Mylan Transcript

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EDITED TRANSCRIPTMYL - Mylan Inc. Investor Day

EVENT DATE/TIME: FEBRUARY 21, 2012 / 6:00PM GMT

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C O R P O R A T E P A R T I C I P A N T S

Kris King Mylan Laboratories - Director IR

Robert Coury Mylan Laboratories - Executive Chairman

Heather Bresch Mylan Laboratories - CEO

John Sheehan Mylan Laboratories - EVP, CFO

Rajiv Malik Mylan Laboratories - President

Hal Korman Mylan Laboratories - COO

John Thievon Mylan Laboratories - President Dey Pharma

C O N F E R E N C E C A L L P A R T I C I P A N T S

Chris Schott JPMorgan Chase & Co. - Analyst

Ronny Gal Sanford C. Bernstein & Company, Inc. - Analyst

Elliot Wilbur Needham & Company - Analyst

Randall Stanicky Goldman Sachs - Analyst

Mike Faerm Credit Suisse - Analyst

Jami Rubin Goldman Sachs - Analyst

Chris Caponetti Morgan Stanley - Analyst

Doug Tsao Barclays Capital - Analyst

Marc Goodman UBS - Analyst

John Boris Citigroup - Analyst

Frank Pinkerton SunTrust Robinson Humphrey - Analyst

Simat Colkarney BofA Merrill Lynch - Analyst

P R E S E N T A T I O N

Kris King - Mylan Laboratories - Director IR

Hello. Good afternoon, everyone. I'm Kris King, Vice President of Global Investor Relations for Mylan. I'm very pleased to have you all here today,live, those via webcast and those that are on the telephone.

We have a very exciting afternoon planned for you, so please sit back and relax. I really hope you enjoy it, and we hope you enjoyed the openingvideo.

Our first presenter is Robert J. Coury, Mylan's Executive Chairman. Following Robert's introductory remarks, Heather Bresch, Mylan's CEO, willprovide you with Mylan's strategic vision for 2012 and beyond. We will then move to our CFO, John Sheehan, for a review of our 2011 financialachievements and our future expectations, including our 2012 guidance, and then a discussion of our growth targets and drivers for 2013 andbeyond.

Following John, Rajiv Malik, Mylan's President, and Hal Korman, Mylan's COO, will walk you through our operational and commercial initiatives for2012 and beyond, and provide greater insight into our longer-term growth drivers and initiatives.

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FEBRUARY 21, 2012 / 6:00PM, MYL - Mylan Inc. Investor Day



We will take a short 15 minute break, after which John Thievon, President of Mylan Specialty, will provide you with an overview of this very importantbusiness, including a deeper dive into EpiPen.

At the conclusion of the formal presentations, we will conduct the Q&A with all the presenters today.We expect our meeting webcast to concludeat approximately 5 PM, after which we invite you to join us for a brief reception.

Before we begin, I would like to just run through a few housekeeping items. Today's webcast contains streaming slides. The full deck, includingthe webcast, will be available within three hours following the conclusion of today's event. Additionally, it will be archived for up to 30 days.

Also all of the material in today's presentation cannot be recorded or rebroadcast without Mylan's express written permission.

During today's event, including the Q&A, we will be making forward-looking statements, including those related to our anticipated business levels,our future earnings, our planned activities, our anticipated growth and other expectations and future targets. I would like to direct you to thestatement regarding our projections and forward-looking statements in our presentation today, as well as those available in our press releaseissued earlier today.

With that it's my great pleasure to introduce Mylan's Executive Chairman, Robert J. Coury.

Robert Coury - Mylan Laboratories - Executive Chairman

Thank you and hello to everyone. Thank you for participating in Mylan's Investor Day. I would like to welcome all those joining us here in personthe New York, as well as all those via webcast, including many of our employees around the world.

I would also like to take a moment to recognize the passion, the dedication of all of our global workforce of more than 18,000 people, as is theirhard work and commitment and dedication that again allows us to deliver very, very strong results and allows us to have such confidence in ourfuture. On behalf of our Board of Directors and our entire management team I would like to thank each and every one of them.

