsylvaniaCourt),onbehalfofcertainformershareholdersofMylanInc.ThecomplaintallegedbothbreachoffiduciarydutybytheDirectorsandbreach
ofcontractbyMylanandtheDirectors,allrelatingtocertainpublicdisclosuresmadeinconnectionwiththeEPDTransactionandthecreationof,andCallOption
Agreementwith,theFoundation.TheRiviera PlaintiffsaskedthePennsylvaniaCourtto:findthattheDirectorsbreachedtheirfiduciarydutiesandthatMylanand
theDirectorsbreachedthepurportedcontract,rescindthevoteofMylanInc.sformershareholdersapprovingtheEPDTransaction,awardcompensatorydamages
andawardPlaintiffstheircostsrelatingtothelawsuit.OnJune22,2015,MylanandtheDirectorsremovedthecasetotheU.S.DistrictCourtfortheWestern
DistrictofPennsylvania(theDistrictCourt).TheRiviera PlaintiffsfiledanamendedcomplaintintheDistrictCourtonJuly10,2015,thatincludedthesame
basiccausesofactionandrequestedrelief,droppedallegationsagainstsomeoftheDirectorsnamedintheoriginalcomplaintandassertedthebreachofcontract
claimnotonbehalfofapurportedclassofformershareholdersofMylanInc.butonbehalfofapurportedsubclassofsuchshareholderswhoheldsharesofMylan
continuouslyforaspecifiedperiodfollowingconsummationoftheEPDTransaction.OnJuly21,2015,asecondpurportedclassactioncomplaintagainstthesame
defendants,assertingthesamebasicclaimsandrequestingthesamebasicreliefonbehalfofthesamepurportedclassandsubclass,wasfiledbyadifferentplaintiff
intheDistrictCourt.OnAugust28,2015,theDistrictCourtconsolidatedthetwoactions,and,onSeptember4,2015,theplaintiffsintheconsolidatedactionfiled
aconsolidatedamendedcomplaint(theConsolidatedAmendedComplaint)againstthesamedefendants,assertingthesamebasicclaimsandrequestingthesame
basicreliefonbehalfofthesamepurportedclassandsubclass,butassertingthebreachofcontractclaimagainstonlyMylan.OnSeptember30,2015,twoofthe
plaintiffsintheconsolidatedactionfiledamotionforpartialsummary
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judgment,onthebreachofcontractclaimagainstMylan(theMotionforPartialSummaryJudgment).OnOctober23,2015,theDistrictCourtapprovedthe
voluntarydismissalofathirdpurportedclassaction,commencedonAugust28,2015againstMylanandtheDirectors,allegingfederalsecuritiesandbreachof
contractclaimsagainstalldefendantsandbreachoffiduciarydutyclaimsagainsttheDirectors,allarisingoutofthesamebasicallegedfactsandrequestingthe
samebasicreliefonbehalfofcertainformershareholdersofMylanInc.OnNovember25,2015,thedefendantsfiledaMotiontoDismisstheConsolidated
AmendedComplaint,andMylanfiledanOppositiontotheMotionforPartialSummaryJudgmentandaMotiontoDenySummaryJudgment.OnDecember21,
2015,theDistrictCourtconsolidatedtheactionwithafourthpurportedclassaction,commencedNovember24,2015by,amongothers,theplaintiffinthethird
action,againstthesamedefendants,allegingonlybreachofcontractarisingoutofthesamebasicallegedfacts,andrequestingthesamebasicreliefonbehalfof
certainformershareholdersofMylanInc.Inconsolidatingtheactions,theDistrictCourtordered,amongotherthings,thattheConsolidatedAmendedComplaint
wouldremaintheoperativecomplaintintheconsolidatedactionandthattheMotionforPartialSummaryJudgment,MotiontoDismissandMotiontoDeny
SummaryJudgmentwerenotdisturbedbytheconsolidation.ThebriefingregardingthethreemotionswascompletedonJanuary15,2016.Webelievethatthe
claimsinthislawsuitarewithoutmeritandintendtocontinuetodefendagainstthemvigorously.
SEC Investigation
OnSeptember10,2015,MylanN.V.receivedasubpoenafromtheSECseekingdocumentswithregardtocertainrelatedpartymatters.Mylanis
cooperatingwiththeSECinitsinvestigation,andweareunabletopredicttheoutcomeofthismatteratthistime.
DOJ/CT Subpoenas
OnDecember3,2015,asubsidiaryofMylanN.V.receivedasubpoenafromtheAntitrustDivisionoftheU.S.DepartmentofJustice(DOJ)seeking
informationrelatingtothemarketing,pricing,andsaleofourgenericDoxycyclineproductsandanycommunicationswithcompetitorsaboutsuchproducts.The
CompanyintendstofullycooperatewithDOJsinquiry.
OnDecember21,2015,theCompanyreceivedasubpoenaandinterrogatoriesfromtheConnecticutOfficeoftheAttorneyGeneralseekinginformation
relatingtothemarketing,pricingandsaleofcertainoftheCompanysgenericproducts(includingDoxycycline)andcommunicationswithcompetitorsaboutsuch
products.TheCompanyintendstofullycooperatewithConnecticutsinquiry.
Perrigo Litigation
OnSeptember17,2015,PerrigofiledacomplaintagainstMylanintheU.S.DistrictCourtfortheSouthernDistrictofNewYork.Thecomplaintalleged
thatMylanmadematerialfalseandmisleadingstatementsinitsOffertoExchange/ProspectusandotherpublicstatementsinviolationofSection14(e)ofthe
SecuritiesExchangeActof1934(theExchangeAct),concerningexpectedsynergiesandthepotentialdelistingofPerrigosordinarysharesfollowing
consummationofitsoffertoacquirealloftheissuedandtobeissuedsharecapitalofPerrigo.PerrigoaskedthecourttodeclarethatMylansrelevantstatements
weremateriallyfalseandmisleadinginviolationoftheExchangeAct,directMylantoprovidecorrectivedisclosures,enjoinMylanfromclosingtheofferuntilit
issuedcorrectivedisclosuresthatPerrigoshareholderswouldhaveadequatetimetoconsider,orderMylantoacceptdulytransmittedwithdrawalsofPerrigo
shareholdersfollowingtheissuanceofcorrectivedisclosuresandpermanentlyenjoinMylanfrommakingfurtherfalseormisleadingdisclosuresinconnectionwith
theoffer.OnSeptember22,2015,MylanfiledcounterclaimsagainstPerrigoallegingthatPerrigomadematerialfalseandmisleadingstatementsinitsSchedule
14D-9,aPowerpointpresentationtoitsinvestorsandmediacomments,inviolationofSection14(e)oftheExchangeAct,concerningthesizeoftheofferpremium
toPerrigoshareholders,thefinancialimpactoftheofferforPerrigoshareholders,theintentionsofMylanslargestshareholderwithrespecttoitsMylansharesand
theexpectedsynergiesoftheoffer.MylanaskedthecourttodeclarethatPerrigosrelevantstatementsweremateriallyfalseandmisleadinginviolationofthe
ExchangeAct,directPerrigotoprovidecorrectivedisclosuresnolaterthanfourteendayspriortotheinitialexpirationdateoftheoffer,i.e.,60daysaftertheoffer
commenced,andpermanentlyenjoinPerrigofrommakingfurtherfalseormisleadingdisclosuresinconnectionwithMylansoffer.Ahearingonbothparties
motionsforpreliminaryinjunction,filedonOctober14,2015washeldonOctober21,2015.OnOctober29,2015,theDistrictCourtissuedanorderdenyingthe
partiesmotionsforpreliminaryinjunction.AjointstipulationofvoluntarydismissalwasenteredbytheCourtonNovember23,2015,assuchthismattercanbe
consideredclosed.
OnSeptember24,2015,PerrigofiledaclaimagainstMylaninIsraelwiththeTelAvivDistrictCourt,allegingthatMylansoffertoacquireallofthe
issuedandtobeissuedsharecapitalofPerrigodoesnotcomplywithIsraelilaw.Perrigoalsofiledanapplicationforaninteriminjunctionrequestingthatthecourt
declarethatMylanhasnotmadeaproperofferto
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PerrigosshareholdersontheTelAvivStockExchange,orderMylantorefrainfromtakinganyactioninIsraelinconnectionwithitsofferandenjointheIsrael
SecuritiesAuthority,whichisalsoadefendantintheproceeding,fromtakinganyactioninconnectionwithMylansoffer.FollowingahearingonOctober14,
2015andanadditionalhearingonOctober27,2015,thecourtdeniedPerrigosapplicationonOctober28,2015andinstructedPerrigotonotifythecourtwithin20
dayswhetheritintendedtoproceedwithitsunderlyingclaim.PerrigoadvisedtheCourtthatitdidnotintendtoproceedwiththecase,assuchthismattercanbe
consideredclosed.
European Commission Proceedings
Perindopril
OnoraroundJuly8,2009,theEuropeanCommission(theCommission)statedthatithadinitiatedantitrustproceedingspursuanttoArticle11(6)of
RegulationNo.1/2003andArticle2(1)ofRegulationNo.773/2004toexplorepossibleinfringementofArticles81and82ECandArticles53and54ofthe
EuropeanEconomicAreaAgreementbyLesLaboratoiresServier(Servier)aswellaspossibleinfringementofArticle81ECbytheCompanysIndian
subsidiary,MylanLaboratoriesLimited,andfourothercompanies,eachofwhichenteredintoagreementswithServierrelatingtotheproductPerindopril.OnJuly
30,2012,theCommissionissuedaStatementofObjectionstoServierSAS,ServierLaboratoriesLimited,LesLaboratoriesServier,Adir,Biogaran,Krka,d.d.
Novomesto,LupinLimited,MylanLaboratoriesLimited,Mylan,NicheGenericsLimited,TevaUKLimited,TevaPharmaceuticalIndustriesLtd.,Teva
PharmaceuticalsEuropeB.V.andUnichemLaboratoriesLimited.MylanInc.andMylanLaboratoriesLimitedfiledresponsestotheStatementofObjections.On
July9,2014,theCommissionissuedadecisionfindingthatMylanLaboratoriesLimitedandMylan,aswellasthecompaniesnotedabove(withtheexceptionof
Adir,asubsidiaryofServier),hadviolatedEuropeanUnioncompetitionrulesandfinedMylanLaboratoriesLimitedapproximately17.2million,including
approximately8.0millionjointlyandseverallywithMylanInc.TheCompanypaidapproximately$21.7millionrelatedtothismatterduringthefourthquarterof
2014.InSeptember2014,theCompanyfiledanappealoftheCommissionsdecisiontotheGeneralCourtoftheEuropeanUnion.Thebriefingonappealis
completeandweareawaitingtheschedulingofthehearingdate.
Citalopram
OnMarch19,2010,MylanandGenerics[U.K.]Limited,awhollyownedsubsidiaryoftheCompany,receivednoticethattheCommissionhadopened
proceedingsagainstLundbeckwithrespecttoallegedunilateralpracticesand/oragreementsrelatedtoCitalopramintheEuropeanEconomicArea.OnJuly25,
2012,aStatementofObjectionswasissuedtoLundbeck,MerckKGaA,Generics[U.K.]Limited,Arrow,ResolutionChemicals,XeliaPharmaceuticals,
Alpharma,A.L.IndustrierandRanbaxy.Generics[U.K.]LimitedfiledaresponsetotheStatementofObjectionsandvigorouslydefendeditselfagainstallegations
containedtherein.OnJune19,2013,theCommissionissuedadecisionfindingthatGenerics[U.K.]Limited,aswellasthecompaniesnotedabove,hadviolated
EuropeanUnioncompetitionrulesandfinedGenerics[U.K.]Limitedapproximately7.8million,jointlyandseverallywithMerckKGaA.Generics[U.K.]
LimitedhasappealedtheCommissionsdecisiontotheGeneralCourtoftheEU.BriefingontheappealhasbeencompletedandahearingtookplaceonOctober8,
2015.TheCompanyhasaccrued$9.8millionand$10.3millionasofDecember31,2015andDecember31,2014,respectively,relatedtothismatter.Itis
reasonablypossiblethatwewillincuradditionallossesabovetheamountaccruedbutwecannotestimatearangeofsuchreasonablypossiblelossesatthistime.
Therearenoassurances,however,thatsettlementsreachedand/oradversejudgmentsreceived,ifany,willnotexceedamountsaccrued.Generics[U.K.]Limited
hasalsosoughtindemnificationfromMerckKGaAwithrespecttothe7.8millionportionofthefineforwhichMerckKGaAandGenerics[U.K.]Limitedwere
heldjointlyandseverallyliable.MerckKGaAhascounterclaimedagainstGenerics[U.K.]Limitedseekingthesameindemnification.
U.K. Competition and Markets Authority
Paroxetine
OnAugust12,2011,Generics[U.K.]LimitedreceivednoticethattheOfficeofFairTrading(subsequentlychangedtotheCompetitionandMarkets
Authority(theCMA))wasopeninganinvestigationtoexplorethepossibleinfringementoftheCompetitionAct1998andArticles101and102oftheTreatyon
theFunctioningoftheEuropeanUnion,withrespecttoallegedagreementsrelatedtoParoxetine.OnApril19,2013,aStatementofObjectionswasissuedto
BeechamGroupplc,GlaxoSmithKlineUKLimited,GlaxoSmithKlineplcandSmithKlineBeechamLimited(formerly,SmithKlineBeechamplc)(together,
"GlaxoSmithKline"),Generics[U.K.]Limited,MerckKGaA,ActavisUKLimited(formerly,AlpharmaLimited),XelliaPharmaceuticalsApS(formerly,
AlpharmaApS)andAlpharmaLLC(formerly,ZoetisProductsLLC,AlpharmaLLC,andAlpharmaInc.)(together,"Alpharma"),andIvaxLLC(formerly,Ivax
Corporation)andNortonHealthcareLimited(whichpreviouslytradedasIvaxPharmaceuticalsUK)(together,"Ivax").Generics[U.K.]Limitedfiledaresponseto
theStatementof
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Objections,defendingitselfagainsttheallegationscontainedtherein.TheCMAissuedaSupplementaryStatementofObjections(SSO)totheabove-referenced
partiesonOctober21,2014andahearingwithregardtotheSSOtookplaceonDecember19,2014.TheCMAissuedadecisiononFebruary12,2016,findingthat
GlaxoSmithKline,Generics[U.K.]Limited,MerckKGaAandAlpharma,wereliableforinfringingEUandU.K.competitionrules.WithrespecttoMerckKGaA
andGenerics[U.K.]Limited,theCMAissuedapenaltyofapproximately5.8million,forwhichMerckKGaAisliablefortheentireamount;andofthatamount
Generics[U.K.]Limitedisjointlyandseverallyliableforapproximately2.7million,whichwasaccruedforatDecember31,2015.Generics[U.K.]Limited
intendstoappealthedecision.
Product Liability
TheCompanyisinvolvedinanumberofproductliabilitylawsuitsandclaimsrelatedtoallegedpersonalinjuriesarisingoutofcertainproducts
manufacturedand/ordistributedbytheCompany,includingbutnotlimitedtoitsFentanylTransdermalSystem,Phenytoin,Propoxyphene,andAlendronate.The
Companybelievesthatithasmeritoriousdefensestotheselawsuitsandclaimsandisvigorouslydefendingitselfwithrespecttothosematters.Fromtimetotime,
theCompanyhasagreedtosettleorotherwiseresolvecertainlawsuitsandclaimsontermsandconditionsthatareinthebestinterestsoftheCompany.The
Companyhadaccruedapproximately$9.5millionand$13.4millionatDecember31,2015and2014,respectively.Itisreasonablypossiblethatwewillincur
additionallossesabovetheamountaccruedbutwecannotestimatearangeofsuchreasonablypossiblelossesatthistime.Therearenoassurances,however,that
settlementsreachedand/oradversejudgmentsreceived,ifany,willnotexceedamountsaccrued.
Intellectual Property
Incertainsituations,theCompanyhasuseditsbusinessjudgmenttodecidetomarketandsellproducts,notwithstandingthefactthatallegationsofpatent
infringement(s)orotherpotentialthirdpartyrightshavenotbeenfinallyresolvedbythecourts.Theriskinvolvedindoingsocanbesubstantialbecausethe
remediesavailabletotheownerofapatentforinfringementmayinclude,areasonableroyaltyonsalesordamagesmeasuredbytheprofitslostbythepatent
owner.Inthecaseofwillfulinfringement,thedefinitionofwhichispartiallysubjective,suchdamagesmaybeincreaseduptothreetimes.Moreover,becauseof
thediscountpricingtypicallyinvolvedwithbioequivalentproducts,patentedbrandedproductsgenerallyrealizeasubstantiallyhigherprofitmarginthan
bioequivalentproducts.Anadversedecisioncouldhaveamaterialadverseeffectonourbusiness,financialcondition,resultsofoperations,cashflowsand/or
ordinaryshareprice.
Other Litigation
Mylanfiledsuitin2010againstGlaxoSmithKline(GSK)andApotexinconnectionwithanallegedbreachofaPatentLicenseandSettlement
AgreementbetweenMylanandGSKrelatedtoParoxetineCR.Followingdiscovery,summaryjudgment(inwhichtheDistrictCourtoriginallydismissedthecase
againstGSKandApotex),andappellatebriefing(inwhichtheUnitedStatesCourtofAppealsfortheThirdCircuitreversedandremandedthecaseagainstGSK
forbreachofcontract)andultimatelyatrial,ajuryawardedMylan$106.7milliononMarch25,2014.Pre-judgmentinterestandpost-verdictsupplemental
damagesresultedinatotaljudgmentof$120.7million.GSKappealedthedecision.Inthesamesuitandsubsequenttothetrial,Mylanobtainedapermanent
injunctionagainstGSKinconnectionwithitssupplyofproducttoApotex.MylanalsoseparatelyfiledsuitandobtainedapreliminaryinjunctionagainstApotexin
July2014forinducementtobreachacontractandfortortiousinterferenceinconnectionwithitssalesofproduct.Apotexhasappealedthatdecision.InSeptember
2014,MylanaddedGSKasadefendanttothesuitithadbroughtagainstApotexforbreachofcontract.InDecember2015,thepartiesresolvedalllitigationfor
approximately$113millionandthecaseshavebeendismissed,andassuchthismattercanbeconsideredclosed.
TheCompanyisinvolvedinvariousotherlegalproceedingsthatareconsiderednormaltoitsbusiness,includingbutnotlimitedtocertainproceedings
assumedasaresultoftheacquisitionoftheformerMerckGenericsbusiness,AgilaandtheacquiredEPDBusiness.Whileitisnotpossibletopredicttheultimate
outcomeofsuchotherproceedings,theultimateoutcomeofanysuchproceedingisnotcurrentlyexpectedtobematerialtotheCompanysbusinessfinancial
condition,resultsofoperations,cashflowsand/orordinaryshareprice.
17. Subsequent Events
OnFebruary10,2016,theCompanyissuedanofferannouncementundertheNasdaqStockholmsTakeoverRulesandtheSwedishTakeoverAct
(collectively,theSwedishTakeoverRules)settingforthapublicoffertotheshareholdersofMedaAB(publ.)(Meda)toacquirealloftheoutstandingshares
ofMeda(theOffer),withavalue,includingthenetdebtofMeda,forapproximatelySwedishkroner(SEKorkr)83.6krbillionor$9.9billionat
announcement.TheboardofdirectorsoftheCompanyhasunanimouslyapprovedtheOfferandtheboardofdirectorsofMedahasrecommendedthatMeda
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shareholdersaccepttheOffer.Inaddition,thetwolargestMedashareholders,togetherholdingapproximately30%oftheoutstandingMedashares,have
irrevocablyundertakentotendertheirMedasharesintotheOffer,subjecttolimitedexceptions.UnderthetermsoftheOffer,theCompanyisofferingeachMeda
shareholdertotalconsiderationofbetween152krand165kr(basedonaSEK/USDexchangerateof8.4158)consistingofacombinationofcashandthe
Companysordinaryshares.TheCompanyisofferingeachMedashareholder165krincashinrespectof80%ofthenumberofMedasharestenderedbysuch
shareholderandanumberofMylanordinarysharescalculatedshortlypriortotheclosingoftheOfferinrespectoftheremaining20%ofthenumberofMeda
sharestenderedbysuchshareholder.ThecompositionoftheOfferconsiderationissubjecttoadjustmentincertaincircumstances.TheOfferisfullyfinancedand
notconditionalonfurtherduediligence.TheOfferissubjecttocertainclosingconditionscustomaryforanoffergovernedbytheSwedishTakeoverRules,
includingholdersofatleast90%oftheoutstandingMedasharestenderingtheirsharesintotheOfferandreceiptofallnecessaryregulatory,governmentalor
similarclearances,approvalsanddecisions,includingfromcompetitionauthorities.TheOfferwillnotrequireavoteofMylanshareholders.TheCompanyexpects
thattheOfferwillclosebytheendofthethirdquarterof2016.
InconnectionwiththeOffer,onFebruary10,2016theCompanyenteredintoabridgecreditagreement(the2016BridgeCreditAgreement),among
theCompany,asborrower,MylanInc.,asguarantor,DeutscheBankAGCaymanIslandsBranch,asadministrativeagentandalender,GoldmanSachsBankUSA,
asalender,GoldmanSachsLendingPartnersLLC,asalender,andotherlenderspartytheretofromtimetotime.The2016BridgeCreditAgreementprovidesfora
bridgecreditfacilityunderwhichtheCompanymayobtainloansuptoanaggregateamountof$10.05billion,consistingofaTrancheALoan(theTrancheA
Loan)inanaggregateamountupto$6.0billion,andaTrancheBLoan(theTrancheBLoanandcollectively,theLoans)inanaggregateamountupto$4.05
billion.TheproceedsoftheTrancheALoanwillbeappliedsolelytofinancetheacquisitionofMedasharesandpayothercostsassociatedwiththeacquisition,
the2016BridgeCreditAgreementandrelatedtransactions.TheproceedsoftheTrancheBLoanwillbeappliedifnecessarytoprepaytheExistingRevolving
CreditAgreement,theExisting2014TermCreditAgreementandtheExisting2015TermCreditAgreement(each,asdefinedinthe2016BridgeCreditAgreement
)andtopayfeesandexpensesrelatingthereto.TheLoanswillbearinterestatLIBOR(determinedinaccordancewiththe2016BridgeCreditAgreement),ifthe
CompanychoosestomakeLIBORborrowings,oratabaserate(determinedinaccordancewiththe2016BridgeCreditAgreement),ineachcaseplusan
applicablemargin.TheapplicablemarginforborrowingswillbedeterminedbyreferencetoagridbasedontheCompanysDebtRating(asdefinedinthe2016
BridgeCreditAgreement),andsuchapplicablemarginwillrangefrom0.125%to1.225%perannumwithrespecttobaserateborrowingsand1.125%to2.225%
perannumwithrespecttoLIBORborrowings,ineachcasesubjecttoincreaseby0.25%perannum,0.25%perannumand0.50%perannumonthedatethatis90
,180and270days,respectively,aftertheinitialfundingdate.Thecommitmentsunderthe2016BridgeCreditAgreementwillbeavailableuntiltheearliestto
occurofFebruary8,2017andcertaineventsrelatingtothecompletionorterminationoftheOffersetforthinthe2016BridgeCreditAgreement.The
commitmentsinrespectoftheTrancheBLoanwillbepermanentlyreducedinconnectionwiththeeffectivenessofcertainamendmentstotheCompanysexisting
creditfacilitiesbytheamountsspecifiedinthe2016BridgeCreditAgreement.TheLoanswillbeunsecuredandwillbeguaranteedbyMylanInc.TheLoanswill
matureonthedaythatis364daysaftertheinitialfundingdate.Uponsigningofthe2016BridgeCreditAgreement,theCompanyincurredfeesofapproximately
$30million.

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Mylan N.V.
Supplementary Financial Information
Quarterly Financial Data
(Unaudited, in millions, except per share data)
Year Ended December 31, 2015

Three-Month Period Ended

March 31, 2015 (1)

Totalrevenues

September 30,
2015

December 31,
2015

2,371.7 $

2,695.2 $

2,490.7

Grossprofit

830.1

1,008.1

1,315.3

1,062.6

Netearnings

56.6

167.9

428.6

194.6

NetearningsattributabletoMylanN.V.ordinaryshareholders

56.6

167.8

428.6

194.6

Earningspershare(2):

1,871.7 $

June 30,
2015

Basic

0.14 $

0.34 $

0.87 $

0.40

Diluted

0.13 $

0.32 $

0.83 $

0.38

High

64.96 $

76.06 $

71.49 $

55.28

Low

52.74 $

57.94 $

39.80 $

39.16

Shareprices(3):

Year Ended December 31, 2014

Three-Month Period Ended

March 31,
2014

Totalrevenues

June 30,
2014

September 30,
2014

1,715.6 $

1,837.3 $

Grossprofit

737.8

808.8

1,012.4

969.0

Netearnings

116.6

126.6

499.4

190.5

115.9

125.2

499.1

189.2

NetearningsattributabletoMylanInc.commonstock
Earningspershare(2):

2,084.0 $

December 31,
2014

2,082.7

Basic

0.31 $

0.34 $

1.33 $

0.51

Diluted

0.29 $

0.32 $

1.26 $

0.47

57.20 $

52.10 $

52.34 $

58.62

42.26 $

45.72 $

44.97 $

45.27

Shareprices(3):
High
Low
____________
(1)

OnFebruary27,2015,MylanInc.becameanindirectwhollyownedsubsidiaryofMylanN.V.

(2)

Thesumofearningspershareforthequartersmaynotequalearningspershareforthetotalyearduetochangesintheaveragenumberofordinaryshares
outstanding.

(3)

ClosingpricesareasreportedonNASDAQ.
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TableofContents
ITEM 9.

Changes in and Disagreements with Accountants on Accounting and Financial Disclosures

None.

ITEM 9A.

Controls and Procedures

TheCompanysmanagementperformedanevaluationunderthesupervisionandwiththeparticipationoftheCompanysPrincipalExecutiveOfficerand
thePrincipalFinancialOfficeroftheeffectivenessofthedesignandoperationoftheCompanysdisclosurecontrolsandproceduresasofDecember31,2015.
Baseduponthatevaluation,thePrincipalExecutiveOfficerandthePrincipalFinancialOfficerconcludedthattheCompanysdisclosurecontrolsandprocedures
wereeffective.
ManagementhasnotidentifiedanychangesintheCompanysinternalcontroloverfinancialreportingthatoccurredduringthefourthquarterof2015that
havemateriallyaffected,orarereasonablylikelytomateriallyaffect,theCompanysinternalcontroloverfinancialreporting.
ManagementsReportonInternalControloverFinancialReportingisonpage87,whichisincorporatedhereinbyreference.Theeffectivenessofthe
CompanysinternalcontroloverfinancialreportingasofDecember31,2015hasbeenauditedbyDeloitte&ToucheLLP,anindependentregisteredpublic
accountingfirm,asstatedintheirreportonpage89,whichisincorporatedhereinbyreference.
ITEM 9B.

Other Information

None.
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TableofContents
PART III

ITEM 10.

Directors, Executive Officers and Corporate Governance

CertaininformationrequiredbythisItemwillbeprovidedinanamendmenttothisForm10-KinaccordancewithGeneralInstructionG(3)toForm10-K.
Code of Ethics
TheCompanyhasadoptedaCodeofEthicsthatappliestoourPrincipalExecutiveOfficer,PrincipalFinancialOfficerandCorporateController.This
CodeofEthicsispostedonMylansInternetwebsiteatmylan.com,andMylanintendstopostanyamendmentstoorwaiversfromtheCodeofEthicsonthat
website.
ITEM 11.

Executive Compensation

TheinformationrequiredbythisItemwillbeprovidedinanamendmenttothisForm10-KinaccordancewithGeneralInstructionG(3)toForm10-K.
ITEM 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

TheadditionalinformationrequiredbythisItemwillbeprovidedinanamendmenttothisForm10-KinaccordancewithGeneralInstructionG(3)to
Form10-K.
Equity Compensation Plan Information
ThefollowingtableshowsinformationaboutthesecuritiesauthorizedforissuanceunderMylansequitycompensationplansasofDecember31,2015:

Number of Securities to be
Issued upon Exercise of
Outstanding Options,
Warrants and Rights
(a)

Plan Category

Equitycompensationplansapprovedbysecurity
holders

12,206,935 $

Equitycompensationplansnotapprovedbysecurity
holders
Total

12,206,935 $

ITEM 13.

Weighted-Average Exercise
Price of Outstanding
Options, Warrants and
Rights
(b)

Number of Securities
Remaining Available for
Future Issuance Under
Equity Compensation Plans
(excluding securities reflected
in column (a))
(c)

35.09

13,671,681

35.09

13,671,681

Certain Relationships and Related Transactions, and Director Independence

TheinformationrequiredbythisItemwillbeprovidedinanamendmenttothisForm10-KinaccordancewithGeneralInstructionG(3)toForm10-K.
ITEM 14.

Principal Accounting Fees and Services

TheinformationrequiredbythisItemwillbeprovidedinanamendmenttothisForm10-KinaccordancewithGeneralInstructionG(3)toForm10-K.

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TableofContents
PART IV

ITEM 15.
1.

Exhibits, Consolidated Financial Statement Schedules

Consolidated Financial Statements

TheConsolidatedFinancialStatementslistedintheIndextoConsolidatedFinancialStatementsarefiledaspartofthisForm.

2.

Consolidated Financial Statement Schedules

MYLAN N.V. AND SUBSIDIARIES
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS
(In millions)

MylanN.V.isthesuccessortoMylanInc.,theinformationsetforthbelowreferstoMylanInc.forperiodspriortoFebruary27,2015,andtoMylanN.V.
onandafterFebruary27,2015.

Beginning
Balance

Description

Additions
Charged
to
Costs
and
Expenses

Additions
Charged
to
Other
Accounts

Deductions

Ending
Balance

Allowancefordoubtfulaccounts:

YearendedDecember31,2015

25.7

10.5

0.3

(2.9) $

33.6

YearendedDecember31,2014

24.6

6.0

1.2

(6.1) $

25.7

YearendedDecember31,2013

23.0

5.0

0.1

(3.5) $

24.6

Valuationallowancefordeferredtaxassets:

YearendedDecember31,2015

304.5

75.6

YearendedDecember31,2014

279.5

YearendedDecember31,2013

249.4

3.

6.1

(30.5) $

355.7

49.8

17.7

(42.5) $

304.5

53.2

(0.5)

(22.6) $

279.5

Exhibits

2.1

2.2

3.1

4.1(a)

4.1(b)

4.1(c)

4.1(d)

AmendedandRestatedBusinessTransferAgreementandPlanofMerger,datedNovember4,2014,betweenandamongAbbott
Laboratories,MylanInc.,NewMoonB.V.andMoonofPAInc.,filedasAnnexAtotheRegistrationStatementonFormS-4filedwiththe
SEConNovember5,2014,asamendedonDecember9andDecember23,2014,andincorporatedhereinbyreference.^

ShareholderAgreementbetweenandamongMylanN.V.,AbbottLaboratories,LaboratoiresFournierS.A.S.,AbbottEstablishedProducts
Holdings(Gibraltar)Limited,andAbbottInvestmentsLuxembourgS.r.l.,filedasExhibit2.2totheReportonForm8-Kfiledwiththe
SEConFebruary27,2015,andincorporatedhereinbyreference.^

AmendedandRestatedArticlesofAssociationofMylanN.V.,filedasExhibit3.1totheReportonForm8-KfiledwiththeSECon
February27,2015,andincorporatedhereinbyreference.

Rights Agreement dated August 22, 1996, between Mylan Inc. and American Stock Transfer & Trust Company, filed by Mylan Inc. as
Exhibit4.1totheReportonForm8-KfiledwiththeSEConSeptember3,1996,andincorporatedhereinbyreference.

AmendmenttoRightsAgreementdatedNovember8,1999,betweenMylanInc.andAmericanStockTransfer&TrustCompany,filedby
MylanInc.asExhibit1toForm8-A/AfiledwiththeSEConMarch31,2000,andincorporatedhereinbyreference.

AmendmentNo.2toRightsAgreementdatedAugust13,2004,betweenMylanInc.andAmericanStockTransfer&TrustCompany,filed
byMylanInc.asExhibit4.1totheReportonForm8-KfiledwiththeSEConAugust16,2004,andincorporatedhereinbyreference.

AmendmentNo.3toRightsAgreementdatedSeptember8,2004,betweenMylanInc.andAmericanStockTransfer&TrustCompany,
filed by Mylan Inc. as Exhibit 4.1 to the Report on Form 8-K filed with the SEC on September 9, 2004, and incorporated herein by
reference.

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TableofContents

4.1(e)

4.1(f)

4.1(g)

4.2(a)

4.2(b)

4.3

4.4(a)

4.4(b)

4.4(c)

4.4(d)

4.4(e)

4.5(a)

4.5(b)

4.5(c)

4.5(d)

4.6(a)

AmendmentNo.4toRightsAgreementdatedDecember2,2004,betweenMylanInc.andAmericanStockTransfer&TrustCompany,
filed by Mylan Inc. as Exhibit 4.1 to the Report on Form 8-K filed with the SEC on December 3, 2004, and incorporated herein by
reference.

AmendmentNo.5toRightsAgreementdatedDecember19,2005,betweenMylanInc.andAmericanStockTransfer&TrustCompany,
filed by Mylan Inc., as Exhibit 4.1 to the Report on Form 8-K filed with the SEC on December 19, 2005, and incorporated herein by
reference.

AmendmentNo.6toRightsAgreement,datedJuly13,2014,betweenMylanInc.andAmericanStockTransfer&TrustCompany,filedby
MylanInc.asExhibit4.1toForm10-QforthequarterendedSeptember30,2014,andincorporatedhereinbyreference.

Indenture,datedJuly21,2005,betweenMylanInc.andTheBankofNewYork,astrustee,filedbyMylanInc.asExhibit4.1totheReport
onForm8-KfiledwiththeSEConJuly27,2005,andincorporatedhereinbyreference.

Second Supplemental Indenture, dated October 1, 2007, among Mylan Inc., the Subsidiaries of Mylan Inc. listed on the signature page
thereto and The Bank of New York, as trustee, filed by Mylan Inc. as Exhibit 4.1 to the Report on Form 8-K filed with the SEC on
October5,2007,andincorporatedhereinbyreference.

RegistrationRightsAgreement,datedJuly21,2005,amongMylanInc.,theGuarantorspartytheretoandMerrillLynch,Pierce,Fenner&
Smith Incorporated, BNY Capital Markets, Inc., KeyBanc Capital Markets (a Division of McDonald Investments Inc.), PNC Capital
Markets, Inc. and SunTrust Capital Markets, Inc., filed by Mylan Inc. as Exhibit 4.2 to the Report on Form 8-K filed with the SEC on
July27,2005,andincorporatedhereinbyreference.

Indenture, dated September 15, 2008, between and among Mylan Inc., the guarantors named therein and Bank of New York Mellon as
trustee,filedbyMylanInc.asExhibit4.1totheReportonForm8-KfiledwiththeSEConSeptember15,2008,andincorporatedhereinby
reference.

FirstSupplementalIndenture,datedNovember29,2011,betweenandamongMylanInc.,SomersetPharmaceuticals,Inc.andTheBankof
NewYorkMellon,astrustee,totheIndenture,datedSeptember15,2008,amongMylanInc.,theguarantorstheretoandTheBankofNew
YorkMellon,astrustee,filedbyMylanInc.asExhibit4.3toForm8-KfiledwiththeSEConNovember30,2011,andincorporatedherein
byreference.

SecondSupplementalIndenture,datedFebruary27,2015,betweenandamongMylanInc.,asIssuer,MylanN.V.andTheBankofNew
YorkMellon,asTrustee,totheIndenture,datedSeptember15,2008,filedasExhibit4.1totheReportonForm8-KfiledwiththeSECon
February27,2015,andincorporatedhereinbyreference.

Third Supplemental Indenture, dated February 27, 2015, between and among Mylan Inc., as Issuer, Mylan N.V. and The Bank of New
YorkMellon,asTrustee,totheIndenture,datedSeptember15,2008,filedasExhibit4.2totheReportonForm8-KfiledwiththeSECon
February27,2015,andincorporatedhereinbyreference.

FourthSupplementalIndenture,datedMarch12,2015,betweenandamongMylanInc.,asIssuer,MylanN.V.,asParent,andTheBankof
NewYorkMellon,asTrustee,totheIndenture,datedSeptember15,2008,filedasExhibit4.1(c)toForm10-Qforthequarterended
March31,2015,andincorporatedhereinbyreference.

Indenture, dated May 19, 2010, between and among Mylan Inc., the guarantors named therein and The Bank of New York Mellon as
trustee, filed byMylanInc. asExhibit 4.1totheReport onForm8-Kfiled withtheSEConMay19,2010,andincorporated herein by
reference.

FirstSupplementalIndenture,datedNovember29,2011,betweenandamongtheMylanInc.,SomersetPharmaceuticals,Inc.andTheBank
ofNewYorkMellon,astrustee,totheIndenture,datedMay19,2010,amongMylanInc.,theguarantorstheretoandTheBankofNew
YorkMellon,astrustee,filedbyMylanInc.asExhibit4.2toForm8-KfiledwiththeSEConNovember30,2011,andincorporatedherein
byreference.

SecondSupplementalIndenture,datedFebruary27,2015,betweenandamongMylanInc.,asIssuer,MylanN.V.,asGuarantor,andThe
BankofNewYorkMellon,asTrustee,totheIndenture,datedMay19,2010,filedbyMylanInc.asExhibit4.3totheReportonForm8-K
filedwiththeSEConFebruary27,2015,andincorporatedhereinbyreference.

ThirdSupplementalIndenture,datedMarch12,2015,betweenandamongMylanInc.,asIssuer,MylanN.V.,asParent,andTheBankof
NewYorkMellon,asTrustee,totheIndenture,datedMay19,2010,filedasExhibit4.2(b)toForm10-QforthequarterendedMarch31,
2015,andincorporatedhereinbyreference.

Indenture,datedNovember24,2010,amongMylanInc.,theguarantorsnamedthereinandTheBankofNewYorkMellonastrustee,filed
byMylanInc.asExhibit4.1totheReportonForm8-KfiledwiththeSEConNovember24,2010,andincorporatedhereinbyreference.

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4.6(b)

4.7(a)

4.7(b)

4.8(a)

4.8(b)

4.8(c)

4.9(a)

4.9(b)

4.9(c)

4.10

4.11(a)

4.11(b)

4.11(c)

4.11(d)

4.12

FirstSupplementalIndenture,datedNovember29,2011,byandamongMylanInc.,SomersetPharmaceuticals,Inc.andTheBankofNew
YorkMellon,astrustee,totheIndenture,datedNovember24,2010,amongMylanInc.,theguarantorstheretoandTheBankofNewYork
Mellon,astrustee,filedbyMylanInc.asExhibit4.1toForm8-KfiledwiththeSEConNovember30,2011,andincorporatedhereinby
reference.

Indenture,datedMarch7,2007,amongMylanInc.,theguarantorstheretoandTheBankofNewYorkMellon,astrustee,filedbyMylan
Inc.asExhibit4.1totheReportonForm8-KfiledwiththeSEConMarch7,2007,andincorporatedhereinbyreference.

First Supplemental Indenture, dated November 29, 2011, by and among Mylan Inc., Somerset Pharmaceuticals, Inc., Dey, Inc., Dey
Pharma,L.P.,DeyLimitedPartner,Inc.,EMD,Inc.,MylanDelawareInc.,MylanLHCInc.andTheBankofNewYorkMellon,astrustee,
totheIndenture,datedMarch7,2007,amongMylanInc.,theguarantorstheretoandTheBankofNewYorkMellon,astrustee,filedby
MylanInc.asExhibit4.4toForm8-KfiledwiththeSEConNovember30,2011,andincorporatedhereinbyreference.

Indenture,datedDecember21,2012,betweenandamongMylanInc.,theguarantorsnamedtherein,andTheBankofNewYorkMellon,as
trustee,filedbyMylanInc.asExhibit4.1totheReportonForm8-KfiledwiththeSEConDecember24,2012,andincorporatedhereinby
reference.

FirstSupplementalIndenture,datedFebruary27,2015,betweenandamongMylanInc.,asIssuer,MylanN.V.,asGuarantor,andTheBank
ofNewYorkMellon,asTrustee,totheIndenture,datedDecember21,2012,filedasExhibit4.4totheReportonForm8-Kfiledwiththe
SEConFebruary27,2015,andincorporatedhereinbyreference.

SecondSupplementalIndenture,datedMarch12,2015,betweenandamongMylanInc.,asIssuer,MylanN.V.,asParent,andTheBankof
NewYorkMellon,asTrustee,totheIndenture,datedDecember21,2012,filedasExhibit4.3(b)toForm10-QforthequarterendedMarch
31,2015,andincorporatedhereinbyreference.

Indenture,datedJune25,2013,amongMylanInc.,theguarantorstheretoandTheBankofNewYorkMellon,astrustee,filedbyMylan
Inc.asExhibit4.1totheReportonForm8-KfiledwiththeSEConJune27,2013,andincorporatedhereinbyreference.

FirstSupplementalIndenture,datedFebruary27,2015,betweenandamongMylanInc.,asIssuer,MylanN.V.,asGuarantor,andTheBank
ofNewYorkMellon,asTrustee,totheIndenture,datedJune25,2013,filedasExhibit4.5totheReportonForm8-KfiledwiththeSEC
onFebruary27,2015,andincorporatedhereinbyreference.

SecondSupplementalIndenture,datedMarch12,2015,betweenandamongMylanInc.,asIssuer,MylanN.V.,asParent,andTheBankof
NewYorkMellon,asTrustee,totheIndenture,datedJune25,2013,filedasExhibit4.4(b)toForm10-QforthequarterendedMarch31,
2015,andincorporatedhereinbyreference.

RegistrationRightsAgreement,datedJune25,2013,amongMylanInc.,theguarantorsthereto,andtherepresentativesoftheinitial
purchasersofMylanInc.s$500millionaggregateprincipalamountofMylanInc.s1.800%SeniorNotesdue2016and$650million
aggregateprincipalamountofMylanInc.s2.600%seniornotesdue2018,filedbyMylanInc.asExhibit10.1totheReportontheForm8KfiledwiththeSEConJune27,2013,andincorporatedhereinbyreference.

Indenture,datedNovember29,2013,byandbetweenMylanInc.andTheBankofNewYorkMellon,astrustee,filedbyMylanInc.as
Exhibit4.1totheReportonForm8-KfiledwiththeSEConNovember29,2013,andincorporatedhereinbyreference.

FirstSupplementalIndenture,datedNovember29,2013,byandbetweenMylanInc.andTheBankofNewYorkMellon,astrustee,filed
byMylanInc.asExhibit4.2totheReportonForm8-KfiledwiththeSEConNovember29,2013,andincorporatedhereinbyreference.

SecondSupplementalIndenture,datedFebruary27,2015,betweenandamongMylanInc.,asIssuer,MylanN.V.,asGuarantor,andThe
BankofNewYorkMellon,asTrustee,totheIndenture,datedNovember29,2013,filedasExhibit4.6totheReportonForm8-Kfiled
withtheSEConFebruary27,2015,andincorporatedhereinbyreference.

ThirdSupplementalIndenture,datedMarch12,2015,betweenandamongMylanInc.,asIssuer,MylanN.V.,asParent,andTheBankof
NewYorkMellon,asTrustee,totheIndenture,datedNovember29,2013,filedasExhibit4.5(b)toForm10-Qforthequarterended
March31,2015,andincorporatedhereinbyreference.

Indenture,datedasofDecember9,2015,amongMylanN.V.,MylanInc.,asguarantor,andTheBankofNewYorkMellon,astrustee,
filedasExhibit4.1totheReportonForm8-KfiledwiththeSEConDecember15,2015,andincorporatedhereinbyreference.

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4.13

10.1(a)

10.1(b)

10.1(c)

10.1(d)

10.1(e)

10.1(f)

10.1(g)

10.1(h)

10.1(i)

10.1(j)

10.1(k)

RegistrationRightsAgreement,datedDecember9,2015,amongMylanN.V.,MylanInc.,asguarantor,andGoldman,Sachs&Co.,
DeutscheBankSecuritiesInc.andMitsubishiUFJSecurities(USA),Inc.,asrepresentativesoftheinitialpurchasersof$500million
aggregateprincipalamountofMylanN.V.s3.000%seniornotesdue2018and$500millionaggregateprincipalamountofMylanN.V.s
3.750%seniornotesdue2020,filedasExhibit10.1totheReportonForm8-KfiledwiththeSEConDecember15,2015,andincorporated
hereinbyreference.