The last time I stood before you at an event like this was over four years ago, October of 2007, just following the completion of the acquisitions ofthe former Merck generics business and Matrix Laboratories. At that time I laid out for you exactly what we intended to achieve as results of thoseacquisitions. And today I am here to tell you about all what we've accomplished and, more important, where we go from here.

Mylan's mission is to provide the world's 7 billion people with access to high-quality medicines. In 2007 I told you the importance of scale, scale,scale, scale and scale, specifically, scale in manufacturing. Since 2007 we have more than doubled our manufacturing capacity approximately to45 billion doses today and still going strong.

Scale in research and development. Since 2007 we have exponentially expanded our R&D capabilities. We have significantly grown our volume ofANDAs and dossiers filed, while reducing our cost per submission significantly.

Scaling the breadth and depth of our product portfolio. Since 2007 we have more than doubled the size of our portfolio and vastly expanded thetherapeutic categories and dosage forms.

The breadth and depth includes our strong Mylan specialty business, formerly known as Dey, which has contributed significantly to growth anddiversity of our platform.

Scale in our commercial footprint. Back then we were selling into 90 countries. Today we are selling into 150 countries and territories and stillexpanding.

I also told you four years ago that these acquisitions and the resulting scale and breadth would make Mylan the partner of choice in our industryaround the world.This has certainly been the case and has been demonstrated by the number of high-quality partnerships we have forged today.

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Just to name a few, Biocon's collaboration in our biogenerics; our family care collaboration for oral contraceptives; our Natco collaboration forCopaxone; and, of course, our Pfizer partnership of our respiratory platform, and now for EpiPen. Even though these are just a few, you can certainlyexpect that there is going to be more. In fact, we are hoping to announce a couple more here very soon.

Finally, I called for the importance of scale in terms of size -- sheer size in this industry. As you have seen this morning, we have grown 2011 revenuesto $6.1 billion, adjusted EBITDA to $1.7 billion and adjusted operating cash flows to approximately $900 million.

We have accomplished all this while at the same time de-risking our business model. We now have in place a very powerful sustainable platformwhile reducing our exposure to any one product or geography.This scale has allowed us also to better absorb the natural inherited unpredictabilityand volatility in this competitive industry. And this is even more critical today than ever.

Even with all this said, at Mylan we are just simply beginning. For example, I believe in 2012 it will be the best year in Mylan's 50-year history, drivenby more date-certain product launches than ever before, supplemented by the continued strong growth in our business. And we remain committedto our adjusted earnings per share target of $2.75 for 2013.

Our confidence comes as a result of the last several years of very hard work and execution, while at the same time delivering on strong results forthe past sixteen quarters.

Now looking forward beyond 2013, we will lay out for you today the numerous opportunities that we have already cultivated in-house, opportunitiesthat I believe will drive continued annual double-digit earnings growth for years to come.

Today we are targeting adjusted earnings per share of $6 for 2010. And again, I want to note that we expect to achieve these targets with opportunitieswe already have in-house. And it should also be noted that this target does not require the influx of additional external capital, but does accountfor the reinvestment of the substantial cash generated by our operations back into the business.

And with that said and before I turn the podium over to Heather, I hope after today's presentation you can all understand why and share with mewhy I have never been more confident about Mylan and its future as I am today.Thank you.

Heather Bresch - Mylan Laboratories - CEO

Thank you, and thank you, Robert. So before I get started I also want to thank you for being with us today. As Robert said, I hope you can hear thepassion and commitment and confidence that we have in everything that we're going to discuss this afternoon, and look forward to answeringquestions. And hopefully come you feel that same confidence when you leave today.

So before I get started I would like to bring up the management team that will be participating in today's session with us -- John Sheehan, our CFO;Rajiv Malik, our President; Hal Korman, or Chief Operating Officer; and John Thievon, President of our Specialty Division.

So I'm going to talk a little bit today about the blueprint and really teeing up not only the platform that we have today and where that is goingover the next five years, but also the tremendous amount of opportunities that will be followed on deeper dives with each of the presenters heretoday.

And also teeing up the tremendous growth that we see forward in this industry around the rest of the world, but also still here in the United Statesas it pertains to Mylan and how we believe that we are going to be able to get our disproportionate share of all the opportunities.