Amended and Restated 2003 Long-Term Incentive Plan, filed by Mylan Inc. as Exhibit 10.4(a) to Form 10-K for the fiscal year ended
December31,2012,andincorporatedhereinbyreference.*

AmendmenttoAmendedandRestated2003Long-TermIncentive Plan,filedbyMylanInc.asExhibit10.7totheReportonForm8-K
filedwiththeSEConFebruary28,2014,andincorporatedhereinbyreference.*

AmendedandRestatedFormofStockOptionAgreementunderthe2003Long-TermIncentivePlanforRobertJ.Coury,HeatherBresch,
andRajivMalik,filedbyMylanInc.asExhibit10.2toForm10-QforthequarterendedSeptember30,2013,andincorporatedhereinby
reference.*

AmendedandRestatedFormofStockOptionAgreementunderthe2003Long-TermIncentivePlanforawardsgrantedfollowingfiscal
year2012,filedbyMylanInc.asExhibit10.4(i)toForm10-KforthefiscalyearendedDecember31,2013,andincorporatedhereinby
reference.*

Amended and Restated Form of Restricted Stock Unit Award Agreement under the 2003 Long-Term Incentive Plan for awards granted
following fiscal year 2012, filed by Mylan Inc. as Exhibit 10.4(j) to Form 10-K for the fiscal year ended December 31, 2013, and
incorporatedhereinbyreference.*

AmendedandRestatedFormofPerformance-BasedRestrictedStockUnitAwardAgreementunderthe2003Long-TermIncentivePlanfor
awardsgrantedfollowingfiscalyear2012,filedbyMylanInc.asExhibit10.4(k)toForm10-KforthefiscalyearendedDecember31,
2013,andincorporatedhereinbyreference.*

FormofPerformance-BasedStockAppreciationRightsAwardAgreementundertheMylanInc.One-TimeSpecialFive-YearPerformanceBasedRealizableValueIncentiveProgram,filedbyMylanInc.asExhibit10.5totheReportonForm8-KfiledwiththeSEConFebruary
28,2014,andincorporatedhereinbyreference.*

FormofPerformance-BasedRestrictedStockUnitAwardAgreementundertheMylanInc.One-TimeSpecialFive-YearPerformanceBasedRealizableValueIncentiveProgram,filedbyMylanInc.asExhibit10.6totheReportonForm8-KfiledwiththeSEConFebruary
28,2014,andincorporatedhereinbyreference.*

FormofStockOptionAgreementunderthe2003Long-TermIncentivePlanforRobertJ.Coury,HeatherBresch,andRajivMalikfor
awardsgrantedafterFebruary27,2015.*

FormofRestrictedStockUnitAwardAgreementunderthe2003Long-TermIncentivePlanforRobertJ.Coury,HeatherBresch,andRajiv
MalikforawardsgrantedafterFebruary27,2015.*

FormofPerformance-BasedRestrictedStockUnitAwardAgreementunderthe2003Long-TermIncentivePlanforRobertJ.Coury,
HeatherBresch,andRajivMalikforawardsgrantedafterFebruary27,2015.*

10.1(l)

FormofStockOptionAgreementunderthe2003Long-TermIncentivePlanforawardsgrantedafterFebruary27,2015.*

10.1(m)

FormofRestrictedStockUnitAwardAgreementunderthe2003Long-TermIncentivePlanforawardsgrantedafterFebruary27,2015.*

10.1(n)

FormofPerformance-BasedRestrictedStockUnitAwardAgreementunderthe2003Long-TermIncentivePlanforawardsgrantedafter
February27,2015.*

10.2(a)

10.2(b)

10.3

Mylan Inc. Severance Plan, amended as of August, 2009, filed by Mylan Inc. as Exhibit 10.6 to Form 10-Q for the quarter ended
September30,2009,andincorporatedhereinbyreference.*

AmendmenttoMylanInc.SeverancePlan,datedJuly13,2014,filedbyMylanInc.asExhibit10.1toForm10-Qforthequarterended
September30,2014,andincorporatedhereinbyreference.*

3.75%CashConvertibleNotesdue2015PurchaseAgreement,datedSeptember9,2008,amongMylanInc.andtheinitialpurchasernamed
therein,filedbyMylanInc.asExhibit1.1totheReportonForm8-KfiledwiththeSEConSeptember15,2008,andincorporatedherein
byreference.

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10.4(a)

10.4(b)

10.5

10.6

10.7

10.8

10.9

10.10

10.11

10.12

10.13

10.14

10.15

10.16

10.17(a)

10.17(b)

ConfirmationofOTCConvertibleNoteHedgeTransaction,datedSeptember9,2008,amongMylanInc.,MerrillLynchInternationaland
MerrillLynch,Pierce,Fenner&SmithIncorporated,filedbyMylanInc.asExhibit10.1totheReportonForm8-KfiledwiththeSECon
September15,2008,andincorporatedhereinbyreference.

Confirmation of OTC Convertible Note Hedge Transaction, amended as of November 25, 2008, among Mylan Inc., Merrill Lynch
InternationalandMerrillLynch,Pierce,Fenner&SmithIncorporated,filedbyMylanInc.asExhibit10.7(b)toForm10-Kforthefiscal
yearendedDecember31,2008,andincorporatedhereinbyreference.

ConfirmationofOTCConvertibleNoteHedgeTransaction,datedSeptember9,2008,betweenMylanInc.andWellsFargoBank,National
Association,filedbyMylanInc.asExhibit10.2totheReportonForm8-KfiledwiththeSEConSeptember15,2008,andincorporated
hereinbyreference.

ConfirmationofOTCWarrantTransaction,datedSeptember9,2008,amongMylanInc.,MerrillLynchInternationalandMerrillLynch,
Pierce,Fenner&SmithIncorporated,filedbyMylanInc.asExhibit10.3totheReportonForm8-KfiledwiththeSEConSeptember15,
2008,andincorporatedhereinbyreference.

ConfirmationofOTCWarrantTransaction,datedSeptember9,2008,betweenMylanInc.andWellsFargoBank,NationalAssociation,
filed by Mylan Inc. as Exhibit 10.4 to the Report on Form 8-K filed with the SEC on September 15, 2008, and incorporated herein by
reference.

AmendmenttoConfirmationofOTCWarrantTransaction,datedSeptember15,2008amongMylanInc.,MerrillLynchInternationaland
MerrillLynch,Pierce,Fenner&SmithIncorporated,filedbyMylanInc.asExhibit10.5totheReportonForm8-KfiledwiththeSECon
September15,2008,andincorporatedhereinbyreference.

AmendmenttoConfirmationofOTCWarrantTransaction,datedSeptember15,2008,betweenMylanInc.andWellsFargoBank,National
Association,filedbyMylanInc.asExhibit10.6totheReportonForm8-KfiledwiththeSEConSeptember15,2008,andincorporated
hereinbyreference.

AmendmenttoConfirmationofOTCWarrantTransaction,datedSeptember9,2008amongMylanInc.,MerrillLynchInternationaland
MerrillLynch,Pierce,Fenner&SmithIncorporated,filedbyMylanInc.asExhibit10.7totheReportonForm8-KfiledwiththeSECon
September15,2008,andincorporatedhereinbyreference.

AmendmenttoConfirmationofOTCWarrantTransaction,datedSeptember9,2008amongbyMylanInc.,MerrillLynchInternationaland
MerrillLynch,Pierce,Fenner&SmithIncorporated,filedbyMylanInc.asExhibit10.8totheReportonForm8-KfiledwiththeSECon
September15,2008,andincorporatedhereinbyreference.

AmendmenttotheConfirmationofOTCWarrantTransaction,datedSeptember9,2008,amongMylanInc.,MerrillLynchInternational
andMerrillLynchPierce,Fenner&SmithIncorporated,datedSeptember9,2011,andfiledbyMylanInc.asExhibit10.1toForm10-Q
filedwiththeSEConOctober26,2011,andincorporatedhereinbyreference.

AmendmenttotheConfirmationofOTCWarrantTransaction,datedSeptember9,2008,betweenMylanInc.andGoldman,Sachs&Co.,
assuccessortoWellsFargoBank,NationalAssociation,datedSeptember13,2011,andfiledbyMylanInc.asExhibit10.2toForm10-Q
filedwiththeSEConOctober26,2011,andincorporatedhereinbyreference.

AmendmenttotheConfirmationofOTCWarrantTransaction,datedSeptember9,2008,betweenMylanInc.andGoldman,Sachs&Co.,
assuccessortoWellsFargoBank,NationalAssociation,datedSeptember14,2011,andfiledbyMylanInc.asExhibit10.3toForm10-Q
filedwiththeSEConOctober26,2011,andincorporatedhereinbyreference.

Executive Employment Agreement, dated July 31, 2013, between Mylan Inc. and John Sheehan, filed by Mylan Inc. as Exhibit 10.1 to
Form10-QforthequarterendedSeptember30,2013,andincorporatedhereinbyreference.*

AmendedandRestatedExecutiveEmploymentAgreement,datedJanuary8,2016andeffectiveJanuary1,2016,byandbetweenMylan
Inc.andAnthonyMauro.*

RetirementBenefitAgreement,datedDecember31,2004,betweenMylanInc.andRobertJ.Coury,filedbyMylanInc.asExhibit10.7to
Form10-QforthequarterendedDecember31,2004,andincorporatedhereinbyreference.*

Amendment to Retirement Benefit Agreement dated April 3, 2006, between Mylan Inc. and Robert J. Coury, filed by Mylan Inc. as
Exhibit10.11(b)toForm10-KforthefiscalyearendedMarch31,2006,andincorporatedhereinbyreference.*

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10.17(c)

10.17(d)

10.17(e)

10.17(f)

10.18

10.19(a)

10.19(b)

10.20

10.21(a)

10.21(b)

10.21(c)

10.21(d)

10.22(a)

10.22(b)

10.23(a)

10.23(b)

10.24

10.25(a)

AmendmenttoRetirementBenefitAgreementdatedDecember22,2008,betweenMylanInc.andRobertJ.Coury,filedbyMylanInc.as
Exhibit10.20(c)toForm10-KforthefiscalyearendedDecember31,2008,andincorporatedhereinbyreference.*

AmendmenttoRetirementBenefitAgreementdatedMarch3,2010,byandbetweenMylanInc.andRobertJ.Coury,filedbyMylanInc.as
Exhibit10.1toForm8-KfiledwiththeSEConMarch5,2010,andincorporatedhereinbyreference.*

AmendmenttoRetirementBenefitAgreementeffectiveasofJanuary1,2012,byandbetweenMylanInc.andRobertJ.Coury,filedby
MylanInc.asExhibit10.6toForm8-KfiledwiththeSEConOctober28,2011,andincorporatedhereinbyreference.*

AmendmenttoRetirementBenefitAgreementbyandbetweenMylanInc.andRobertJ.Coury,filedbyMylanInc.asExhibit10.2tothe
ReportonForm8-KfiledwiththeSEConFebruary28,2014,andincorporatedhereinbyreference.*

RetirementBenefitAgreement,datedAugust31,2009,byandbetweenMylanInc.andHeatherBreschfiledbyMylanInc.asExhibit10.3
toForm10-QforthequarterendedSeptember30,2009,andincorporatedhereinbyreference.*

RetirementBenefitAgreement,datedAugust28,2009,byandbetweenMylanInc.andRajivMalik,filedbyMylanInc.asExhibit10.4to
Form10-QforthequarterendedSeptember30,2009,andincorporatedhereinbyreference.*

TheExecutiveNonqualifiedExcessPlanAdoptionAgreement,effectiveasofDecember28,2007,betweenMylanInternationalHoldings,
Inc.andRajivMalik,filedbyMylanInc.asExhibit10.27(b)toForm10-KforthefiscalyearendedDecember31,2013,andincorporated
hereinbyreference.*

Retirement Benefit Agreement, dated February 22, 2011, by and between Mylan Inc. and John D. Sheehan, filed by Mylan Inc. as
Exhibit10.23toForm10-KforthefiscalyearendedDecember31,2010,andincorporatedhereinbyreference.*

Transition and Succession Agreement, dated December 15, 2003, between Mylan Inc. and Robert J. Coury, filed by Mylan Inc. as
Exhibit10.19toForm10-QforthequarterendedDecember31,2003,andincorporatedhereinbyreference.*

AmendmentNo.1toTransitionandSuccessionAgreement,datedDecember2,2004,betweenMylanInc.andRobertJ.Coury,filedby
MylanInc.asExhibit10.1toForm10-QforthequarterendedDecember31,2004,andincorporatedhereinbyreference.*

AmendmentNo.2toTransitionandSuccessionAgreement,datedApril3,2006,betweenMylanInc.andRobertJ.CouryfiledbyMylan
Inc.asExhibit10.19(c)toForm10-KforthefiscalyearendedMarch31,2006,andincorporatedhereinbyreference.*

AmendmentNo.3toTransitionandSuccessionAgreement,datedDecember22,2008,betweenMylanInc.andRobertJ.Coury,filedby
MylanInc.asExhibit10.25(d)toForm10-KforthefiscalyearendedDecember31,2008,andincorporatedhereinbyreference.*

AmendedandRestatedTransitionandSuccessionAgreement,datedDecember31,2007,betweenMylanInc.andHeatherBresch,filedby
MylanInc.asExhibit10.2toForm10-QforthequarterendedMarch31,2008,andincorporatedhereinbyreference.*

AmendmentNo.1toTransitionandSuccessionAgreement,datedDecember22,2008,betweenMylanInc.andHeatherBresch,filedby
MylanInc.asExhibit10.27(b)toForm10-KforthefiscalyearendedDecember31,2008,andincorporatedhereinbyreference.*

TransitionandSuccessionAgreement,datedJanuary31,2007,betweenMylanInc.andRajivMalik,filedbyMylanInc.asExhibit10.5to
Form10-QforthequarterendedMarch31,2008,andincorporatedhereinbyreference.*

Amendment No. 1 to Transition and Succession Agreement, dated December 22, 2008, between Mylan Inc. and Rajiv Malik, filed by
MylanInc.asExhibit10.28(b)toForm10-KforthefiscalyearendedDecember31,2008,andincorporatedhereinbyreference.*

Transition and Succession Agreement, dated April 1, 2010, by and between Mylan Inc. and John Sheehan, filed by Mylan Inc. as
Exhibit10.3toForm10-QforthequarterendedMarch31,2010,andincorporatedhereinbyreference.*

TransitionandSuccessionAgreement,datedFebruary25,2008,byandbetweenMylanInc.andAnthonyMauro,filedbyMylanInc.as
Exhibit10.5(a)toForm10-QforthequarterendedMarch31,2012,andincorporatedhereinbyreference.*

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10.25(b)

10.25(c)

10.26

10.27(a)

10.27(b)

10.28

10.29(a)

10.29(b)

10.30

10.31

10.32

10.33(a)

10.33(b)

10.34(a)

10.34(b)

10.35

10.36

AmendmentNo.1toTransitionandSuccessionAgreement,datedDecember15,2008,byandbetweenMylanInc.andAnthonyMauro,
filedbyMylanInc.asExhibit10.5(b)toForm10-QforthequarterendedMarch31,2012,andincorporatedhereinbyreference.*

AmendmentNo.2toTransitionandSuccessionAgreement,datedOctober15,2009,byandbetweenMylanInc.andAnthonyMauro,filed
byMylanInc.asExhibit10.5(c)toForm10-QforthequarterendedMarch31,2012,andincorporatedhereinbyreference.*

Supplemental Health Insurance Program For Certain Officers of Mylan Inc., effective December 15, 2001, filed by Mylan Inc. as
Exhibit10.1toForm10-QforthequarterendedDecember31,2001,andincorporatedhereinbyreference.*

AmendedandRestatedFormofIndemnificationAgreementbetweenMylanInc.andeachDirector,filedbyMylanInc.asExhibit10.38to
Form10-KforthefiscalyearendedDecember31,2013,andincorporatedhereinbyreference.*

FormofindemnificationagreementbetweenMylanN.V.andeachdirector,filedasExhibit10.1totheReportonForm8-Kfiledwiththe
SEConFebruary27,2015,andincorporatedhereinbyreference.*

Agreement Regarding Consulting Services and Shareholders Agreement dated December 31, 2007 by and among Mylan Inc., MP
Laboratories (Mauritius) Ltd, Prasad Nimmagadda, Globex and G2Corporate Services Limited, filed by Mylan Inc. as Exhibit 10.26 to
Form10-KT/AfortheperiodendedDecember31,2007,andincorporatedhereinbyreference.

Share Purchase Agreement, dated May 12, 2007, by and among Merck Generics Holding GmbH, Merck S.A., Merck Internationale
BeteiligungGmbH,MerckKGaAandMylanInc.,filedbyMylanInc.asExhibit10.1totheReportonForm8-KfiledwiththeSECon
May17,2007,andincorporatedhereinbyreference.

AmendmentNo.1toSharePurchaseAgreement,datedOctober1,2007,byandamongMylanInc.andMerckGenericsHoldingGmbH,
MerckS.A.,MerckInternationaleBeteiligungGmbHandMerckKGaA,filedbyMylanInc.asExhibit10.1totheReportonForm8-K
filedwiththeSEConOctober5,2007,andincorporatedhereinbyreference.

PurchaseAgreement,datedMay12,2010,amongMylanInc.,theguarantorsnamedthereinandGoldman,Sachs&Co.,asrepresentative
of the several purchasers named therein, filed by Mylan Inc. as Exhibit 10.1 to Form 10-Q for the quarter ended June 30, 2010, and
incorporatedhereinbyreference.

Share Purchase Agreement, dated July 14, 2010, by and among Mylan Inc., Mylan Luxembourg L3 S.C.S., Bioniche Pharma Holdings
Limited,theshareholderspartytheretoandtheoptionholderspartythereto,filedbyMylanInc.asExhibit2.1totheReportonForm8-K
filedwiththeSEConJuly16,2010,andincorporatedhereinbyreference.

PurchaseAgreement,datedJuly30,2010,amongMylanInc.,theguarantorsnamedthereinandGoldman,Sachs&Co.,filedbyMylanInc.
asExhibit10.1toForm10-QforthequarterendedSeptember30,2010,andincorporatedhereinbyreference.

Mylan 401(k) Restoration Plan, filed by Mylan Inc. as Exhibit 10.1 to the Report on Form 8-K filed by Mylan Inc. with the SEC on
December14,2009,andincorporatedhereinbyreference.*

AmendmenttoMylan401(k)RestorationPlan,datedNovember4,2014,filedbyMylanInc.asExhibit10.41(b)toForm10-Kforthe
fiscalyearendedDecember31,2014,andincorporatedhereinbyreference.*

MylanExecutiveIncomeDeferralPlan,filedbyMylanInc.asExhibit10.2totheReportonForm8-KfiledwiththeSEConDecember14,
2009,andincorporatedhereinbyreference.*

AmendmenttoMylanExecutiveIncomeDeferralPlan,datedNovember4,2014,filedbyMylanInc.asExhibit10.42(b)toForm10-Kfor
thefiscalyearendedDecember31,2014,andincorporatedhereinbyreference.*

PerformanceGuaranty,datedFebruary21,2012,byMylanInc.infavorofTheBankofTokyo-MitsubishiUFJ,Ltd.,NewYorkBranch,as
Agent,filedbyMylanInc.asExhibit10.3toForm10-QforthequarterendedMarch31,2012,andincorporatedhereinbyreference.

AmendedandRestatedSaleandPurchaseAgreement,datedDecember4,2013,byandamongMylanInc.,MylanInstitutionalInc.,Strides
PharmaAsiaPteLtd(AgilaSpecialtiesAsiaPteLtd),andthepromotersnamedtherein,filedbyMylanInc.asExhibit10.50toForm10-K
forthefiscalyearendedDecember31,2013,andincorporatedhereinbyreference.

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10.37

10.38

10.39(a)

10.39(b)

10.40

10.41

10.42

10.43

10.44

10.45

10.46(a)

10.46(b)

10.47

10.48

10.49

10.50(a)

10.50(b)

AmendedandRestatedSaleandPurchaseAgreement,datedDecember4,2013,byandamongMylanInc.,MylanLaboratoriesLimited,
StridesArcolabLimited,andthepromoters namedtherein,filedbyMylanInc.asExhibit10.51toForm10-Kforthefiscal yearended
December31,2013,andincorporatedhereinbyreference.

Restrictive Covenant Agreement, effective February 27, 2013, by and among Mylan Inc., Strides Arcolab Limited, and the promoters
named therein, filed by Mylan Inc. as Exhibit 10.3 to Form 10-Q for the quarter ended March 31, 2013, and incorporated herein by
reference.

CompletionDeed,effectiveFebruary27,2013,byandamongMylanInc.,StridesArcolabLimited,AgilaSpecialtiesAsiaPteLtd,andthe
promotersnamedtherein,filedbyMylanInc.asExhibit10.4toForm10-QforthequarterendedMarch31,2013,andincorporatedherein
byreference.

AmendmenttoCompletionDeed,effectiveDecember4,2013,byandamongMylanInstitutionalInc.,MylanLaboratoriesLimited,Strides
ArcolabLimited,StridesPharmaAsiaPteLtd(f/k/aAgilaSpecialtiesAsiaPteLtd),andthepromotersnamedtherein,filedbyMylanInc.
asExhibit10.53(b)toForm10-KforthefiscalyearendedDecember31,2013,andincorporatedhereinbyreference.

AgilaGlobalGuaranteeDeed,effectiveFebruary27,2013,byandbetweenMylanInc.andStridesArcolabLtd.,filedbyMylanInc.as
Exhibit10.5toForm10-QforthequarterendedMarch31,2013,andincorporatedhereinbyreference.

TheExecutiveNonqualifiedExcessPlan,filedbyMylanInc.asExhibit10.57toForm10-KforthefiscalyearendedDecember31,2013,
andincorporatedhereinbyreference.*

ThirdAmendedandRestatedExecutiveEmploymentAgreement,enteredintoonFebruary25,2014,byandbetweenMylanInc.and
RobertJ.Coury,filedbyMylanInc.asExhibit10.1totheReportonForm8-KfiledwiththeSEConFebruary28,2014,andincorporated
hereinbyreference.*

SecondAmendedandRestatedExecutiveEmploymentAgreement,enteredintoonFebruary25,2014,byandbetweenMylanInc.and
HeatherBresch,filedbyMylanInc.asExhibit10.3totheReportonForm8-KfiledwiththeSEConFebruary28,2014,andincorporated
hereinbyreference.*

SecondAmendedandRestatedExecutiveEmploymentAgreement,enteredintoonFebruary25,2014,byandbetweenMylanInc.and
RajivMalik,filedbyMylanInc.asExhibit10.4totheReportonForm8-KfiledwiththeSEConFebruary28,2014,andincorporated
hereinbyreference.*

RetirementandConsultingAgreementandRelease,datedAugust1,2014,byandbetweenHarryA.KormanandMylanInc.,filedby
MylanInc.asExhibit10.2toForm10-QforthequarterendedSeptember30,2014,andincorporatedhereinbyreference.*

FormofOne-TimeSpecialFive-YearPerformance-BasedRealizableValueIncentiveProgramWaiverLetterbyandbetweenMylanInc.
andcertainexecutiveofficersofMylanInc.,filedbyMylanInc.asExhibit10.56(a)toForm10-KforthefiscalyearendedDecember31,
2014,andincorporatedhereinbyreference.*

FormofOne-TimeSpecialFive-YearPerformance-BasedRealizableValueIncentiveProgramWaiverLetterbyandbetweenMylanInc.
andcertainemployeesofMylanInc.,filedbyMylanInc.asExhibit10.56(b)toForm10-KforthefiscalyearendedDecember31,2014,
andincorporatedhereinbyreference.*

FormofTransitionandSuccessionAgreementWaiverLetterbyandbetweenMylanInc.andcertainexecutiveofficersofMylanInc.,filed
byMylanInc.asExhibit10.57toForm10-KforthefiscalyearendedDecember31,2014,andincorporatedhereinbyreference.*

FormofRetirementBenefitAgreementWaiverLetterbyandbetweenMylanInc.andcertainexecutiveofficersofMylanInc.,filedby
MylanInc.asExhibit10.58toForm10-KforthefiscalyearendedDecember31,2014,andincorporatedhereinbyreference.*

LetterAgreement,enteredintoonNovember4,2014,byandbetweenMylanInc.andRobertJ.Coury,filedbyMylanInc.asExhibit10.59
toForm10-KforthefiscalyearendedDecember31,2014,andincorporatedhereinbyreference.*

RevolvingCreditAgreement,datedDecember19,2014,amongMylanInc.,certainotherborrowersandguarantorspartythereto,the
lendersandissuingbankspartytheretoandBankofAmerica,N.A.asAdministrativeAgent,filedbyMylanInc.asExhibit10.60toForm
10-KforthefiscalyearendedDecember31,2014,andincorporatedhereinbyreference.

AmendmentNo.1,datedMay1,2015,totheRevolvingCreditAgreement,datedDecember19,2014,betweenandamongMylanInc.,
MylanN.V.,thelendersandissuingbankspartytheretoandBankofAmerica,N.A.,asAdministrativeAgent,filedasExhibit10.1tothe
ReportonForm8-KwiththeSEConMay7,2015,andincorporatedhereinbyreference.

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10.50(c)

10.50(d)

10.51(a)

10.51(b)

10.51(c)

10.52

10.53

10.54

10.55(a)

10.55(b)

10.55(c)

10.56(a)

10.56(b)

10.57

AdditionalCreditExtensionAmendment,datedJune19,2015,betweenandamongMylanInc.,MylanN.V.,INGBankN.V.,Dublin
Branch,asAugmentingLender,certainissuingbanks,andBankofAmerica,N.A.,asAdministrativeAgent,totheRevolvingCredit
Agreement,datedDecember19,2014,betweenandamongMylanInc.,MylanN.V.,certainlendersandissuingbankspartythereto,and
BankofAmerica,N.A.,asAdministrativeAgent,filedasExhibit10.1toForm10-QforthequarterendedJune30,2015,andincorporated
hereinbyreference.

AmendmentNo.2,datedOctober28,2015,totheRevolvingCreditAgreement,datedDecember19,2014,betweenandamongMylanInc.,
MylanN.V.,thelenderspartytheretoandBankofAmerica,N.A.,asAdministrativeAgent,filedasExhibit10.5toForm10-Qforthe
quarterendedSeptember30,2015,andincorporatedhereinbyreference.

TermCreditAgreement,datedDecember19,2014,amongMylanInc.,certainotherborrowersandguarantorspartythereto,thelenders
partytheretoandBankofAmerica,N.A.asAdministrativeAgent,filedbyMylanInc.asExhibit10.61toForm10-Kforthefiscalyear
endedDecember31,2014,andincorporatedhereinbyreference.

AmendmentNo.1,datedMay1,2015,totheTermCreditAgreement,datedDecember19,2014,amongMylanInc.,MylanN.V.,the
lenderspartytheretoandBankofAmerica,N.A.,asAdministrativeAgent,filedasExhibit10.2totheReportonForm8-KwiththeSEC
onMay7,2015,andincorporatedhereinbyreference.

AmendmentNo.2,datedOctober28,2015,totheTermCreditAgreement,December19,2014,amongMylanInc.,MylanN.V.,the
lenderspartytheretoandBankofAmerica,N.A.,asAdministrativeAgent,filedasExhibit10.4toForm10-Qforthequarterended
September30,2015,andincorporatedhereinbyreference.

AmendedandRestatedReceivablesPurchaseAgreement,datedJanuary27,2015,amongMylanPharmaceuticalsInc.,individuallyandas
Servicer,MylanSecuritizationLLC,asSeller,theConduitPurchasersfromtimetotimepartythereto,theCommittedPurchasersfromtime
totimepartythereto,thePurchaserAgentsfromtimetotimepartythereto,theLOCIssuersfromtimetotimepartythereto,andTheBank
ofTokyo-MitsubishiUFJ,Ltd.,NewYorkBranch,asAgent,filedbyMylanInc.asExhibit10.62toForm10-Kforthefiscalyearended
December31,2014,andincorporatedhereinbyreference.

AmendedandRestatedPurchaseandContributionAgreement,datedJanuary27,2015,betweenMylanPharmaceuticalsInc.,asOriginator
andasServicer,andMylanSecuritizationLLC,asBuyer,filedbyMylanInc.asExhibit10.63toForm10-Kforthefiscalyearended
December31,2014,andincorporatedhereinbyreference.

CallOptionAgreementbetweenMylanN.V.andStichtingPreferredSharesMylan,datedApril3,2015,filedasExhibit10.1totheReport
onForm8-KfiledwiththeSEConApril3,2015,andincorporatedhereinbyreference.

BridgeCreditAgreementamongMylanN.V.,MylanInc.,thelenderspartytheretoandGoldmanSachsBankUSA,asAdministrative
Agent,datedApril24,2015,filedasExhibit10.1totheReportonForm8-KfiledwiththeSEConApril24,2015,andincorporatedherein
byreference.

AmendmentNo.1,datedApril29,2015,totheBridgeCreditAgreementamongMylanN.V.,MylanInc.,thelenderspartytheretoand
GoldmanSachsBankUSA,asAdministrativeAgent,filedasExhibit10.1totheReportonForm8-KfiledwiththeSEConMay1,2015,
andincorporatedhereinbyreference.

AmendmentNo.2,datedAugust6,2015,totheBridgeCreditAgreementamongtheregistrant,MylanInc.,thelenderspartytheretoand
GoldmanSachsBankUSA,asAdministrativeAgent,datedApril24,2015andamendedonApril29,2015,filedasExhibit10.1tothe
ReportonForm8-KfiledwiththeSEConAugust7,2015,andincorporatedhereinbyreference.

TermCreditAgreement,datedJuly15,2015,amongMylanInc.,MylanN.V.,thelendersandissuingbankspartythereto,andPNCBank,
NationalAssociationasAdministrativeAgent,filedasExhibit10.1toForm10-QforthequarterendedSeptember30,2015,and
incorporatedhereinbyreference.

AmendmentNo.1,datedOctober28,2015,totheTermCreditAgreement,datedJuly15,2015,betweenandamongMylanInc.,Mylan
N.V.,thelenderspartytheretoandPNCBank,NationalAssociation,asAdministrativeAgent,datedJuly15,2015,filedasExhibit10.6to
Form10-QforthequarterendedSeptember30,2015,andincorporatedhereinbyreference.

FormofTransitionandSuccessionAgreementWaiverLetterbyandbetweenMylanInc.andcertainexecutiveofficersofMylanInc,filed
asExhibit10.2toForm10-QforthequarterendedSeptember30,2015,andincorporatedhereinbyreference.*

12.1

StatementofComputationofRatiosofEarningstoFixedChargesandPreferredStockDividends.

175

TableofContents

21.1

Subsidiariesoftheregistrant.

23

ConsentofIndependentRegisteredPublicAccountingFirm.

31.1

CertificationofPrincipalExecutiveOfficerpursuanttoSection302oftheSarbanes-OxleyActof2002.

31.2

CertificationofPrincipalFinancialOfficerpursuanttoSection302oftheSarbanes-OxleyActof2002.

32

CertificationofPrincipalExecutiveOfficerandPrincipalFinancialOfficerpursuanttoSection906oftheSarbanes-OxleyActof2002.

101.INS

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101.SCH

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101.PRE

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101.DEF

XBRLTaxonomyExtensionDefinitionLinkbase

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TheCompanysrequestforconfidentialtreatmentwithrespecttocertainportionsofthisexhibithasbeenaccepted.

ExhibitsandscheduleshavebeenomittedpursuanttoItem601(b)(2)ofRegulationS-K.TheCompanywillfurnishacopyofanyomittedexhibitsand
schedulestotheSecuritiesandExchangeCommissionuponrequestbutmayrequestconfidentialtreatmentforanyexhibitorschedulesofurnished.
176

TableofContents
SIGNATURES
Pursuanttotherequirementsofsection13or15(d)oftheSecuritiesExchangeActof1934,theregistranthasdulycausedthisFormtobesignedonits
behalfbytheundersigned,thereuntodulyauthorizedonFebruary15,2016.

MylanN.V.

HeatherBresch

ChiefExecutiveOfficer

by /s/HEATHERBRESCH

PursuanttotherequirementsoftheSecuritiesExchangeActof1934,thisFormhasbeensignedbelowbythefollowingpersonsonbehalfoftheregistrant
andinthecapacitiesindicatedasofFebruary15,2016.

Signature

/s/HEATHERBRESCH

HeatherBresch

/s/JOHND.SHEEHAN

JohnD.Sheehan

/s/PAULB.CAMPBELL

PaulB.Campbell

/s/ROBERTJ.COURY

RobertJ.Coury

/s/RODNEYL.PIATT

RodneyL.Piatt

/s/WENDYCAMERON

WendyCameron

/s/ROBERTJ.CINDRICH

RobertJ.Cindrich

/s/JOELLENLYONSDILLON

JoEllenLyonsDillon

/s/NEILDIMICK

NeilDimick

/s/MELINAHIGGINS

MelinaHiggins

/s/DOUGLASJ.LEECH

DouglasJ.Leech

/s/RAJIVMALIK

RajivMalik

/s/JOSEPHC.MAROON,M.D.

JosephC.Maroon,M.D.

/s/MARKW.PARRISH

MarkW.Parrish

/s/RANDALLL.VANDERVEEN,PH.D.

RandallL.Vanderveen,Ph.D.

Title

ChiefExecutiveOfficerandDirector
(Principal Executive Officer)

ExecutiveVicePresidentandChiefFinancialOfficer
(Principal Financial Officer)

SeniorVicePresidentandChiefAccountingOfficer
(Principal Accounting Officer)

177

ExecutiveChairmanandDirector

ViceChairmanandDirector

Director

Director

Director

Director

Director

Director

PresidentandDirector

Director

Director

Director

TableofContents
EXHIBIT INDEX

10.1(i)

10.1(j)

10.1(k)

FormofStockOptionAgreementunderthe2003Long-TermIncentivePlanforRobertJ.Coury,HeatherBresch,andRajivMalikfor
awardsgrantedafterFebruary27,2015.*

FormofRestrictedStockUnitAwardAgreementunderthe2003Long-TermIncentivePlanforRobertJ.Coury,HeatherBresch,andRajiv
MalikforawardsgrantedafterFebruary27,2015.*

FormofPerformance-BasedRestrictedStockUnitAwardAgreementunderthe2003Long-TermIncentivePlanforRobertJ.Coury,
HeatherBresch,andRajivMalikforawardsgrantedafterFebruary27,2015.*

10.1(l)

FormofStockOptionAgreementunderthe2003Long-TermIncentivePlanforawardsgrantedafterFebruary27,2015.*

10.1(m)

FormofRestrictedStockUnitAwardAgreementunderthe2003Long-TermIncentivePlanforawardsgrantedafterFebruary27,2015.*

10.1(n)

FormofPerformance-BasedRestrictedStockUnitAwardAgreementunderthe2003Long-TermIncentivePlanforawardsgrantedafter
February27,2015.*

10.16

AmendedandRestatedExecutiveEmploymentAgreement,datedJanuary8,2016andeffectiveJanuary1,2016,byandbetweenMylan
Inc.andAnthonyMauro.*

12.1

StatementofComputationofRatiosofEarningstoFixedChargesandPreferredStockDividends.

21.1

Subsidiariesoftheregistrant.

23

ConsentofIndependentRegisteredPublicAccountingFirm.

31.1

CertificationofPrincipalExecutiveOfficerpursuanttoSection302oftheSarbanes-OxleyActof2002.

31.2

CertificationofPrincipalFinancialOfficerpursuanttoSection302oftheSarbanes-OxleyActof2002.

32

CertificationofPrincipalExecutiveOfficerandPrincipalFinancialOfficerpursuanttoSection906oftheSarbanes-OxleyActof2002.

101.INS

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178

Exhibit 10.16
AMENDED AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENT
ThisAmendedandRestatedExecutiveEmploymentAgreement(theAgreement)isdatedasofJanuary8,2016andeffectiveasof
January1,2016(theEffectiveDate)byandbetweenMylanInc.(theCompanyorMylan)andAnthonyMauro(Executive).
RECITALS:
WHEREAS,theCompanyandExecutivearepartiestoacertainExecutiveEmploymentAgreementdatedasofOctober24,2011,as
amendedtodate,governingthetermsofExecutivesemploymentwiththeCompany(thePriorAgreement);and
WHEREAS,theCompanywishestoretainExecutivebeyondthetermofthePriorAgreement,andaccordinglythepartieswishto
amendandrestatethePriorAgreementeffectiveasoftheEffectiveDate.
NOW,THEREFORE,inconsiderationofthepromisesandmutualobligationsofthepartiescontainedherein,andforothervaluable
consideration,thereceiptandsufficiencyofwhichareherebyacknowledged,theCompanyandExecutiveagreeasfollows:
1.
EmploymentofExecutive;PositionandDuties.ExecutiveshallcontinuetobeemployedbytheCompanyasPresident,
NorthAmericaor,effectiveJanuary4,2016,asChiefCommercialOfficer,orinsuchothercapacitythatpermitstheCompanytoavailitself
ofExecutivesskillsandabilitiesinlightoftheCompanysbusinessneedsandconsistentwiththetermsandconditionsprovidedherein.In
suchroles,Executiveshallhavetheduties,rolesandresponsibilitiestraditionallyassignedtoorcommensuratewithsuchrolesandshall
reporttothePresidentoftheCompany.ExecutivesprincipalofficeshallbeinthePittsburghmetropolitanarea,providedExecutiveshall
travelinconnectionwithhisemployment,commensuratewiththeactivitiesofhisposition.Executiveagreestodevotehisfullbusinesstime
andattentiontohisduties.
2.EffectiveDate:TermofEmployment.ThisAgreementshallcommenceandbeeffective(and,exceptasprovidedherein,the
PriorAgreementshallceasetobeeffective)asoftheEffectiveDate,andshallremainineffectuntilDecember31,2016(theFirst
Anniversary),unlessearlierterminatedinaccordancewiththetermsofthisAgreement.Thereafter,thisAgreementshallautomatically
renewforone(1)yearperiods(eachperiodreferredtoasaRenewalTerm)unlessthisAgreementisterminatedaccordancewiththeterms
ofthisAgreement.IfforanyreasonExecutiveisnotemployedbytheCompanyontheEffectiveDate,thisAgreementshallbenullandvoid
andofnoforceandeffect,andtherightsandobligationsofthepartiesinconnectionwithExecutiveceasingtobesoemployedshallbe
governedbythetermsofthePriorAgreement.
3.PerformanceofDuties;BestEfforts.DuringthetermofthisAgreement,Executiveshalldevotehisfullworkingtimeand
attentiontothebusinessandaffairsof

theCompanyandtheperformanceofhisdutieshereunder,servetheCompanyfaithfullyandtothebestofhisability,andusehisbest
effortstopromotetheCompanysinterests.Withoutlimitation,Executiveshalltravelinconnectionwithhisemploymentinaccordancewith
thereasonabledirectionofthePresidentoftheCompany,commensuratewiththeactivitiesofhisposition.Duringthetermofthis
Agreement,ExecutiveagreestopromptlyandfullydisclosetotheCompany,andnottodiverttoExecutivesownuseorbenefitortheuseor
benefitofothers,anybusinessopportunitiesinvolvinganyexistingorprospectivelineofbusiness,supplier,product,oractivityofthe
CompanyoranybusinessopportunitiesthatotherwiseshouldrightfullybeaffordedtotheCompany.
4.ExecutivesCompensation.Executivescompensationshallincludethefollowing:
(a)AnnualBaseSalary.ExecutivesannualbasesalaryshallbeSevenHundredThousandDollars($700,000),payablein
accordancewiththeCompanysnormalpayrollpracticesforitsexecutiveofficers.Theannualbasesalarymaybeincreasedfromtimeto
time.TheannualbasesalarymaynotbedecreasedexceptwhereotherexecutiveofficersoftheCompanyarerequiredtoacceptasimilar
reduction.TheannualbasesalaryasineffectfromtimetotimeshallbereferredtoastheAnnualBaseSalary.TheAnnualBaseSalary
maybeincreasedfromtimetotimeatthediscretionoftheCompensationCommitteeoftheBoardofDirectorsofMylanN.V.orany
committeethereofauthorizedbytheBoardofDirectors.
(b)AnnualBonus.ExecutiveshallbeeligibletoparticipateintheCompanysannualdiscretionaryexecutiveincentiveorbonus
planasineffectfromtimetotime,withtheopportunitytoreceiveanannualawardinrespectofeachfiscalyearoftheCompanyending
duringtheTermofEmploymentinaccordancewiththetermsandconditionsofsuchplan,withatargetbonusopportunityequalto115%of
AnnualBaseSalary.AnysuchdiscretionarybonusshallbepaidnolaterthanMarch15thoftheyearfollowingtheyearinwhichtheannual
awardisnolongersubjecttoasubstantialriskofforfeiture.
(c)FringeBenefitsandExpenseReimbursement.Executiveshallreceivebenefitsandperquisitesofemploymentsimilartothose
ashavebeencustomarilyprovidedtotheCompanysotherexecutiveofficers(excludingitsExecutiveChairman,ifany),includingbutnot
limitedto,healthinsurancecoverage,short-termdisabilitybenefitsandtwenty(20)vacationdays,ineachcaseinaccordancewiththeplan
documentsorpoliciesthatgovernsuchbenefits.TheCompanyshallreimburseExecutiveforallordinaryandnecessarybusinessexpensesin
accordancewithestablishedCompanypolicyandprocedures.
5.Confidentiality.ExecutiverecognizesandacknowledgesthatthebusinessinterestsoftheCompanyanditssubsidiaries,parents
andaffiliates(collectivelytheMylanCompanies)requireaconfidentialrelationshipbetweentheCompanyandExecutiveandthefullest
protectionandconfidentialtreatmentofthefinancialdata,customerinformation,supplierinformation,marketinformation,marketingand/or
promotionaltechniquesandmethods,pricinginformation,purchaseinformation,sales

policies,employeelists,policyandprocedureinformation,records,advertisinginformation,computerrecords,tradesecrets,knowhow,plans
andprograms,sourcesofsupply,andotherknowledgeofthebusinessoftheMylanCompanies(allofwhicharehereinafterjointlytermed
ConfidentialInformation)whichhaveormayinwholeorinpartbeconceived,learnedorobtainedbyExecutiveinthecourseof
ExecutivesemploymentwiththeCompany.Accordingly,ExecutiveagreestokeepsecretandtreatasconfidentialallConfidential
Informationwhetherornotcopyrightableorpatentable,andagreesnottouseoraidothersinlearningoforusinganyConfidential
InformationexceptintheordinarycourseofbusinessandinfurtheranceoftheCompanysinterests.DuringthetermofthisAgreementandat
alltimesthereafter,exceptinsofarasisnecessarydisclosureconsistentwiththeCompanysbusinessinterests:
(a)Executivewillnot,directlyorindirectly,discloseanyConfidentialInformationtoanyoneoutsidetheMylanCompanies;
(b)ExecutivewillnotmakecopiesoforotherwisedisclosethecontentsofdocumentscontainingorconstitutingConfidential
Information;
(c)AstodocumentswhicharedeliveredtoExecutiveorwhicharemadeavailabletohimasanecessarypartoftheworking
relationshipsanddutiesofExecutivewithinthebusinessoftheCompany,Executivewilltreatsuchdocumentsconfidentiallyandwilltreat
suchdocumentsasproprietaryandconfidential,nottobereproduced,disclosedorusedwithoutappropriateauthorityoftheCompany;
(d)Executivewillnotadviseothersthattheinformationand/orknowhowincludedinConfidentialInformationisknowntoorused
bytheCompany;and
(e)ExecutivewillnotinanymannerdiscloseoruseConfidentialInformationforExecutivesownaccountandwillnotaid,assist
orabetothersintheuseofConfidentialInformationfortheiraccountorbenefit,orfortheaccountorbenefitofanypersonorentityother
thantheCompany.
TheobligationssetforthinthisparagraphareinadditiontoanyotheragreementsExecutivemayhavewiththeCompanyandanyandall
rightstheCompanymayhaveunderstateorfederalstatutesorcommonlaw.
6.Non-CompetitionandNon-Solicitation.ExecutiveagreesthatduringtheTermofEmploymentandforaperiodendingone
(1)yearafterterminationofExecutivesemploymentwiththeCompanyforanyreason:
(a)Executiveshallnot,directlyorindirectly,whetherforhimselforforanyotherperson,company,corporationorotherentitybe
orbecomeassociatedinanyway(includingbutnotlimitedtotheassociationsetforthin(i)-(vii)ofthissubsection)withanybusinessor
organizationwhichisdirectlyorindirectlyengagedintheresearch,development,manufacture,production,marketing,promotionorsaleof
anyproductthesameasorsimilartothoseoftheMylanCompanies,orwhichcompetesorintendstocompeteinanylineofbusinesswiththe
MylanCompanies,inanycasewithinNorthAmerica.Notwithstandingtheforegoing,Executivemayduringtheperiodinwhichthis