So just quickly, as Rob talked about, starting in 2007 when we were -- had our Investor Day kicking off, really, the merge of Mylan and Matrix andMerck generics, we really have doubled almost every important metric since that point in time and truly integrated into one company.

So our commercial presence, our platform, we are selling into the 150 countries. And that truly is giving us, as we've said, all assets and flexibilitywe believe we need to reach this world's 7 billion people.

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Our manufacturing. If you look at the capacities that we have been able to grow up until this point, impressively, they are going to almost doubleagain over the next five years. And if you look at the diversification strategically -- and again, Rajiv and Al will be speaking more to this point. But Ithink it's important to note, we believe very strategically our operations in North America with Finnish oral solid dosage form, as well as buildingour other capabilities around transdermal patches, nebules, packaging, semi solids. So we're continuing to add to that capacity and believe thatit does offer strategic advantage to have the size of facility that we do in the United States for this market.

In Europe we continue to grow our capabilities. When you look at not only oral solid dose, dry powder inhaler, injectables, packaging, we arecontinuing to add capacity, again, to serve that market and strategically be able to make those decisions of where we are producing, how we areproducing for us to reach any of our individual markets.

And of course Asia-Pacific, our fastest-growing from a capacity perspective -- you look at India alone going to 50 billion doses. So our ability to nowpull the diversity not only of the platform but have levers that strategically allow us to be into any market in a very timely, timely fashion.

R&D. We've said before, and as we've met with many of you over the years, we have talked about the fact that truly the marriage with Matrix andMylan on the R&D front probably was our first largest success from an integration perspective.We truly were able to make 1 plus 1 equal 5.

When you look just alone at our United States' ability, not only with submissions but launches, it's unprecedented the growth, and we don't see itstopping. And that's what we're going to talk to about today, our pipeline and our ability for this R&D machine to keep doing the submissions forall of our markets around the world.

Europe.We continue to grow these capabilities in Ireland and the UK. And again, India and Japan, both R&D centers. And again, India really focusedon growing and being a hub in addition to our Morgantown, West Virginia facility.

So when you combine this entire platform and now look at our truly global work force deployed around the world and our ability to continue togenerate these opportunities, with not only North America, Europe, India growing to 12,000 -- this is where we anticipate to be by the end of 2012,which is significant growth over 2011.The end of 2011 we were about 18,500 employees. So again, we are adding tremendously around the entireglobe in every region.

So when you think about the fact that we have now pulled together truly one platform that is being able to generate, not only maintain ourcore-based business but continuing to allow us to generate voluminous amount of opportunities, you then step back and say -- what is industrywe are participating in? And we believe it's an industry that has got tremendous growth in front of it.

So when you look at some of the macro trends are supporting this generic growth, you look at the -- just start with the population growing. It'sgoing to go from 7 billion to 8 billion by 2025. And then you look at the aging population, those that are going to be 60-plus is going to grow at3.5 times the rate of the total population. So those two metrics alone show the tremendous growth out in front of us.

When you look at the increase in life expectancy -- people are living longer. People are living longer and the incident of chronic diseases areincreasing. There is people now -- I think there is about 50% of the population of chronic diseases with at least one and 75% that have two. Soagain, that need for that being able to maintain sustainable, affordable medication has never been more important.

The growing middle-class.We expect to have 1 billion new members to the global middle class by 2020.Two-thirds of the new global middle classwill be from India and China. Again, I think it shows just the importance of not only the emerging markets, but the emergence of people beingable to really afford and demand access to healthcare.

The improving emerging-market infrastructure -- we continue to read about government initiatives and the initiatives that this new global middleclass is demanding to have access to medicine. We believe that we're positioned better than anybody to not only deliver it, but to help removethe barriers to allow access to the affordable medication.

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The shift of healthcare costs from the payer to the consumer.You know, if you look historically, as developing countries emerge and become moredeveloped, the government begins to play more and more of a role in the delivering of that healthcare. Until that happens, that burden is on theconsumer. So their ability to be able to afford medication, again, just increases their demand of high-quality affordable medicine.