paragraphisineffectownstockorotherinterestsincorporationsorotherentitiesthatengageinbusinessesthesameorsubstantiallysimilar
tothoseengagedinbytheMylanCompanies,providedthatExecutivedoesnot,directlyorindirectly(includingwithoutlimitationasthe
resultofownershiporcontrolofanothercorporationorotherentity),individuallyoraspartofagroup(asthattermisdefinedin
Section13(d)oftheSecuritiesExchangeActof1934,asamended,andtherulesandregulationspromulgatedthereunder)(i)controlorhave
theabilitytocontrolthecorporationorotherentity,(ii)providetothecorporationorentity,whetherasanExecutive,consultantorotherwise,
adviceorconsultation,(iii)providetothecorporationorentityanyconfidentialorproprietaryinformationregardingtheMylanCompaniesor
itsbusinessesorregardingtheconductofbusinessessimilartothoseoftheMylanCompanies,(iv)holdorhavetherightbycontractor
arrangementorunderstandingwithotherpartiestoholdapositionontheboardofdirectorsorothergoverningbodyofthecorporationor
entityorhavetherightbycontractorarrangementorunderstandingwithotherpartiestoelectoneormorepersonstoanysuchposition,
(v)holdapositionasanofficerofthecorporationorentity,(vi)havethepurposetochangeorinfluencethecontrolofthecorporationor
entity(otherthansolelybythevotingofhissharesorownershipinterest)or(vii)haveabusinessorotherrelationship,bycontractor
otherwise,withthecorporationorentityotherthanasapassiveinvestorinit;provided,however,thatExecutivemayvotehissharesor
ownershipinterestinsuchmannerashechoosesprovidedthatsuchactiondoesnototherwiseviolatetheprohibitionssetforthinthis
sentence.
(b)Executivewillnot,eitherdirectlyorindirectly,eitherforhimselforforanyotherperson,partnership,firm,company,
corporationorotherentity,contact,solicit,divert,ortakeawayanyofthecustomersorsuppliersoftheMylanCompanies.
(c)Executivewillnotsolicit,enticeorotherwiseinduceanyemployeeoftheMylanCompaniestoleavetheemployoftheMylan
Companiesforanyreasonwhatsoever;norwillExecutivedirectlyorindirectlyaid,assistorabetanyotherpersonorentityinsolicitingor
hiringanyemployeeoftheMylanCompanies,norwillExecutiveotherwiseinterferewithanycontractualorotherbusinessrelationships
betweentheMylanCompaniesanditsemployees.
7.Severability.Shouldacourtofcompetentjurisdictiondeterminethatanysectionorsub-sectionofthisAgreementis
unenforceablebecauseoneorallofthemarevagueoroverlybroad,thepartiesagreethatthisAgreementmayandshallbeenforcedtothe
maximumextentpermittedbylaw.Itistheintentofthepartiesthateachsectionandsub-sectionofthisAgreementbeaseparateanddistinct
promiseandthatunenforceabilityofanyonesubsectionshallhavenoeffectontheenforceabilityofanother.
8.InjunctiveRelief.ThepartiesagreethatintheeventofExecutivesviolationofSections5and/or6ofthisAgreementorany
subsectionthereunder,thatthedamagetotheCompanywillbeirreparableandthatmoneydamageswillbedifficultorimpossibleto
ascertain.Accordingly,inadditiontowhateverotherremediestheCompanymayhaveatlaworinequity,Executiverecognizesandagrees
thattheCompanyshallbeentitledtoatemporaryrestrainingorderandatemporaryandpermanentinjunctionenjoiningand

prohibitinganyactsnotpermissiblepursuanttothisAgreement.Executiveagreesthatshouldeitherpartyseektoenforceordetermineits
rightsbecauseofanactofExecutivewhichtheCompanybelievestobeincontraventionofSections5and/or6ofthisAgreementorany
subsectionthereunder,thedurationoftherestrictionsimposedtherebyshallbeextendedforatimeperiodequaltotheperiodnecessaryto
obtainjudicialenforcementoftheCompanysrights.
9.TerminationofEmployment.
(a)Resignation.Executivemayresignfromemploymentatanytimeupon90dayswrittennoticetotheCompany.Duringthe90daynoticeperiodExecutivewillcontinuetoperformdutiesandabidebyallothertermsandconditionsofthisAgreement.Additionally,
ExecutivewillusehisbesteffortstoeffectasmoothandeffectivetransitiontowhoeverwillreplaceExecutive.TheCompanyreservesthe
righttoacceleratetheeffectivedateofExecutivesresignation.IfExecutiveresignsduringtheTermofEmploymentforanyreason,the
CompanyshallhavenoliabilitytoExecutiveunderthisAgreementotherthanthattheCompanyshallpayExecutiveswagesandbenefits
throughtheeffectivedateofExecutivesresignation.Executive,however,willcontinuetobeboundbyallprovisionsofthisAgreementthat
surviveterminationofemployment.
(b)TerminationforCause.IftheCompanydeterminestoterminateExecutivesemploymentduringtheTermofEmploymentfor
Cause,asdefinedherein,theCompanyshallhavenoliabilitytoExecutiveotherthantopayExecutiveswagesandbenefitsthroughthe
effectivedateofExecutivestermination.Executive,however,willcontinuetobeboundbyallprovisionsofthisAgreementthatsurvive
terminationofemployment.ForpurposesofthisAgreement,Causeshallmean:(i)Executiveswillfulandgrossmisconductwithrespectto
thebusinessoraffairsofanyoftheMylanCompanies;(ii)Executivesgrossneglectofduties;(iii)Executivesconviction(includingaplea
ofnolocontendere)forthecommissionofacrimeinvolvingmoralturpitude;or(iv)Executivesconviction(includingapleaofnolo
contendere)forthecommissionofanyfelony.TheCompanyshallhavesolediscretiontodeterminewhetherExecutivehasadequatelycured
suchneglectormisconduct.
(c)TerminationWithoutCause.IftheCompanydischargesExecutivewithoutCause,theCompanywillpayExecutivealump
sumamountequaltoone(1)timesAnnualBaseSalaryasineffectimmediatelypriortoterminationofemployment(withoutregardtoany
reductiontheretoconstitutingGoodReason).SubjecttoSection9(h),suchpaymentwillbemadewithin30daysfollowingExecutives
terminationofemployment.Inaddition,iftheCompanydischargesExecutivewithoutCause,theCompanywill(i)providetoExecutivea
proratedannualbonusforthefiscalyearinwhichExecutivesterminationoccurs(theProRataBonus),suchProRataBonustobe
determinedbyreferencetothebonusthatExecutivewouldhaveearnedbasedonactualperformancefortherelevantfiscalyearhad
Executivesemploymentnotterminated,withtheresultingamountpro-ratedtoreflectthenumberofdayselapsedinthefiscalyear,through
andincludingthedateonwhichExecutivesterminationofemploymentoccursand(ii)fortwelve(12)monthsfollowingExecutives
terminationofemployment,continuetoprovidetoExecutiveand/orExecutivesdependentsthehealthinsurance

benefitsthatwereprovidedtothemimmediatelypriortoExecutivesterminationofemployment(takingintoaccountanyrequiredemployee
contributions,co-paymentsandsimilarcostsimposedonExecutive)(theContinuationBenefits);provided,however,thattheCompanys
obligationtoprovidetheContinuationBenefitsshallendatsuchtimeasExecutiveobtainshealthinsurancebenefitsthroughanother
employerorotherwiseinconnectionwithrenderingservicesforathirdparty.ThepartiesagreetocooperatesuchthattheContinuation
Benefitsare,totheextentpracticable,providedinamannersoastominimizeadversetaxconsequencestotheCompanyunder
Section4980DoftheCode.ExecutivewillcontinuetobeboundbyallprovisionsofthisAgreementthatsurviveterminationofemployment.
(d)DeathorIncapacity.TheemploymentofExecutiveshallautomaticallyterminateuponExecutivesdeathoruponthe
occurrenceofadisabilitythatrendersExecutiveincapableofperformingtheessentialfunctionsofhispositionwithinthemeaningofthe
AmericansWithDisabilitiesActof1990.ForallpurposesofthisAgreement,anysuchterminationshallbetreatedinthesamemannerasa
terminationwithoutCause,asdescribedinSection9(c)above,andExecutive,orExecutivesestate,asapplicable,shallreceiveall
consideration,compensationandbenefitsthatwouldbedueandpayabletoExecutiveforaterminationwithoutCause,provided,however,
thatsuchconsideration,compensationandbenefitsshallbereducedbyanydeathordisabilitybenefits(asapplicable)thatExecutiveorhis
estateorbeneficiaries(asapplicable)areentitledtopursuanttoplansorarrangementsoftheCompany.
(e)Non-Renewal.IftheCompanyelectsnottorenewthisAgreement,itmayprovidenoticeofnonrenewalnolaterthan30days
priortotheFirstAnniversaryorendofanyRenewalTerm,asapplicable,andExecutivesemploymentshallterminateasoftheFirst
AnniversaryortheendofanyRenewalTerm,asapplicable,andtheCompanyshallpayExecutivealumpsumamountequaltoone(1)times
AnnualBaseSalaryasineffectimmediatelypriortosuchnonrenewal.SubjecttoSection9(h),suchpaymentwillbemadewithin30days
followingExecutivesseparationfromtheCompany.Inaddition,iftheCompanyelectsnottorenewthisAgreement,theCompanywillfor
twelve(12)monthsfollowingsuchnonrenewalprovidetoExecutiveand/orExecutivesdependentstheContinuationBenefits;provided,
however,thattheCompanysobligationtoprovidetheContinuationBenefitsshallendatsuchtimeasExecutiveobtainshealthinsurance
benefitsthroughanotheremployerorotherwiseinconnectionwithrenderingservicesforathirdparty.Thepartiesagreetocooperatesuch
thattheContinuationBenefitsare,totheextentpracticable,providedinamannersoastominimizeadversetaxconsequencestothe
CompanyunderSection4980DoftheCode.
(f)ReturnofCompanyProperty.UpontheterminationofExecutivesemploymentforanyreason,Executiveshallimmediately
returntotheCompanyallrecords,memoranda,files,notes,papers,correspondence,reports,documents,books,diskettes,harddrives,
electronicfiles,andallcopiesorabstractsthereofthatExecutivehasconcerninganyoralloftheMylanCompaniesbusiness.Executiveshall
alsoimmediatelyreturnallkeys,identificationcardsorbadgesandothercompanyproperty.

(g)NoDutytoMitigate.ThereshallbenorequirementonthepartofExecutivetoseekotheremploymentorotherwisemitigate
damagesinordertobeentitledtothefullamountofanypaymentsandbenefitstowhichExecutiveisotherwiseentitledunderanycontract
and,exceptassetforthhereinwithrespecttotheContinuationBenefits,theamountofsuchpaymentsandbenefitsshallnotbereducedby
anycompensationorbenefitsreceivedbyExecutivefromotheremployment.
(h)ConditionstoPaymentandAcceleration;Section409AoftheCode.Theintentofthepartiesisthatpaymentsandbenefits
underthisAgreementcomplywithSection409AoftheInternalRevenueCode(theCode)totheextentsubjectthereto,and,accordingly,to
themaximumextentpermitted,thisAgreementshallbeinterpretedandadministeredtobeincompliancetherewith.Notwithstanding
anythingcontainedhereintothecontrary,totheextentrequiredinordertoavoidacceleratedtaxationand/ortaxpenaltiesunderSection409A
oftheCode,ExecutiveshallnotbeconsideredtohaveterminatedemploymentwiththeCompanyforpurposesofthisAgreementandno
paymentsshallbeduetoExecutiveunderSection9ofthisAgreementuntilExecutivewouldbeconsideredtohaveincurredaseparation
fromservicefromtheCompanywithinthemeaningofSection409AoftheCode.ForpurposesofthisAgreement,eachamounttobepaid
orbenefittobeprovidedshallbeconstruedasaseparateidentifiedpaymentforpurposesofSection409AoftheCode,andanypayments
describedinSection9thatareduewithintheshorttermdeferralperiodasdefinedinSection409AoftheCodeshallnotbetreatedas
deferredcompensationunlessapplicablelawrequiresotherwise.Totheextentrequiredinordertoavoidacceleratedtaxationand/ortax
penaltiesunderSection409AoftheCode,amountsthatwouldotherwisebepayableandbenefitsthatwouldotherwisebeprovidedpursuant
tothisAgreementduringthesix-monthperiodimmediatelyfollowingExecutivesterminationofemploymentshallinsteadbepaidonthe
firstbusinessdayafterthedatethatissixmonthsfollowingExecutivesterminationofemployment(ordeath,ifearlier).Totheextent
requiredtoavoidanacceleratedoradditionaltaxunderSection409AoftheCode,amountsreimbursabletoExecutiveunderthisAgreement
shallbepaidtoExecutiveonorbeforethelastdayoftheyearfollowingtheyearinwhichtheexpensewasincurredandtheamountof
expenseseligibleforreimbursement(andin-kindbenefitsprovidedtoExecutive)duringanyoneyearmaynotaffectamountsreimbursable
orprovidedinanysubsequentyear;provided,however,thatwithrespecttoanyreimbursementsforanytaxeswhichExecutivewould
becomeentitledtounderthetermsoftheAgreement,thepaymentofsuchreimbursementsshallbemadebytheCompanynolaterthanthe
endofthecalendaryearfollowingthecalendaryearinwhichExecutiveremitstherelatedtaxes.
10.Indemnification.TheCompanyshallmaintainD&OliabilitycoveragepursuanttowhichExecutiveshallbeacoveredinsured.
ExecutiveshallreceiveindemnificationinaccordancewiththeCompanysBylawsineffectasofthedateofthisAgreement.Such
indemnificationshallbecontractualinnatureandshallremainineffectnotwithstandinganyfuturechangetotheCompanysBylaws.
TotheextentnototherwiselimitedbytheCompanysBylawsineffectasofthedateofthisAgreement,intheeventthatExecutiveis
madeapartyoristhreatenedtobemadeapartytoorisinvolvedinanyaction,suitorproceeding,(includingthosebrought

byorintherightoftheCompany)whethercivil,criminal,administrativeorinvestigative(proceeding),byreasonofthefactthatheisor
wasanofficer,employeeoragentoforisorwasservingtheCompanyoranysubsidiaryoftheCompany,orisorwasservingattherequest
oftheCompanyoranothercorporation,orofapartnership,jointventure,trustorotherenterprise,includingservicewithrespecttoemployee
benefitplans,whetherthebasisofsuchproceedingisallegedactioninanofficialcapacityasadirector,officer,employeeoragentorinany
othercapacitywhileservingasadirector,officer,employeeoragent,ExecutiveshallbeindemnifiedandheldharmlessbytheCompanyto
thefullestextentauthorizedbylawagainstallexpenses,liabilitiesandlosses(includingattorneysfees,judgments,fines,ERISAexcisetaxes
orpenaltiesandamountspaidortobepaidinsettlement)reasonablyincurredorsufferedbyExecutiveinconnectiontherewith.Suchright
shallbeacontractrightandshallincludetherighttobepaidbytheCompanyexpensesincurredindefendinganysuchproceedinginadvance
ofitsfinaldisposition;provided,however,thatthepaymentofsuchexpensesincurredbyExecutiveinhiscapacityasadirectororofficer
(andnotinanyothercapacityinwhichservicewasorisrenderedbyExecutivewhileadirectororofficer,including,withoutlimitation,
servicetoanemployeebenefitplan)inadvanceofthefinaldispositionofsuchproceedingwillbemadeonlyupondeliverytotheCompany
ofanundertaking,byoronbehalfofExecutive,torepayallamountstoCompanysoadvancedifitshouldbedeterminedultimatelythat
Executiveisnotentitledtobeindemnifiedunderthissectionorotherwise.
PromptlyafterreceiptbyExecutiveofnoticeofthecommencementofanyaction,suitorproceedingforwhichExecutivemaybe
entitledtobeindemnified,ExecutiveshallnotifytheCompanyinwritingofthecommencementthereof(butthefailuretonotifythe
CompanyshallnotrelieveitfromanyliabilitywhichitmayhaveunderthisSection10unlessandtotheextentthatithasbeenprejudicedin
amaterialrespectbysuchfailureorfromtheforfeitureofsubstantialrightsanddefenses).Ifanysuchaction,suitorproceedingisbrought
againstExecutiveandhenotifiestheCompanyofthecommencementthereof,theCompanywillbeentitledtoparticipatetherein,and,tothe
extentitmayelectbywrittennoticedeliveredtoExecutivepromptlyafterreceivingtheaforesaidnoticefromExecutive,toassumethe
defensethereofwithcounselreasonablysatisfactorytoExecutive,whichmaybethesamecounselascounseltotheCompany.
Notwithstandingtheforegoing,Executiveshallhavetherighttoemployhisowncounselinanysuchcase,butthefeesandexpensesofsuch
counselshallbeattheexpenseofExecutiveunless(i)theemploymentofsuchcounselshallhavebeenauthorizedinwritingbytheCompany,
(ii)theCompanyshallnothaveemployedcounselreasonablysatisfactorytoExecutivetotakechargeofthedefenseofsuchactionwithina
reasonabletimeafternoticeofcommencementoftheactionor(iii)Executiveshallhavereasonablyconcluded,afterconsultationwith
counseltoExecutive,thataconflictofinterestexistswhichmakesrepresentationbycounselchosenbytheCompanynotadvisable(inwhich
casetheCompanyshallnothavetherighttodirectthedefenseofsuchactiononbehalfofExecutive),inanyofwhicheventssuchfeesand
expensesofoneadditionalcounselshallbebornebytheCompany.AnythinginthisSection10tothecontrarynotwithstanding,theCompany
shallnotbeliableforanysettlementofanyclaimoractioneffectedwithoutitswrittenconsent.

11.OtherAgreements.TherightsandobligationscontainedinthisAgreementareinadditiontoandnotinplaceofanyrightsor
obligationscontainedinanyotheragreementsbetweenExecutiveandtheCompany.
12.Notices.Allnoticeshereundertothepartiesheretoshallbeinwritingsentbycertifiedmail,returnreceiptrequested,postage
prepaid,andbyfax,addressedtotherespectivepartiesatthefollowingaddresses:
IftotheCompany:

MylanInc.
1000MylanBoulevard
Canonsburg,Pennsylvania15317
Attn:GlobalGeneralCounsel
Fax:724-514-1871

IftoExecutive:

atthemostrecentaddressonrecordattheCompany.

Eitherpartymay,bywrittennoticecomplyingwiththerequirementsofthissection,specifyanotherordifferentpersonoraddressforthe
purposeofnotificationhereunder.Allnoticesshallbedeemedtohavebeengivenandreceivedonthedayafaxissentor,ifmailedonly,on
thethirdbusinessdayfollowingsuchmailing.
13.Withholding.AllpaymentsrequiredtobemadebytheCompanyhereundertoExecutiveorhisdependents,beneficiaries,or
estatewillbesubjecttothewithholdingofsuchamountsrelatingtotaxand/orotherpayrolldeductionsasmayberequiredbylaw.
14.ModificationandWaiver.ThisAgreementmaynotbechangedorterminatedrally,norshallanychange,terminationor
attemptedwaiverofanyoftheprovisionscontainedinthisAgreementbebindingunlessinwritingandsignedbythepartyagainstwhomthe
sameissoughttobeenforced,norshallthissectionitselfbywaivedverbally.ThisAgreementmaybeamendedonlybyawritteninstrument
dulyexecutedbyoronbehalfofthepartieshereto.
15.ConstructionofAgreement.ThisAgreementandallofitsprovisionsweresubjecttonegotiationandshallnotbeconstrued
morestrictlyagainstonepartythanagainstanotherpartyregardlessofwhichpartydraftedanyparticularprovision.
16.SuccessorsandAssigns.ThisAgreementandallofitsprovisions,rightsandobligationsshallbebindinguponandinuretothe
benefitofthepartiesheretoandtheCompanyssuccessorsandassigns.ThisAgreementmaybeassignedbytheCompanytoanyperson,firm
orcorporationwhichshallbecometheownerofsubstantiallyalloftheassetsoftheCompanyorwhichshallsucceedtothebusinessofthe
Company;provided,however,thatintheeventofanysuchassignmenttheCompanyshallobtainaninstrumentinwritingfromtheassignee
inwhichsuchassigneeassumestheobligationsoftheCompanyhereunderandshalldeliveranexecutedcopythereoftoExecutive.Noright
orinteresttoorinanypaymentsorbenefitshereundershallbeassignablebyExecutive;provided,however,thatthisprovisionshallnot
precludehimfromdesignating

oneormorebeneficiariestoreceiveanyamountthatmaybepayableafterhisdeathandshallnotprecludethelegalrepresentativeofhis
estatefromassigninganyrighthereundertothepersonorpersonsentitledtheretounderhiswillor,inthecaseofintestacy,tothepersonor
personsentitledtheretounderthelawsofintestacyapplicabletohisestate.ThetermbeneficiariesasusedinthisAgreementshallmeana
beneficiaryorbeneficiaryorbeneficiariessodesignatedtoreceiveanysuchamount,orifnobeneficiaryhasbeensodesignated,thelegal
representativeofExecutivesestate.Noright,benefit,orinteresthereunder,shallbesubjecttoanticipation,alienation,sale,assignment,
encumbrance,charge,pledge,hypothecation,orset-offinrespectofanyclaim,debt,orobligation,ortoexecution,attachment,levy,or
similarprocess,orassignmentbyoperationoflaw.Anyattempt,voluntaryorinvoluntary,toeffectanyactionspecifiedintheimmediately
precedingsentenceshall,tothefullextentpermittedbylaw,benull,void,andofnoeffect.
17.ChoiceofLawandForum.ThisAgreementshallbeconstruedandenforcedaccordingto,andtherightsandobligationsofthe
partiesshallbegovernedinallrespectsby,thelawsoftheCommonwealthofPennsylvania.Anycontroversy,disputeorclaimarisingoutof
orrelatingtothisAgreement,orthebreachhereof,includingaclaimforinjunctiverelief,oranyclaimwhich,inanywayarisesoutofor
relatesto,ExecutivesemploymentwiththeCompanyortheterminationofsaidemployment,includingbutnotlimitedtostatutoryclaimsfor
discrimination,shallberesolvedbyarbitrationinaccordancewiththethencurrentrulesoftheAmericanArbitrationAssociationrespecting
employmentdisputesexceptthatthepartiesshallbeentitledtoengageinallformsofdiscoverypermittedunderthePennsylvaniaRulesof
CivilProcedure(assuchrulesmaybeineffectfromtimetotime).ThehearingofanysuchdisputewillbeheldinPittsburgh,Pennsylvania,
andthelosingpartyshallbearthecosts,expensesandcounselfeesofsuchproceeding.ExecutiveandCompanyagreeforthemselves,their,
employees,successorsandassignsandtheiraccountants,attorneysandexpertsthatanyarbitrationhereunderwillbeheldincomplete
confidenceand,withouttheotherpartyspriorwrittenconsent,willnotbedisclosed,inwholeorinpart,toanyotherpersonorentityexcept
asmayberequiredbylaw.Thedecisionofthearbitrator(s)willbefinalandbindingonallparties.ExecutiveandtheCompanyexpressly
consenttothejurisdictionofanysucharbitratoroverthem.
18.Non-Disparagement.Duringthetermhereofandthereafter,Executiveagreestorefrainfromanydisparagingstatements,
includingbutnotlimitedtostatementsthatamounttolibelorslander,aboutanyoftheMylanCompaniesand/oranyoftheirrespective
employees,officers,ordirectors.
19.Headings.TheheadingsofthesectionsofthisAgreementhavebeeninsertedforconvenienceofreferenceonlyandshallinno
wayaffecttheinterpretationofanyofthetermsorconditionsofthisAgreement.
20.ExecutioninCounterparts.ThisAgreementmaybeexecutedinoneormorecounterparts,eachofwhichshallbedeemedan
original,butallofwhichtogethershallconstituteoneandthesameinstrument.
[Signature page follows]

10

INWITNESSWHEREOF,theundersignedhaveexecutedthisAgreementonthedayandyearfirstabovementioned,tobeeffective
asoftheEffectiveDate.

MYLANINC.

EXECUTIVE:

/s/RobertJ.Coury

/s/AnthonyMauro

By:RobertJ.Coury
Its:ExecutiveChairman

AnthonyMauro

11

Exhibit 10.1(i)
Confidential

MYLAN N.V.
2003 LONG-TERM INCENTIVE PLAN
STOCK OPTION AGREEMENT

[ _______________ ] (theOptionee)isgranted,effectiveasofthe[___]dayof[_______](theDateofGrant),options(theOptions)topurchase
ordinarysharesofMylanN.V.(theOptionShares)pursuanttothe2003Long-TermIncentivePlan,asamendedtodate(thePlan),ofMylanN.V.(the
Corporation).The Options are subject to the terms and conditions set forth below and in the Plan, which is a part of this Stock Option Agreement (the
Agreement). TotheextentthatthereisaconflictbetweenthetermsofthePlanandthisAgreement,thetermsofthePlanshallgovern,exceptasspecifically
setforthherein.AnytermnotdefinedhereinshallhavethemeaningassignedtosuchterminthePlan.
1.

Exercise Price: $[______]perOptionShare.

2.

Number of Option Shares: [_______]

3.

Type of Option: [_______]

4.

Vesting: TheOptionsgrantedhereunderwillbecomevestedinaccordancewiththefollowingschedule(ineachcaseat12:01a.m.ontherelevant
vestingdate),providedthattheOptioneeiscontinuouslyemployedbytheCorporationontherelevantvestingdatesandsubjecttoacceleratedvestingas
setforthinSection6.03(e)ofthePlan:

Date of Vesting

Option Shares Vested

[_______]

[_______]

5.

Exercise of Option: OptionsmaybeexercisedinaccordancewiththerulescontainedinArticleVI,Section6.04Option Exercise Procedures ,ofthe

Plan.

6.

Expiration Date: SubjecttoearlierterminationupontheoccurrenceofcertaineventsrelatedtotheterminationoftheOptioneesemploymentas

providedinSection6.03(e)ofthePlan,theOptionsgrantedhereundershallexpireat12:01a.m.EasternStandardTimeonthetenth(10th)annual
anniversaryoftheDateofGrant,unlessearlierexercised(suchtenyearperiod,theOptionTerm).IftheOptioneeexperiencesaterminationof
employmentwithoutCauseoraterminationofemploymentforGoodReason,theOptionSharesshallvestinfullasofthedateofsuchtermination
ofemployment.Inaddition,iftheOptioneeexperiencesaterminationofemploymentforanyreasonotherthanforCause,theOptionShares,tothe
extentvestedonthedateofterminationofemployment,shallremainexercisablefortheremainderoftheOptionTerm.ForpurposesofthisAgreement,
CauseandGoodReasonshallhavethemeaningsassignedtosuchtermsintheOptioneesEmploymentAgreement.

7.

Change in Control: NotwithstandinganythingtothecontraryinthePlanorinthisAgreement,intheeventofaChangeinControl(asdefinedinthe

Plan),anyunvestedOptionsgrantedpursuanttothisAgreementshallvestasfollows:

a)
b)

WithrespecttoeachunvestedOptionthatisassumedorsubstitutedinconnectionwithaChangeinControl,intheeventofaterminationofthe
Optioneesemploymentorserviceduringthe24-monthperiodfollowingsuchChangeinControl(i)withoutCauseor(ii)bytheOptioneefor
GoodReason,suchOptionshallbecomefullyvestedandexercisableasofsuchterminationofemployment.
ForpurposesofthisSection7,anOptionshallbeconsideredassumedorsubstitutedforif,followingtheChangeinControl,theOptionremains
subjecttothesametermsandconditionsthatwereapplicabletotheOptionimmediatelypriortotheChangeinControl(includingvesting
conditions)exceptassetforthinthisSection7andexceptthattheOptioninsteadconferstherighttoreceivepubliclytradedequitysecuritiesof
theacquiringentityortheultimateparentcompanywhichresultsfromtheChangeinControl.

c)

8.

9.

WithrespecttoeachunvestedOptionthatisnotassumedorsubstitutedinconnectionwithaChangeinControl,immediatelyuponthe
occurrenceoftheChangeinControl,suchOptionshallbecomefullyvestedandexercisable.
d) NotwithstandinganyotherprovisionofthePlan,intheeventofaChangeinControl,theCompensationCommitteeoftheMylanN.V.Boardof
Directors(theCommittee)may,initsdiscretion,providethateachOptionshall,immediatelyupontheoccurrenceofaChangeinControl,be
cancelledinexchangeforapaymentincashorsecuritiesinanamountequalto(i)theexcessoftheconsiderationpaidperShareintheChange
inControlovertheexerciseprice(ifany)perSharesubjecttotheOptionmultipliedby(ii)thenumberofSharesthenoutstandingunderthe
Option.
Limitation Of Liability: TheOptioneeagreesthatanyliabilityoftheofficers,theCommittee,andtheBoardofDirectorsoftheCorporationtothe
OptioneeunderthisAgreementshallbelimitedtothoseactionsorfailuretotakeactionswhichconstituteself-dealing,willfulmisconductor
recklessness.
Employee Data Privacy: TheOptioneeherebyexplicitlyandunambiguouslyconsentstothecollection,useandtransfer,inelectronicorotherform,of
yourpersonaldataasdescribedinthisdocumentbyandamong,asapplicable,theCompany,itsAffiliatesanditsSubsidiaries(theCompanyGroup)
fortheexclusivepurposeofimplementing,administeringandmanagingyourparticipationinthePlan.TheOptioneealso:
a)

understandsthattheCompanyGroupholdscertainpersonalinformationabouthimorher,including,butnotlimitedto,theOptioneesname,
homeaddressandtelephonenumber,dateofbirth,socialinsurancenumberorotheridentificationnumber,salary,nationality,jobtitle,any
OptionSharesofstockordirectorshipsheldintheCompany,detailsofallRestrictedStockUnitsoranyotherentitlementtoOptionSharesof
stockawarded,canceled,exercised,vested,unvestedoroutstandinginyourfavor,forthepurposeofimplementing,administeringandmanaging
thePlan(Data);

b)

understandsthatDatamaybetransferredtoanythirdpartiesassistingintheimplementation,administrationandmanagementofthePlan,that
theserecipientsmaybelocatedinyourcountryorelsewhere,andthattherecipientscountrymayhavedifferentdataprivacylawsand
protectionsthantheOptioneescountry;

c)

thatheorshemayrequestalistwiththenamesandaddressesofanypotentialrecipientsoftheDatabycontactingyourlocalhumanresources
representative;

d)

authorizestherecipientstoreceive,possess,use,retainandtransfertheData,inelectronicorotherform,forthepurposesofimplementing,
administeringandmanagingyourparticipationinthePlan,includinganyrequisitetransferofsuchDataasmayberequiredtoabrokerorother
thirdpartywithwhomtheOptioneemayelecttodepositanyOptionSharesacquired;

e)

understandsthatDatawillbeheldonlyaslongasisnecessarytoimplement,administerandmanageyourparticipationinthePlan;

f)

understandsthattheOptioneemay,atanytime,viewData,requestadditionalinformationaboutthestorageandprocessingofData,requireany
necessaryamendmentstoDataorrefuseorwithdrawtheconsentsherein,inanycasewithoutcost,bycontactinginwritingyourlocalhuman
resourcesrepresentative;and

g)

understandsthatrefusingorwithdrawingconsentmayaffecthisorherabilitytoparticipateinthePlan.Formoreinformationonthe
consequencesofyourrefusaltoconsentorwithdrawalofconsent,theOptioneemaycontacthisorherlocalhumanresourcesrepresentative.

10.

Law Governing: ThisAgreementshallbegovernedbyandconstruedundertheinternallawsoftheCommonwealthofPennsylvania.

MylanN.V.

Optionee

_____________________________

_______________________

By:[NAME]

[NAME]

Title:Chairman,CompensationCommittee

oftheMylanN.V.BoardofDirectors

Exhibit 10.1(j)
Confidential

MYLAN N.V.
2003 LONG-TERM INCENTIVE PLAN
NOTICE OF AWARD OF RESTRICTED STOCK UNITS
Noticeisherebygiventhat,byactionoftheCompensationCommitteeoftheBoardofDirectorsofMylanN.V.(theCompany),[
____________](theParticipant)hasbeengranted,effectiveasofthe[___]dayof[_________],anawardofrestrictedstockunits(the
Award)payableinordinaryshares(theShares)oftheCompanypursuanttotheCompanys2003Long-TermIncentivePlan,asamended
(thePlan).The Award is subject to the terms and conditions set forth below and in the Plan, which is a part of this Notice of Restricted
Share Award (this Notice). TotheextentthatthereisaconflictbetweenthetermsofthePlanandthisNotice,thetermsofthePlanshall
govern,exceptasspecificallysetforthherein.AnytermnotdefinedhereinshallhavethemeaningassignedtosuchterminthePlan.
1.

Number of Restricted Stock Units: [_________]where1RSUisequaltotherighttoreceive[___]Share[s].

2. Vesting: TheAwardgrantedhereunderwillbecomevestedinaccordancewiththefollowingschedule(ineachcaseat12:01a.m.(ET)
ontherelevantvestingdate)providedtheParticipantiscontinuouslyemployedbytheCompanyontherelevantvestingdatesandsubjectto
acceleratedvestingassetforthinSections4and5ofthisNotice:
[Vesting Date]
[___]

[Shares Vested]
[___]

3. Issuance of Shares: Withintwo(2)businessdaysfollowingthevestingoftheAwardorportionofsuchAward,theCompanyshall

issuetotheParticipantSharesinrespectofsuchvestedAwardinaccordancewiththePlan(ifapplicable,netofanyShareswithheldbythe
CompanytosatisfytaxobligationsaspermittedbySection11.05ofthePlan).
4. Forfeiture: IntheeventoftheterminationofParticipantsemploymentbytheCompanyforCause,anyunvestedportionoftheAward
shallautomaticallybeforfeitedtotheCompanyandthisNoticeshallbeofnofurtherforceandeffect.Intheeventoftheterminationofthe
Participantsemployment(i)byreasonoftheParticipantsdeath,RetirementorPermanentDisability,(ii)bytheCompanywithoutCauseor
(iii)bytheParticipantwithGoodReason,theAwardshallvestinfullasofthedateofsuchtermination,andtheCompanyshalldelivertothe
ParticipantacertificaterepresentingtheSharespayableuponsuchvesting(ifapplicable,netofanyShareswithheldbytheCompanyto
satisfytaxobligationsaspermittedbySection11.05ofthePlan).ForpurposesofthisNotice,CauseandGoodReasonshallhavethe
meaningsassignedtosuchtermsintheParticipantsEmploymentAgreement(theEmploymentAgreement).

5. Change in Control: NotwithstandinganythingtothecontraryinthePlanorinthisNotice,intheeventofaChangeinControl(as

definedinthePlan),anyunvestedAwardsgrantedpursuanttothisAgreementshallvestasfollows:
a)WithrespecttoeachunvestedAwardthatisassumedorsubstitutedinconnectionwithaChangeinControl,intheeventofa
terminationoftheParticipantsemploymentorserviceduringthe24-monthperiodfollowingsuchChangeinControl(i)withoutCauseor(ii)
bytheParticipantforGoodReason,suchAwardshallbecomefullyvestedandexercisableasofsuchterminationofemployment.
b)ForpurposesofthisSection5,anAwardshallbeconsideredassumedorsubstitutedforif,followingtheChangeinControl,
theAwardremainssubjecttothesametermsandconditionsthatwereapplicabletotheAwardimmediatelypriortotheChangeinControl
(includingvestingconditions)exceptassetforthinthisSection5andexceptthattheAwardinsteadconferstherighttoreceivepublicly
tradedequitysecuritiesoftheacquiringentityortheultimateparentcompanywhichresultsfromtheChangeinControl.
c)WithrespecttoeachunvestedAwardthatisnotassumedorsubstitutedinconnectionwithaChangeinControl,immediately
upontheoccurrenceoftheChangeinControl,suchAwardshallbecomefullyvestedandexercisable.
d)NotwithstandinganyotherprovisionofthePlan,intheeventofaChangeinControl,theCompensationCommitteeofthe
MylanN.V.BoardofDirectors(theCommittee)may,initsdiscretion,exceptaswouldotherwiseresultinadversetaxconsequencesunder
Section409AoftheUnitedStatesInternalRevenueCode(theCode),providethateachAwardshall,immediatelyupontheoccurrenceofa
ChangeinControl,becancelledinexchangeforapaymentincashorsecuritiesinanamountequalto(i)theexcessoftheconsiderationpaid
perShareintheChangeinControloverthepurchaseprice(ifany)perSharesubjecttotheAwardmultipliedby(ii)thenumberofShares
thenoutstandingundertheAward.
e)Notwithstandingtheforegoing,foreachAwardthatconstitutesdeferredcompensationunderSection409AoftheCode,a
ChangeinControlshallbedeemedtohaveoccurredunderthePlanwithrespecttosuchAwardonlyifachangeintheownershiporeffective
controloftheCompanyorachangeinownershipofasubstantialportionoftheassetsoftheCompanyshallalsobedeemedtohaveoccurred
underSection409AoftheCode.
6. Employee Data Privacy: TheParticipantherebyexplicitlyandunambiguouslyconsentstothecollection,useandtransfer,inelectronic
orotherform,oftheParticipantspersonaldataasdescribedinthisdocumentbyandamong,asapplicable,theCompany,itsAffiliatesandits
Subsidiaries(theCompanyGroup)fortheexclusivepurposeofimplementing,administeringandmanagingtheParticipantsparticipation
inthePlan.TheParticipantalso:

a)understandsthattheCompanyGroupholdscertainpersonalinformationabouthimorher,including,butnotlimitedto,the
Participantsname,homeaddressandtelephonenumber,dateofbirth,socialinsurancenumberorotheridentificationnumber,salary,
nationality,jobtitle,anyShares,AwardsordirectorshipsheldintheCompany,detailsofallAwardsoranyotherentitlementtoShares
awarded,canceled,exercised,vested,unvestedoroutstandingintheParticipantsfavor,forthepurposeofimplementing,administeringand
managingthePlan(Data);
b)understandsthatDatamaybetransferredtoanythirdpartiesassistingintheimplementation,administrationandmanagementof
thePlan,thattheserecipientsmaybelocatedintheParticipantscountryorelsewhere,andthattherecipientscountrymayhavedifferent
dataprivacylawsandprotectionsthantheParticipantscountry;
c)thatheorshemayrequestalistwiththenamesandaddressesofanypotentialrecipientsoftheDatabycontactingthe
Participantslocalhumanresourcesrepresentative;
d)authorizestherecipientstoreceive,possess,use,retainandtransfertheData,inelectronicorotherform,forthepurposesof
implementing,administeringandmanagingtheParticipantsparticipationinthePlan,includinganyrequisitetransferofsuchDataasmaybe
requiredtoabrokerorotherthirdpartywithwhomtheParticipantmayelecttodepositanySharesacquired;
e)understandsthatDatawillbeheldonlyaslongasisnecessarytoimplement,administerandmanagetheParticipants
participationinthePlan;
f)understandsthattheParticipantmay,atanytime,viewData,requestadditionalinformationaboutthestorageandprocessingof
Data,requireanynecessaryamendmentstoDataorrefuseorwithdrawtheconsentsherein,inanycasewithoutcost,bycontactinginwriting
hisorherlocalhumanresourcesrepresentative;and
g)understandsthatrefusingorwithdrawingconsentmayaffecthisorherabilitytoparticipateinthePlan.Formoreinformationon
theconsequencesoftheParticipantsrefusaltoconsentorwithdrawalofconsent,theParticipantmaycontacthisorherlocalhuman
resourcesrepresentative.
7. Limitation Of Liability: TheParticipantagreesthatanyliabilityoftheofficers,theCommittee,andtheBoardofDirectorsofthe
CorporationtotheParticipantunderthisNoticeshallbelimitedtothoseactionsorfailuretotakeactionswhichconstituteself-dealing,willful
misconductorrecklessness.
8. Dutch Payment Obligation :UpontheissuanceofShares,theParticipantshallbeobligatedunderDutchlawtopaytotheCompanythe
nominalvalueofEUR0.01perShare(theDutchPaymentObligation).TheCompanyherebygrantstheParticipanttherighttoreceivean
equivalentpaymentfromtheCompanyandshallset-offtheDutchPaymentObligationagainsttherighttosuchpayment(resultinginanet
paymentofzero(0)).TheParticipantsrighttoapaymentfromtheCompanycannotbeusedforanypurposeotherthanasdescribedabove
andcannotbeassigned,transferred,pledgedorsold.


9. Governing Law: ThetermsandconditionsofthisNoticeshallbegovernedbyandconstruedinaccordancewiththelawsofthe
CommonwealthofPennsylvania.
ThisNoticeisexecutedbyauthorityoftheCommittee,effectiveasofthedatefirstsetforthabove.

[NAME]
Chairman,CompensationCommitteeoftheMylanN.V.
BoardofDirectors

TheundersignedParticipantherebyacknowledgesreceiptofthisNoticeandagreestoandacceptsthetermsandconditionssetforth
herein.

Participant:
[NAME]

Exhibit 10.1(k)
Confidential

MYLAN N.V.
2003 LONG-TERM INCENTIVE PLAN
NOTICE OF AWARD OF RESTRICTED STOCK UNITS
- PERFORMANCE-BASED GRANT Noticeisherebygiventhat,byactionoftheCompensationCommitteeoftheBoardofDirectorsofMylanN.V.(theCompany),[
_______](theParticipant)hasbeengranted,effectiveasofthe[___]dayof[_________](theGrantDate),anawardofrestricted
stockunits(theAward)payableinordinaryshares(theShares)oftheCompanypursuanttotheCompanys2003Long-TermIncentive
Plan,asamended(thePlan).The Award is subject to the terms and conditions set forth below and in the Plan, which is a part of this
Notice of Restricted Share Award (this Notice). TotheextentthatthereisaconflictbetweenthetermsofthePlanandthisAgreement,the
termsofthePlanshallgovern,exceptasspecificallysetforthherein.Anytermnotdefinedhereinshallhavethemeaningassignedtosuch
terminthePlan.
1.
Target Number of Restricted Stock Units (RSUs): [_______]where1RSUisequaltotherighttoreceive[__]Shares[s]
(TargetRSUs).
2. Vesting and Forfeiture: TheAwardshallrepresenttherighttoreceive,[on_______](theVestingDate),anumberofSharesequal
toamultipleoftheTargetRSUs(assetforthabove),asdeterminedinaccordancewithExhibitA.[[________(__%)]oftheAwardshallbe
eligibletobeearnedbasedon[_______](the[_______]StockAward)and[_______]%oftheAwardshallbeeligibletobeearned
basedon[_______](the[_______]StockAward),ineachcase,asdescribedonExhibitAand,exceptasprovidedinSection7.03ofthe
Planorotherwiseprovidedherein,providedthattheParticipantisemployedbytheCompanythroughtheVestingDate.]Anyportionofthe
AwardthatcouldhavebeenearnedinaccordancewiththeprovisionsofExhibitAthatisnotearnedasoftheVestingDateshallbe
immediatelyforfeitedontheVestingDate.
Notwithstandingtheforegoing,allSharesshallvestandbeawardedinfullattargetperformancelevelstotheParticipantpriortotheVesting
Dateupon(i)aChangeofControl,totheextentprovidedbelow;(ii)theParticipantsdeath,RetirementorPermanentDisability;(iii)a
terminationoftheParticipantsemploymentbytheCompanywithoutCause(asdefinedinthe[ParticipantsEmploymentAgreement)or(iv)
aterminationoftheParticipantsemploymentbytheParticipantwithGoodReason(asdefinedintheParticipantsEmploymentAgreement).
3. Issuance of Shares: Withintwo(2)businessdaysfollowingthevestingoftheAwardorportionofsuchAward,theCompanyshall
issuetotheParticipantSharesinrespectofsuchvestedAwardinaccordancewiththePlan(ifapplicable,netofanyShareswithheldbythe
CompanytosatisfytaxobligationsaspermittedbySection11.05ofthePlan).