And lastly, just the unsustainable healthcare spending.When you look at the global spend that's happening today in every region, there is consensus,obviously, through not only North America, Europe and the rest of the world that we have got to continue to find ways to afford the projections.

When you start talking about biologics and how all of these other medicines start rolling in, the ability to be able to contain healthcare costs is oneof the number-one issues almost for every country. And again, we believe that that tees up the ability for our industry, generics and Mylan, to benot only that partner of choice but a provider of high-quality medicine and access into all of these markets.

So our mission statement. I mentioned earlier that we are working around the world to provide 7 billion people access to high-quality medicine.And these aren't just words on the screen, and Mylan is not just a company. We are a cause. And our employees believe and get up every day andcome to work because we are building a company that can reach not only to 7 billion people, whether that's through innovation -- again, access,breaking down those barriers to allow affordable medication to get into the hands of the patients who need them.

And we've said that we believe we have the platform today that's going to allow us to reach these 7 billion people. I believe that healthcare andhow we deliver healthcare is going to evolve tremendously over the next few years as technology continues to become much more than of anintegral part to not only from the doctor side but the pharmacy side.

I believe we have huge opportunities to take the infrastructure and the platform we have today and the commercial footprint and, again, be bettersituated than anybody to not only take advantage of the macro trends but, from an innovation perspective, be at that front end of delivering, again,high-quality, affordable medicine.

When you look at our innovation, we are going to talk a lot today about our portfolio diversity and some drivers. You look at our ARV franchise --we continue to be one of the largest finished dosage form suppliers and one of the most affordable, highly effective in second line therapy. Andwe are also innovating, whether it's pediatric formulations, or heat-stable Ritonavir, continuing to make sure that we are meeting the needs anddemands of people living in rural sub-Saharan Africa.

And then when you look at respiratory neurology, biogenerics, these are all drivers that we are going to talk more in detail today about, but again,all things that we are doing and continue to do every day.

Reliability and service -- I mean, this is really our hallmark, and we believe Mylan is a bellwether for the quality that we should be demanding outof any product sold, not only in United States but around the world. And our long-standing commitment to quality is exceptional. And I believethat we have the lowest incidence rate of any quality issues of any other company in the world. And I believe that every day the FDA is raising thebar -- raising the bar not only here in the United States but around the rest of the world is going to continue to be a differentiator for Mylan.

Doing what's right. Quality is not a function or a department. Quality, it a mindset. It's a way of life. It's part of our culture, it's part of who we are,and it's embedded in everything we do. And this goes back to our beginning. So Mylan is now over 50 years old, and it has always been aboutdoing what's right, not what's easy, and doing that all the time. And I think, again, a huge differentiator for Mylan, and really tees up about not onlyopportunities we have at hand but where will continue to be a driver for us going forward.

Passionate leadership -- this, again, I would say is a hallmark for Mylan. We have always been out there, not only building a company, driving acompany, driving an industry and now driving it globally. It's not just enough to consistently make billions of doses of high-quality medicine, butwe have to make sure people have access to them. And I really believe this is what separates Mylan from the rest.

We are constantly doing what we believe is the right thing to be doing to push policy for the generic industry, both in the United States as well asaround the rest of the world. And when you look at some of the initiatives -- policy initiatives that we ourselves are driving, I think and I hope youwill be able to see today how each one of these is a driver in helping to, yes indirectly certainly benefit Mylan, but benefit the growth and the

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sustainability of the generic industry. Any it really comes down to access.We truly believe and live by that you can do good and do well at the sametime.

So as we are driving for the right policies to grow this industry, it's continuing to build shareholder value. So we believe that doing these thingsand being out there as a force in leading the industry and driving it, again, as we are doing all that, it continues to build shareholder value.

So if you look at the five buckets of our policy initiatives -- increasing generic utilization, again, that access to affordable medicine. When you lookat Southern Europe and their utilization rates -- France at 24%, 25%, Italy in the high teens. You saw today where Greece announced that theirpackage was accepted, and one of their drivers in that package to affordable healthcare was driving generic utilization.