4. Change in Control: NotwithstandinganythingtothecontraryinthePlanorinthisNotice,intheeventofaChangeinControl(as

definedinthePlan),anyunvestedAwardsgrantedpursuanttothisAgreementshallvestasfollows:
a)WithrespecttoeachunvestedAwardthatisassumedorsubstitutedinconnectionwithaChangeinControl,intheeventofa
terminationoftheParticipantsemploymentorserviceduringthe24-monthperiodfollowingsuchChangeinControl(i)withoutCauseor(ii)
bytheParticipantforGoodReason,suchAwardshallbecomefullyvestedandexercisableasofsuchterminationofemploymentandany
performanceconditionsimposedwithrespecttoAwardsshallbedeemedtobeachievedattargetperformancelevels.
b)ForpurposesofthisSection4,anAwardshallbeconsideredassumedorsubstitutedforif,followingtheChangeinControl,
theAwardremainssubjecttothesametermsandconditionsthatwereapplicabletotheAwardimmediatelypriortotheChangeinControl
(includingvestingconditions)exceptassetforthinthisSection4andexceptthattheAwardinsteadconferstherighttoreceivepublicly
tradedequitysecuritiesoftheacquiringentityortheultimateparentcompanywhichresultsfromtheChangeinControl.
c)WithrespecttoeachunvestedAwardthatisnotassumedorsubstitutedinconnectionwithaChangeinControl,immediately
upontheoccurrenceoftheChangeinControl,suchAwardshallbecomefullyvestedandexercisableandanyperformanceconditions
imposedwithrespecttoAwardsshallbedeemedtobeachievedattargetperformancelevels.
d)NotwithstandinganyotherprovisionofthePlan,intheeventofaChangeinControl,theCompensationCommitteeofthe
MylanN.V.BoardofDirectors(theCommittee)may,initsdiscretion,exceptaswouldotherwiseresultinadversetaxconsequencesunder
Section409AoftheUnitedStatesInternalRevenueCode(theCode),providethateachAwardshall,immediatelyupontheoccurrenceofa
ChangeinControl,becancelledinexchangeforapaymentincashorsecuritiesinanamountequalto(i)theexcessoftheconsiderationpaid
perShareintheChangeinControloverthepurchaseprice(ifany)perSharesubjecttotheAwardmultipliedby(ii)thenumberofShares
thenoutstandingundertheAward.
e)Notwithstandingtheforegoing,foreachAwardthatconstitutesdeferredcompensationunderSection409AoftheCode,a
ChangeinControlshallbedeemedtohaveoccurredunderthePlanwithrespecttosuchAwardonlyifachangeintheownershiporeffective
controloftheCompanyorachangeinownershipofasubstantialportionoftheassetsoftheCompanyshallalsobedeemedtohaveoccurred
underSection409AoftheCode.
5. Employee Data Privacy: TheParticipantherebyexplicitlyandunambiguouslyconsentstothecollection,useandtransfer,in
electronicorotherform,oftheParticipantspersonaldataasdescribedinthisdocumentbyandamong,asapplicable,

theCompany,itsAffiliatesanditsSubsidiaries(theCompanyGroup)fortheexclusivepurposeofimplementing,administeringand
managingtheParticipantsparticipationinthePlan.TheParticipantalso:
a)understandsthattheCompanyGroupholdscertainpersonalinformationabouthimorher,including,butnotlimitedto,the
Participantsname,homeaddressandtelephonenumber,dateofbirth,socialinsurancenumberorotheridentificationnumber,salary,
nationality,jobtitle,anyShares,AwardsordirectorshipsheldintheCompany,detailsofallAwardsoranyotherentitlementtoShares
awarded,canceled,exercised,vested,unvestedoroutstandingintheParticipantsfavor,forthepurposeofimplementing,administeringand
managingthePlan(Data);
b)understandsthatDatamaybetransferredtoanythirdpartiesassistingintheimplementation,administrationandmanagement
ofthePlan,thattheserecipientsmaybelocatedintheParticipantscountryorelsewhere,andthattherecipientscountrymayhavedifferent
dataprivacylawsandprotectionsthantheParticipantscountry;
c)thatheorshemayrequestalistwiththenamesandaddressesofanypotentialrecipientsoftheDatabycontactingthe
Participantslocalhumanresourcesrepresentative;
d)authorizestherecipientstoreceive,possess,use,retainandtransfertheData,inelectronicorotherform,forthepurposesof
implementing,administeringandmanagingtheParticipantsparticipationinthePlan,includinganyrequisitetransferofsuchDataasmaybe
requiredtoabrokerorotherthirdpartywithwhomtheParticipantmayelecttodepositanySharesacquired;
e)understandsthatDatawillbeheldonlyaslongasisnecessarytoimplement,administerandmanagetheParticipants
participationinthePlan;
f)understandsthattheParticipantmay,atanytime,viewData,requestadditionalinformationaboutthestorageandprocessing
ofData,requireanynecessaryamendmentstoDataorrefuseorwithdrawtheconsentsherein,inanycasewithoutcost,bycontactingin
writinghisorherlocalhumanresourcesrepresentative;and
g)understandsthatrefusingorwithdrawingconsentmayaffecthisorherabilitytoparticipateinthePlan.Formoreinformation
ontheconsequencesoftheParticipantsrefusaltoconsentorwithdrawalofconsent,theParticipantmaycontacthisorherlocalhuman
resourcesrepresentative.
6. Limitation Of Liability: TheParticipantagreesthatanyliabilityoftheofficers,theCommittee,andtheBoardofDirectorsofthe
CorporationtotheParticipantunderthisNoticeshallbelimitedtothoseactionsorfailuretotakeactionswhichconstituteself-dealing,willful
misconductorrecklessness.
7. Dutch Payment Obligation: UpontheissuanceofShares,theParticipantshallbeobligatedunderDutchlawtopaytotheCompany
thenominalvalueofEUR0.01per

Share(theDutchPaymentObligation).TheCompanyherebygrantstheParticipanttherighttoreceiveanequivalentpaymentfromthe
Companyandshallset-offtheDutchPaymentObligationagainsttherighttosuchpayment(resultinginanetpaymentofzero(0)).The
ParticipantsrighttoapaymentfromtheCompanycannotbeusedforanypurposeotherthanasdescribedaboveandcannotbeassigned,
transferred,pledgedorsold.
8. Governing Law: ThetermsandconditionsofthisNoticeshallbegovernedbyandconstruedinaccordancewiththelawsofthe
CommonwealthofPennsylvania.
ThisNoticeisexecutedonbehalfoftheCompany,effectiveasofthedatefirstsetforthabove.

[NAME]
Chairman,CompensationCommitteeof
theMylanN.V.BoardofDirectors
TheundersignedParticipantherebyacknowledgesreceiptofthisNoticeandagreestoandacceptsthetermsandconditionssetforth
herein.
Participant:

[NAME]

EXHIBIT A

[_________]

Exhibit 10.1(l)
Confidential

MYLAN N.V.
2003 LONG-TERM INCENTIVE PLAN
STOCK OPTION AGREEMENT
[_______](theOptionee)isgranted,effectiveasofthegrantdate[_______],options(theOptions)topurchaseordinaryshares

("Shares")ofMylanN.V.(theOptionSharesor"Shares")pursuanttothe2003Long-TermIncentivePlan,asamendedtodate(the
Plan)ofMylanN.V.(theCorporation).The Options are subject to the terms and conditions set forth below and in the Plan,
which is a part of this Stock Option Agreement (the Agreement). Totheextentthatthereisaconflictbetweenthetermsofthe
PlanandthisAgreement,thetermsofthePlanshallgovern.Anytermnotdefinedhereinshallhavethemeaningassignedtosuch
terminthePlan.
1 .Exercise Price: [_______]perOptionShare.
2 .Number of Option Shares: [_______]
3. Type of Option: [_______]
4. Vesting: TheOptionsgrantedhereunderwillbecomevestedinaccordancewiththevestingschedule,subjecttothetermsofthe
PlanandthisNotice.
5. Exercise of Option: OptionsmaybeexercisedinaccordancewiththerulescontainedinArticleVI,Section6.04Option
Exercise Procedures ,ofthePlan.
6. Expiration Date: Subjecttoearlierterminationupontheoccurrenceofcertaineventsrelatedtotheterminationofthe
OptioneesemploymentasprovidedinSection6.03(e)ofthePlan,theOptionsgrantedhereundershallexpireat12:01a.m.Eastern
StandardTimeonthetenth(10th)annualanniversaryofthegrantdate,unlessearlierexercised.Thisagreementdoesnotconstitute
anemploymentcontract.
7. Limitation Of Liability Of The Committee And Board Of Directors: TheOptioneeagreesthattheliabilityoftheofficers
andtheBoardofDirectorsoftheCorporationtotheOptioneeunderthisAgreementshallbelimitedtothoseactionsorfailureto
takeactionswhichconstituteself-dealing,willfulmisconductorrecklessness.
8. Change in Control: NotwithstandinganythingtothecontraryinthePlan,intheeventofaChangeinControl(asdefinedinthe
Plan),anyunvestedOptionsgrantedpursuanttothisAgreementshallvestasfollows:
a)WithrespecttoeachunvestedOptionthatisassumedorsubstitutedinconnectionwithaChangeinControl,intheeventof
aterminationoftheOptionee`semploymentorserviceduringthe24-monthperiodfollowingsuchChangeinControl(i)without
Causeor(ii)

bytheOptioneeforGoodReason,suchOptionshallbecomefullyvestedandexercisableasofsuchterminationofemployment.
CauseandGoodReasonshallhavethemeaningsassignedtosuchtermsintheMylanInc.SeverancePlan(oranysuccessorplan),
unlesstheOptioneeisentitledtoseverancebenefitsunderaTransitionandSuccessionAgreementoranEmploymentAgreement,in
whichcasethedefinitionsinsuchagreement,ifany,shallapply.
b)ForpurposesofthisSection8,anOptionshallbeconsideredassumedorsubstitutedforif,followingtheChangein
Control,theOptionremainssubjecttothesametermsandconditionsthatwereapplicabletotheOptionimmediatelypriortothe
ChangeinControl(includingvestingconditions)exceptassetforthinthisSection8andexceptthattheOptioninsteadconfersthe
righttoreceivepubliclytradedequitysecuritiesoftheacquiringentityortheultimateparentcompanywhichresultsfromthe
ChangeinControl.
c)WithrespecttoeachunvestedOptionthatisnotassumedorsubstitutedinconnectionwithaChangeinControl,
immediatelyupontheoccurrenceoftheChangeinControl,suchOptionshallbecomefullyvestedandexercisable.
d)NotwithstandinganyotherprovisionofthePlan,intheeventofaChangeinControl,theCommitteemay,initsdiscretion,
providethateachOptionshall,immediatelyupontheoccurrenceofaChangeinControl,becancelledinexchangeforapaymentin
cashorsecuritiesinanamountequalto(i)theexcessoftheconsiderationpaidperShareintheChangeinControlovertheexercise
price(ifany)perSharesubjecttotheOptionmultipliedby(ii)thenumberofSharesthenoutstandingundertheOption.
9. Employee Data Privacy: TheOptioneeherebyexplicitlyandunambiguouslyconsenttothecollection,useandtransfer,in
electronicorotherform,ofyourpersonaldataasdescribedinthisdocumentbyandamong,asapplicable,theCompany,its
AffiliatesanditsSubsidiaries(theCompanyGroup)fortheexclusivepurposeofimplementing,administeringandmanagingyour
participationinthePlan.TheOptioneealso:
a)understandsthattheCompanyGroupholdscertainpersonalinformationabouthimorher,including,butnotlimitedto,the
Optioneesname,homeaddressandtelephonenumber,dateofbirth,socialinsurancenumberorotheridentificationnumber,salary,
nationality,jobtitle,anyOptionSharesofstockordirectorshipsheldintheCompany,detailsofallRestrictedStockUnitsorany
otherentitlementtoOptionSharesofstockawarded,canceled,exercised,vested,unvestedoroutstandinginyourfavor,forthe
purposeofimplementing,administeringandmanagingthePlan(Data);
b)understandsthatDatamaybetransferredtoanythirdpartiesassistingintheimplementation,administrationand
managementofthePlan,thattheserecipientsmaybelocatedinyourcountryorelsewhere,andthattherecipientscountrymayhave
differentdataprivacylawsandprotectionsthantheOptioneescountry;
c)thatheorshemayrequestalistwiththenamesandaddressesofanypotentialrecipientsoftheDatabycontactingyour
localhumanresourcesrepresentative;

d)authorizestherecipientstoreceive,possess,use,retainandtransfertheData,inelectronicorotherform,forthepurposes
ofimplementing,administeringandmanagingyourparticipationinthePlan,includinganyrequisitetransferofsuchDataasmaybe
requiredtoabrokerorotherthirdpartywithwhomtheOptioneemayelecttodepositanyOptionSharesacquired;
e)understandsthatDatawillbeheldonlyaslongasisnecessarytoimplement,administerandmanageyourparticipationin
thePlan;
f)understandsthattheOptioneemay,atanytime,viewData,requestadditionalinformationaboutthestorageandprocessing
ofData,requireanynecessaryamendmentstoDataorrefuseorwithdrawtheconsentsherein,inanycasewithoutcost,by
contactinginwritingyourlocalhumanresourcesrepresentative;and
g)understandsthatrefusingorwithdrawingconsentmayaffecthisorherabilitytoparticipateinthePlan.Formore
informationontheconsequencesofyourrefusaltoconsentorwithdrawalofconsent,theOptioneemaycontacthisorherlocal
humanresourcesrepresentative.
10. Law Governing: ThisAgreementshallbegovernedbyandconstruedundertheinternallawsoftheCommonwealthof
Pennsylvania.

Exhibit 10.1(m)
Confidential

MYLAN N.V.
2003 LONG-TERM INCENTIVE PLAN
NOTICE OF AWARD OF RESTRICTED STOCK UNITS
[_________](theParticipant)hasbeengranted,effectiveasofthegrantdate[_________],anawardofrestrictedstockunits(the
Award)payableinordinarysharesof(theShares)ofMylanN.V.(theCompany)pursuanttotheCompanys2003Long-Term
IncentivePlan,asamendedtodate(thePlan).TheAwardissubjecttothetermsandconditionssetforthbelowandinthePlan,whichisa
partofthisNotice.
1. Number of Restricted Stock Units (RSUs): [_________],where1RSUisequaltotherighttoreceive[__]Share[s].
2. Vesting: RestrictionsontheRSUslapse(andshareswillbereleasedtotheParticipant)inaccordancewiththevestingschedule,subject
tothetermsofthePlanandthisNotice.
3. Forfeiture: SubjecttoSections7.03and7.04ofthePlan,iftheParticipantsemploymentwiththeCompanyoranyofitssubsidiaries
terminatesforanyreason,allRSUsshallbeforfeitedandreturnedtotheCompany,andallrightsoftheParticipantwithrespecttosuchRSUs
shallterminate.
4. Change in Control: NotwithstandinganythingtothecontraryinthePlan,intheeventofaChangeinControl(asdefinedinthePlan),
anyunvestedAwardsgrantedpursuanttothisAgreementshallvestasfollows:
a)WithrespecttoeachunvestedAwardthatisassumedorsubstitutedinconnectionwithaChangeinControl,intheeventofa
terminationoftheParticipantsemploymentorserviceduringthe24-monthperiodfollowingsuchChangeinControl(i)withoutCauseor(ii)
bytheOptioneeforGoodReason,suchAwardshallbecomefullyvestedandexercisableasofsuchterminationofemployment.Causeand
GoodReasonshallhavethemeaningsassignedtosuchtermsintheMylanInc.SeverancePlan(oranysuccessorplan),unlesstheParticipant
isentitledtoseverancebenefitsunderaTransitionandSuccessionAgreementoranEmploymentAgreement,inwhichcasethedefinitionsin
suchagreement,ifany,shallapply.
b)ForpurposesofthisSection4,anAwardshallbeconsideredassumedorsubstitutedforif,followingtheChangeinControl,the
AwardremainssubjecttothesametermsandconditionsthatwereapplicabletotheAwardimmediatelypriortotheChangeinControl
(includingvestingconditions)exceptassetforthinthisSection4andexceptthattheAwardinsteadconferstherighttoreceivepublicly
tradedequitysecuritiesoftheacquiringentityortheultimateparentcompanywhichresultsfromtheChangeinControl.
c)WithrespecttoeachunvestedAwardthatisnotassumedorsubstitutedinconnectionwithaChangeinControl,immediatelyupon
theoccurrenceoftheChangeinControl,suchAwardshallbecomefullyvestedandexercisable.
d)NotwithstandinganyotherprovisionofthePlan,intheeventofaChangeinControl,theCommitteemay,initsdiscretion,except
aswouldotherwiseresultinadversetaxconsequencesunderCodeSection409A,providethateachAwardshall,immediatelyuponthe
occurrenceofaChangeinControl,becancelledinexchangeforapaymentincashorsecurities

inanamountequalto(i)theexcessoftheconsiderationpaidperShareintheChangeinControloverthepurchaseprice(ifany)perShare
subjecttotheAwardmultipliedby(ii)thenumberofSharesthenoutstandingundertheAward.
e)Notwithstandingtheforegoing,foreachAwardthatconstitutesdeferredcompensationunderSection409AoftheCode,aChange
inControlshallbedeemedtohaveoccurredunderthePlanwithrespecttosuchAwardonlyifachangeintheownershiporeffectivecontrol
oftheCompanyorachangeinownershipofasubstantialportionoftheassetsoftheCompanyshallalsobedeemedtohaveoccurredunder
Section409AoftheCode.
5. Employee Data Privacy: TheOptioneeherebyexplicitlyandunambiguouslyconsenttothecollection,useandtransfer,inelectronicor
otherform,ofyourpersonaldataasdescribedinthisdocumentbyandamong,asapplicable,theCompany,itsAffiliatesanditsSubsidiaries
(theCompanyGroup)fortheexclusivepurposeofimplementing,administeringandmanagingyourparticipationinthePlan.The
Optioneealso:
a)understandsthattheCompanyGroupholdscertainpersonalinformationabouthimorher,including,butnotlimitedto,the
Optioneesname,homeaddressandtelephonenumber,dateofbirth,socialinsurancenumberorotheridentificationnumber,salary,
nationality,jobtitle,anyOptionSharesofstockordirectorshipsheldintheCompany,detailsofallRestrictedStockUnitsoranyother
entitlementtoOptionSharesofstockawarded,canceled,exercised,vested,unvestedoroutstandinginyourfavor,forthepurposeof
implementing,administeringandmanagingthePlan(Data);
b)understandsthatDatamaybetransferredtoanythirdpartiesassistingintheimplementation,administrationandmanagementofthe
Plan,thattheserecipientsmaybelocatedinyourcountryorelsewhere,andthattherecipientscountrymayhavedifferentdataprivacylaws
andprotectionsthantheOptioneescountry;
c)thatheorshemayrequestalistwiththenamesandaddressesofanypotentialrecipientsoftheDatabycontactingyourlocalhuman
resourcesrepresentative;
d)authorizestherecipientstoreceive,possess,use,retainandtransfertheData,inelectronicorotherform,forthepurposesof
implementing,administeringandmanagingyourparticipationinthePlan,includinganyrequisitetransferofsuchDataasmayberequiredto
abrokerorotherthirdpartywithwhomtheOptioneemayelecttodepositanyOptionSharesacquired;
e)understandsthatDatawillbeheldonlyaslongasisnecessarytoimplement,administerandmanageyourparticipationinthePlan;

f)understandsthattheOptioneemay,atanytime,viewData,requestadditionalinformationaboutthestorageandprocessingofData,
requireanynecessaryamendmentstoDataorrefuseorwithdrawtheconsentsherein,inanycasewithoutcost,bycontactinginwritingyourlocalhumanresources
representative;and
g)understandsthatrefusingorwithdrawingconsentmayaffecthisorherabilitytoparticipateinthePlan.Formoreinformationon
theconsequencesofyourrefusaltoconsentorwithdrawalofconsent,theOptioneemaycontacthisorherlocalhumanresources
representative.
6. Limitation Of Liability Of The Committee And Board Of Directors: TheParticipantagreesthattheliabilityoftheofficersandthe
BoardofDirectorsoftheCorporationtotheParticipantunderthisAgreementshallbelimitedtothoseactionsorfailuretotakeactionswhich
constituteself-dealing,willfulmisconductorrecklessness.
7. Dutch Payment Obligation: UpontheissuanceofShares,theParticipantshallbeobligatedunderDutchlawtopaytotheCompanythe
nominalvalueofEUR0.01perShare(theDutchPaymentObligation).TheCompanyherebygrantstheParticipanttherighttoreceivean
equivalentpaymentfromtheCompanyandshallset-offtheDutchPaymentObligationagainsttherighttosuchpayment(resultinginanet
paymentofzero(0)).TheParticipantsrighttoapaymentfromtheCompanycannotbeusedforanypurposeotherthanasdescribedabove
andcannotbeassigned,transferred,pledgedorsold.
8. Governing Law: ThisNoticeshallbegovernedbyandconstruedinaccordancewiththelawsoftheCommonwealthofPennsylvania.

Exhibit 10.1(n)
Confidential

MYLAN N.V.
2003 LONG-TERM INCENTIVE PLAN
NOTICE OF AWARD OF RESTRICTED STOCK UNITS
- PERFORMANCE-BASED GRANT [_________](theParticipant)hasbeengranted,effectiveasofthegrantdateof[_________](theGrantDate),anawardof
restrictedstockunits(theAward)payableinordinaryshares(theShares)ofMylanN.V.(theCompany)pursuanttotheCompanys
2003Long-TermIncentivePlan,asamendedtodate(thePlan).The Award is subject to the terms and conditions set forth below and in
the Plan, which is a part of this Notice. TotheextentthatthereisaconflictbetweenthetermsofthePlanandthisNotice,thetermsofthe
Planshallgovern.ThisNoticeshallsupersedeanypriorNoticeofAwardofRestrictedStockUnitsPerformance-BasedGrantpertainingto
theAwardgrantedherein,andacceptanceofthetermsofthisNoticeshallservetorevokeanyprioracceptanceofsuchAward.
1.

Target Number of Restricted Stock Units: [_________](TargetRSUs).

2. Vesting and Forfeiture: TheAwardshallrepresenttherighttoreceive,[on_________](theVestingDate),anumberofShares

equaltoamultipleoftheTargetRSUs(assetforthabove),asdeterminedinaccordancewithExhibitA.[[________(__%)]oftheAward
shallbeeligibletobeearnedbasedon[_________](the[_________]StockAward)and[________(__%)]oftheAwardshallbe
eligibletobeearnedbasedon[_________](the[_________]StockAward),ineachcase,asdescribedonExhibitAand,exceptas
providedinSection7.03ofthePlanorotherwiseprovidedherein,providedthattheParticipantisemployedbytheCompanythroughthe
VestingDate.AnyportionoftheAwardthatcouldhavebeenearnedinaccordancewiththeprovisionsofExhibitAthatisnotearnedasof
theVestingDateshallbeimmediatelyforfeitedontheVestingDate.
3. Forfeiture: SubjecttoSection7.03ofthePlan,iftheParticipantsemploymentwiththeCompanyoranyofitssubsidiariesterminates
foranyreasonpriortotheVestingDate,theAwardshallbeforfeitedtotheCompany,andallrightsoftheParticipantwithrespecttosuch
Awardshallterminateimmediately.
4. Change in Control: NotwithstandinganythingtothecontraryinthePlanorinthisNotice,intheeventofaChangeinControl(as
definedinthePlan),anyunvestedAwardsgrantedpursuanttothisNoticeshallvestasfollows:
a)WithrespecttoeachunvestedAwardthatisassumedorsubstitutedinconnectionwithaChangeinControl,intheevent
ofaterminationoftheParticipantsemploymentorserviceduringthe24-monthperiodfollowingsuchChangeinControl(i)withoutCause
or(ii)bytheParticipantforGoodReason,suchAwardshallbecomefullyvestedandexercisableasofsuchterminationofemploymentand
anyperformanceconditionsimposedwithrespecttoAwardsshallbedeemedtobeachievedattargetperformancelevels.Causeand
GoodReasonshallhavethemeaningsassignedtosuchtermsintheMylanInc.SeverancePlan(oranysuccessorplan),unlessthe

ParticipantisentitledtoseverancebenefitsunderaTransitionandSuccessionAgreementoranEmploymentAgreement,inwhichcasethe
definitionsinsuchagreement,ifany,shallapply.
b)ForpurposesofthisSection4,anAwardshallbeconsideredassumedorsubstitutedforif,followingtheChangein
Control,theAwardremainssubjecttothesametermsandconditionsthatwereapplicabletotheAwardimmediatelypriortotheChangein
Control(includingvestingconditions)exceptassetforthinthisSection4andexceptthattheAwardinsteadconferstherighttoreceive
publiclytradedequitysecuritiesoftheacquiringentityortheultimateparentcompanywhichresultsfromtheChangeinControl.
c)WithrespecttoeachunvestedAwardthatisnotassumedorsubstitutedinconnectionwithaChangeinControl,
immediatelyupontheoccurrenceoftheChangeinControl,suchAwardshallbecomefullyvestedandexercisableandanyperformance
conditionsimposedwithrespecttoAwardsshallbedeemedtobeachievedattargetperformancelevels.
d)NotwithstandinganyotherprovisionofthePlan,intheeventofaChangeinControl,theCompensationCommitteeof
theMylanN.V.BoardofDirectors(theCommittee)may,initsdiscretion,exceptaswouldotherwiseresultinadversetaxconsequences
underCodeSection409A,providethateachAwardshall,immediatelyupontheoccurrenceofaChangeinControl,becancelledinexchange
forapaymentincashorsecuritiesinanamountequalto(i)theexcessoftheconsiderationpaidperShareintheChangeinControloverthe
purchaseprice(ifany)perSharesubjecttotheAwardmultipliedby(ii)thenumberofSharesthenoutstandingundertheAward.
e)Notwithstandingtheforegoing,foreachAwardthatconstitutesdeferredcompensationunderSection409AoftheCode,a
ChangeinControlshallbedeemedtohaveoccurredunderthePlanwithrespecttosuchAwardonlyifachangeintheownershiporeffective
controloftheCompanyorachangeinownershipofasubstantialportionoftheassetsoftheCompanyshallalsobedeemedtohaveoccurred
underSection409AoftheCode.
5. Employee Data Privacy: TheOptioneeherebyexplicitlyandunambiguouslyconsenttothecollection,useandtransfer,inelectronicor
otherform,ofyourpersonaldataasdescribedinthisdocumentbyandamong,asapplicable,theCompany,itsAffiliatesanditsSubsidiaries
(theCompanyGroup)fortheexclusivepurposeofimplementing,administeringandmanagingyourparticipationinthePlan.The
Optioneealso:
a)understandsthattheCompanyGroupholdscertainpersonalinformationabouthimorher,including,butnotlimitedto,the
Optioneesname,homeaddressandtelephonenumber,dateofbirth,socialinsurancenumberorotheridentificationnumber,salary,
nationality,jobtitle,anyOptionSharesofstockordirectorshipsheldintheCompany,detailsofallRestrictedStockUnitsoranyother
entitlementtoOptionSharesofstockawarded,canceled,exercised,vested,unvestedoroutstandinginyourfavor,for

thepurposeofimplementing,administeringandmanagingthePlan(Data);
b)understandsthatDatamaybetransferredtoanythirdpartiesassistingintheimplementation,administrationandmanagementofthe
Plan,thattheserecipientsmaybelocatedinyourcountryorelsewhere,andthattherecipientscountrymayhavedifferentdataprivacylaws
andprotectionsthantheOptioneescountry;
c)thatheorshemayrequestalistwiththenamesandaddressesofanypotentialrecipientsoftheDatabycontactingyourlocalhuman
resourcesrepresentative;
d)authorizestherecipientstoreceive,possess,use,retainandtransfertheData,inelectronicorotherform,forthepurposesof
implementing,administeringandmanagingyourparticipationinthePlan,includinganyrequisitetransferofsuchDataasmayberequiredto
abrokerorotherthirdpartywithwhomtheOptioneemayelecttodepositanyOptionSharesacquired;
e)understandsthatDatawillbeheldonlyaslongasisnecessarytoimplement,administerandmanageyourparticipationinthePlan;
f)understandsthattheOptioneemay,atanytime,viewData,requestadditionalinformationaboutthestorageandprocessingofData,
requireanynecessaryamendmentstoDataorrefuseorwithdrawtheconsentsherein,inanycasewithoutcost,bycontactinginwritingyour
localhumanresourcesrepresentative;and
g)understandsthatrefusingorwithdrawingconsentmayaffecthisorherabilitytoparticipateinthePlan.Formoreinformationonthe
consequencesofyourrefusaltoconsentorwithdrawalofconsent,theOptioneemaycontacthisorherlocalhumanresourcesrepresentative.
6. Limitation Of Liability: TheParticipantagreesthatanyliabilityoftheofficers,theCommittee,andtheBoardofDirectorsofthe
CorporationtotheParticipantunderthisNoticeshallbelimitedtothoseactionsorfailuretotakeactionswhichconstituteself-dealing,willful
misconductorrecklessness.
7. Dutch Payment Obligation: UpontheissuanceofShares,theParticipantshallbeobligatedunderDutchlawtopaytotheCompany
thenominalvalueofEUR0.01perShare(theDutchPaymentObligation).TheCompanyherebygrantstheParticipanttherighttoreceive
anequivalentpaymentfromtheCompanyandshallset-offtheDutchPaymentObligationagainsttherighttosuchpayment(resultinginanet
paymentofzero(0)).TheParticipantsrighttoapaymentfromtheCompanycannotbeusedforanypurposeotherthanasdescribedabove
andcannotbeassigned,transferred,pledgedorsold.
8. Governing Law: ThetermsandconditionsofthisNoticeshallbegovernedbyandconstruedinaccordancewiththelawsofthe
CommonwealthofPennsylvania.

EXHIBIT 12.1

Mylan N.V.
Statement of Computation of Ratios of Earnings to Fixed Charges

Year Ended December 31,

(In millions, except for ratios)

Earningsbeforeincometaxesandnon-controllinginterest

2015

Add:Lossfromequityaffiliates

(1)

915.4 $
105.1

Add:Fixedcharges

2014

2013

2012

974.5 $

747.3 $

804.2 $

91.4

22.4

16.9

2011

654.6

358.4

348.3

326.8

321.8

Totalearnings

1,378.9 $

1,414.2 $

1,096.5 $

1,142.9 $

Fixedcharges:

339.4 $

333.2 $

313.3 $

308.7 $

335.9

19.0

15.1

13.5

13.1

12.1
348.0

Interestexpensed
Appropriateportionofrentals
Totalfixedcharges

358.4 $

348.3 $

326.8 $

321.8 $

Ratio of earnings to fixed charges

____________

3.85

4.06

3.36

3.55

348.0
1,002.6

2.88

(1)MylanN.V.isthesuccessortoMylanInc.,theinformationsetforthabovereferstoMylanInc.forperiodspriortoFebruary27,2015,andtoMylanN.V.on

andafterFebruary27,2015.

EXHIBIT 21.1
Subsidiaries as of December 31, 2015
Name

State or Country of Organization

AgilaAustralasiaPtyLtd.

Australia

AlphapharmPtyLtd.

Australia

BGPProductsPty.Ltd.

Australia

MylanAustraliaHoldingPtyLtd.

Australia

MylanAustraliaPtyLtd.

Australia

ArcanaArzneimittelGmbH

Austria

BGPProductsGmbH(Austria)

Austria

AktuapharmaNV

Belgium

DocpharmaBVBA

Belgium

HospitheraNV

Belgium

MatrixLaboratoriesBVBA

Belgium

MylanBVBA

Belgium

MylanEPDSPRL

Belgium

MylanBermudaLtd.

Bermuda

BGPProductsd.o.o.

BosniaandHerzegovina

AgilaEspecialidadesFarmaceuticaLtda

Brazil

AgilaFarmaceuticaParticipacoesLtda

Brazil

AgilaMarketingeDistribuicaodeProdutosHospitalaresLtda

Brazil

MylanEOOD

Bulgaria

BGPPharmaULC

Canada

MylanPharma(Canada)Ltd.

Canada

MylanPharmaceuticalsULC

Canada

QDPharmaceuticalsULC

Canada

MylanEPDd.o.o.

Croatia

AgilaSpecialties(Holdings)CyprusLtd.

Cyprus

AgilaSpecialtiesAmericasLtd.

Cyprus

OncoLaboratoriesLtd.

Cyprus

BGPProductsCzechRepublics.r.o.

CzechRepublic

MylanPharmaceuticalss.r.o.

CzechRepublic

CantonFuelsCompany,LLC

Delaware

ChouteauFuelsCompany,LLC

Delaware

DeogunManufacturingCompany,LLC

Delaware

DeyLimitedPartnerLLC

Delaware

Dey,Inc.

Delaware

EMD,Inc.

Delaware

MarquisIndustrialCompany,LLC

Delaware

MylanHoldingsInc.

Delaware

MylanInstitutionalLLC

Delaware

MylanInvestmentHoldings4LLC

Delaware

MylanInvestmentHoldings5LLC

Delaware

MylanInvestmentHoldings6LLC

Delaware

MylanLaboratories,Inc.

Delaware

MylanLLC

Delaware

Name

State or Country of Organization

MylanSecuritizationLLC

Delaware

MylanSpecialInvestmentsII,LLC

Delaware

MylanSpecialInvestmentsIII,LLC

Delaware

MylanSpecialInvestmentsIV,LLC

Delaware

MylanSpecialInvestmentsV,LLC

Delaware

MylanSpecialInvestmentsVI,LLC

Delaware

MylanSpecialInvestmentsLLC

Delaware

MylanSpecialtyL.P.

Delaware

PowderStreet,LLC

Delaware

SomersetPharmaceuticals,Inc.

Delaware

BGPProductsApS

Denmark

MylanApS

Denmark

BGPProductsOy

Finland

MylanOy

Finland

MylanEMEAS.A.S.

France

MylanFCT

France

MylanGenericsFranceHoldingS.A.S.

France

MylanLaboratoriesSAS

France

MylanMedicalSAS

France

MylanSAS

France

QualimedSAS

France

SocietedeParticipationPharmaceutiqueS.A.S.

France

MylanduraGmbH

Germany

MylanHealthcareGmbH

Germany

Mylan(Gibraltar)4Ltd.

Gibraltar

Mylan(Gibraltar)5Ltd.

Gibraltar

Mylan(Gibraltar)6Ltd.

Gibraltar

Mylan(Gibraltar)7Ltd.

Gibraltar

Mylan(Gibraltar)8Ltd.

Gibraltar

Mylan(Gibraltar)9Ltd.

Gibraltar

BGPPharmaceuticalProductsLtd.

Greece

GenericsPharmaHellasE.P.E.

Greece

MylanEPDKft

Hungary

MylanHungaryKft.

Hungary

MylanKft.

Hungary

MylanInstitutionalInc.

Illinois

JaiPharmaLimited

India

MylanLaboratoriesIndiaPrivateLtd.

India

MylanLaboratoriesLtd.

India

MylanPharmaceuticalsPrivateLtd.

India

BGPProductsIrelandLimited

Ireland

BGPProductsLimited

Ireland

McDermottLaboratoriesLtd.

Ireland

MylanInvestmentsLtd.

Ireland

MylanIrelandHoldingsLtd.

Ireland

Name

State or Country of Organization

MylanIrelandInvestmentLimited

Ireland

MylanIrelandLtd.

Ireland

MylanPharmaAcquisitionLtd.

Ireland

MylanPharmaGroupLtd.

Ireland

MylanPharmaHoldingsLtd.

Ireland

MylanTeoranta

Ireland

BGPProductsS.r.l.(Italy)

Italy

MylanS.p.A.

Italy

MylanEPDG.K.

Japan

MylanSeiyakuLtd.

Japan

SIA"BGPProducts"

Latvia

BGPProductsUAB

Lithuania

BGPProductsS..r.l.

Luxembourg

MylanLuxembourg1S.r.l.

Luxembourg

MylanLuxembourg2S.r.l.

Luxembourg

MylanLuxembourg3S.r.l.

Luxembourg

MylanLuxembourg6S.r.l.

Luxembourg

MylanLuxembourg7S.r.l.

Luxembourg

MylanLuxembourg8S.r.l.

Luxembourg

MylanLuxembourg9S.r.l.

Luxembourg

MylanLuxembourgS.r.l.

Luxembourg

MPLaboratories(Mauritius)Ltd.

Mauritius

MylanPharmaceuticalsS.A.

Morocco

ApotheconB.V.

Netherlands

BCPProductsB.V.

Netherlands

MylanB.V.

Netherlands

MylanGroupB.V.

Netherlands

AgilaSpecialtiesInc.

NewJersey

BGPProducts

NewZealand

MylanNewZealandLtd.

NewZealand

MylanHealthManagementLLC

NorthCarolina

BGPProductsAS

Norway

MylanAS

Norway

MylanHospitalAS

Norway

MLRELLC

Pennsylvania

MylanHoldingsSubInc.

Pennsylvania

MylanInc.

Pennsylvania

SynerxPharma,LLC

Pennsylvania

AgilaSpecialtiesPolskasp.zo.o

Poland

BGPProductsPolandsp.zo.o.

Poland

MylanEPDSp.zo.o.

Poland

MylanSp.zo.o.

Poland

BGPProducts,Unipessoal,LDA

Portugal

LaboratoriosAnova-ProdutosFamaceuticos,LDA

Portugal

MylanEPDLDA

Portugal

Name

State or Country of Organization

Mylan,LDA

Portugal

BGPProductsS.R.L.(Romania)

Romania

AgilaSpecialtiesGlobalPte.Ltd.

Singapore

BGPProductss.r.o.

Slovakia

Mylans.r.o.

Slovakia

GSPProizvodi,farmacevtskadruzba,d.o.o.

Slovenia

Myland.o.o.

Slovenia

Mylan(Proprietary)Ltd.

SouthAfrica

SCPPharmaceuticals(Pty)Ltd.

SouthAfrica

XixiaPharmaceuticals(Pty)Ltd.

SouthAfrica

BGPProductsOperations,S.L.

Spain

MylanPharmaceuticalsS.L.

Spain

BGPProductsAB

Sweden

MylanAB

Sweden

ScandinavianPharmaceuticals-GenericsAB

Sweden

ScandpharmMarketingAB

Sweden

BGPProductsGmbH(Switzerland)

Switzerland

BGPProductsOperationsGmbH

Switzerland

BGPProductsSwitzerlandGmbH

Switzerland

MylanGmbH

Switzerland

MylanHoldingsGmbH

Switzerland

Mylan(Taiwan)Ltd.

TaiwanProvinceofChina

MylanBertekPharmaceuticalsInc.

Texas

MylanFZ-LLC

UnitedArabEmirates

AgilaSpecialtiesInvestmentsLimited

UnitedKingdom

AgilaSpecialtiesUKLimited

UnitedKingdom

BGPProductsLTD.

UnitedKingdom

FamyCareEuropeLimited

UnitedKingdom

Generics[U.K.]Limited

UnitedKingdom

MylanHoldingsLTD.

UnitedKingdom

MylanPharmaUKLimited

UnitedKingdom

AmericanTriumvirateInsuranceCompany

Vermont

MylanInternationalHoldings,Inc.

Vermont

MPAir,Inc.

WestVirginia

MylanPharmaceuticalsInc.

WestVirginia

MylanTechnologies,Inc.

WestVirginia

SagentAgilaLLC

Wyoming

EXHIBIT 23
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
WeconsenttotheincorporationbyreferenceinRegistrationStatementNo.333-206912onFormS-8,andRegistrationStatementNo.333-206913onFormS-3,of
ourreportsdatedFebruary15,2016,relatingtotheconsolidatedfinancialstatementsandconsolidatedfinancialstatementscheduleofMylanN.V.andsubsidiaries
(theCompany)andtheeffectivenessoftheCompanysinternalcontroloverfinancialreporting,appearinginthisAnnualReportonForm10-KofMylanN.V.
fortheyearendedDecember31,2015.
/s/DELOITTE&TOUCHELLP
Pittsburgh,Pennsylvania
February15,2016

EXHIBIT 31.1
Certification of Principal Executive Officer Pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002
I,HeatherBresch,certifythat:
1. IhavereviewedthisForm10-KofMylanN.V.;
2. Basedonmyknowledge,thisreportdoesnotcontainanyuntruestatementofamaterialfactoromittostateamaterialfactnecessarytomakethe
statementsmade,inlightofthecircumstancesunderwhichsuchstatementsweremade,notmisleadingwithrespecttotheperiodcoveredbythisreport;
3. Basedonmyknowledge,thefinancialstatements,andotherfinancialinformationincludedinthisreport,fairlypresentinallmaterialrespectsthe
financialcondition,resultsofoperationsandcashflowsoftheregistrantasof,andfor,theperiodspresentedinthisreport;
4. Theregistrantsothercertifyingofficer(s)andIareresponsibleforestablishingandmaintainingdisclosurecontrolsandprocedures(asdefinedin
Exchange ActRules13a-15(e) and15d-15(e)) andinternal control overfinancial reporting (asdefined inExchange ActRules13a-15(f) and15d-15(f)) forthe
registrantandhave:
a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our
supervision,toensurethatmaterialinformationrelatingtotheregistrant,includingitsconsolidatedsubsidiaries,ismadeknowntousbyotherswithin
thoseentities,particularlyduringtheperiodinwhichthisreportisbeingprepared;
b)
Designedsuchinternalcontroloverfinancialreporting,orcausedsuchinternalcontroloverfinancialreportingtobedesignedunderour
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposesinaccordancewithgenerallyacceptedaccountingprinciples;
c)
Evaluatedtheeffectivenessoftheregistrantsdisclosurecontrolsandproceduresandpresentedinthisreportourconclusionsaboutthe
effectivenessofthedisclosurecontrolsandprocedures,asoftheendoftheperiodcoveredbythisreportbasedonsuchevaluation;and
d)
Disclosedinthisreportanychangeintheregistrantsinternalcontroloverfinancialreportingthatoccurredduringtheregistrantsmost
recentfiscalquarter(theregistrantsfourthfiscalquarterinthecaseofanannualreport)thathasmateriallyaffected,orisreasonablylikelytomaterially
affect,theregistrantsinternalcontroloverfinancialreporting;and
5. Theregistrantsothercertifyingofficer(s)andIhavedisclosed,basedonourmostrecentevaluationofinternalcontroloverfinancialreporting,tothe
registrantsauditorsandtheauditcommitteeoftheregistrantsboardofdirectors(orpersonsperformingtheequivalentfunctions):
a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonablylikelytoadverselyaffecttheregistrantsabilitytorecord,process,summarizeandreportfinancialinformation;and
b)
Anyfraud,whetherornotmaterial,thatinvolvesmanagementorotheremployeeswhohaveasignificantroleintheregistrantsinternal
controloverfinancialreporting.
/s/HeatherBresch
HeatherBresch
ChiefExecutiveOfficer
(Principal Executive Officer)
Date:February15,2016

EXHIBIT 31.2
Certification of Principal Financial Officer Pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002
I,JohnD.Sheehan,certifythat:
1. IhavereviewedthisForm10-KofMylanN.V.;
2. Basedonmyknowledge,thisreportdoesnotcontainanyuntruestatementofamaterialfactoromittostateamaterialfactnecessarytomakethe
statementsmade,inlightofthecircumstancesunderwhichsuchstatementsweremade,notmisleadingwithrespecttotheperiodcoveredbythisreport;
3. Basedonmyknowledge,thefinancialstatements,andotherfinancialinformationincludedinthisreport,fairlypresentinallmaterialrespectsthe
financialcondition,resultsofoperationsandcashflowsoftheregistrantasof,andfor,theperiodspresentedinthisreport;
4. Theregistrantsothercertifyingofficer(s)andIareresponsibleforestablishingandmaintainingdisclosurecontrolsandprocedures(asdefinedin
Exchange ActRules13a-15(e) and15d-15(e)) andinternal control overfinancial reporting (asdefined inExchange ActRules13a-15(f) and15d-15(f)) forthe
registrantandhave:
a) Designedsuchdisclosurecontrolsandprocedures,orcausedsuchdisclosurecontrolsandprocedurestobedesignedunderoursupervision,
toensurethatmaterialinformationrelatingtotheregistrant,includingitsconsolidatedsubsidiaries,ismadeknowntousbyotherswithinthoseentities,
particularlyduringtheperiodinwhichthisreportisbeingprepared;
b) Designedsuchinternalcontroloverfinancialreporting,orcausedsuchinternalcontroloverfinancialreportingtobedesignedunderour
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposesinaccordancewithgenerallyacceptedaccountingprinciples;
c) Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the
effectivenessofthedisclosurecontrolsandprocedures,asoftheendoftheperiodcoveredbythisreportbasedonsuchevaluation;and
d) Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most
recentfiscalquarter(theregistrantsfourthfiscalquarterinthecaseofanannualreport)thathasmateriallyaffected,orisreasonablylikelytomaterially
affect,theregistrantsinternalcontroloverfinancialreporting;and
5. Theregistrantsothercertifyingofficer(s)andIhavedisclosed,basedonourmostrecentevaluationofinternalcontroloverfinancialreporting,tothe
registrantsauditorsandtheauditcommitteeoftheregistrantsboardofdirectors(orpersonsperformingtheequivalentfunctions):
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonablylikelytoadverselyaffecttheregistrantsabilitytorecord,process,summarizeandreportfinancialinformation;and
b) Anyfraud,whetherornotmaterial,thatinvolvesmanagementorotheremployeeswhohaveasignificantroleintheregistrantsinternal
controloverfinancialreporting.
/s/JohnD.Sheehan
JohnD.Sheehan
ExecutiveVicePresidentandChiefFinancialOfficer
(Principal Financial Officer)
Date:February15,2016

EXHIBIT 32
CERTIFICATIONS OF PRINCIPAL EXECUTIVE OFFICER AND
PRINCIPAL FINANCIAL OFFICER
PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Form 10-K of Mylan N.V. (the Company) for the year ended December 31, 2015 as filed with the Securities and Exchange
Commissiononthedatehereof(theReport),eachoftheundersigned,inthecapacitiesandonthedateindicatedbelow,herebycertifiespursuantto18U.S.C.
Section1350,asadoptedpursuanttoSection906oftheSarbanes-OxleyActof2002,thattohisknowledge:
1.

TheReportfullycomplieswiththerequirementsofSection13(a)or15(d)oftheSecuritiesExchangeActof1934;and

2.
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the
Company.
Date:February15,2016
/s/HEATHERBRESCH

HeatherBresch
ChiefExecutiveOfficer
(Principal Executive Officer)

/s/JOHND.SHEEHAN

JohnD.Sheehan
ExecutiveVicePresidentandChiefFinancialOfficer
(Principal Financial Officer)

AsignedoriginalofthiswrittenstatementrequiredbySection906hasbeenprovidedtotheCompanyandwillberetainedbytheCompanyandfurnishedto
theSecuritiesandExchangeCommissionoritsstaffuponrequest.
TheforegoingcertificationisbeingfurnishedinaccordancewithSecuritiesandExchangeCommissionReleaseNo.34-47551andshallnotbeconsideredfiled
aspartoftheForm10-K.