So we believe that all the work that we're doing with governments to show them that from an economic perspective generic utilization is muchmore sustainable to deliver healthcare cost reduction than a price cut. And I believe that we are slowly starting to see them understand that. Italyitself has grown almost 10% in their increase of generic utilization over this past year.

The biogenerics pathway. Again, the law that passed a couple of years ago, we believe, does not create the best pathway for a truly interchangeablebiogenetic industry. Mylan will be able to participate, and I'm excited for you to hear about our products, our development, our timeline and howwe are going to monetize these opportunities. Mylan is in a position to monetize however that market forms. But again, we believe that thereshould be an interchangeable and direct pathway for biogenerics, and we are fighting for that.

Our one quality standard. I think all the work we are doing around globalizing the FDA, the reality is that FDA is being governed by a 1938 law thatwas written from a domestic viewpoint. Today that domestic agency is needed to govern a very global industry. So the law needs updated. Thegeneric industry, again, stepped up to the plate and were the first industry to say -- look, we want our fees to go towards a level playing field andbe able to have one quality standard of any product being sold in the United States. And again, I think that Mylan is going to truly benefit fromthat bar to be raised around the rest of the world.

Stemming the tide of HIV/AIDS. I think this is one area where there are not many diseases where you actually have a cure and a way to maintain aquality of life for somebody. And really the only thing stopping it is people having access to it.There are still over 10 million people in sub-SaharanAfrica that have HIV/AIDS and are not able to get the medication they need. So the disease continues to spread.

So the World AIDS Conference is being held in the United States for the first time in 20 years. And we are working with the administration from apolicy perspective of treatment is prevention. And the only way we are going to reach the 15 million people is truly getting out in front andstreamlining the supply chain, which we are continuing to do.

And last but not least, EpiPen.This product -- this has really been a passion of mine since, really, understanding and bringing in the Dey assets andlooking at how underappreciated -- and I guess that's probably the best word I can say -- underappreciated asset in this EpiPen franchise.

I think you've all witnessed the tremendous growth that we had this year, Q4, Q3, growing at phenomenal rates, and we certainly don't see thatstopping.We see that our ability to educate and bring awareness around this product, the opportunity is tremendous.

And again, it's doing well and doing good.You've probably all seen the unfortunate, tragic events that happened month after month, whether it'sa 7-year-old in a Virginia school who died because the EpiPen wasn't in her name, or a 7th grader in Illinois. So working to improve that educationand awareness, not only tremendous opportunity but the right thing to do.

So just to mention the strategic drivers that we're going to be talking to today, we see our platform as a driver in and of itself. When you look atalmost doubling from where we are to where we are going by 2016 -- up to an 82 billion dose capacity, over 2,000 launches, over $1 billion -- almost$1.5 billion in CapEx, and $2 billion in R&D. Between the investments and our capacity it's truly phenomenal of what not only we are going to beable to support, but in every region of the world.

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So just quickly to touch upon the drivers that we will be taking a deeper dive in -- portfolio diversity, again, we are going to be not only doublingour portfolio, but continuing to innovate and add the products that are a differentiator and provide very sustainable growth.

Biogenerics, again, this should be the next huge bolus of opportunity for the generic industry in the United States, but globally as well. And obviously,as you are going to see today, we are going to be there to monetize and be part of this extremely important opportunity.

Our respiratory -- we finished the acquisition of -- from Pfizer on their respiratory franchise, and are excited to share with you when we believe wewill have our generic Advair AB rated on the marketplace in Europe as well as in the United States.

Neurology -- Copaxone. We have talked a lot about the fact that we truly believe and still are very confident that we have a AB rated product thatwe will be ready to monetize as early as possible.

Our institutional division. As we continue, we've had the Bioniche acquisition now almost two years ago. And really, now, not only building uponthat opportunity in the United States, but again globally building our institutional platform. That's also an extremely important precursor to ourbio -- us being able to monetize the biogeneric opportunities around the globe.

ARVs, I have spoke about. We are a leader and a driver in this, and it has been -- it has grown at double-digit accelerated growth, and again, wedon't see that stopping.

Increasing generic utilization.When you can increase even 1% generic utilization in some of these countries, especially where we maintain leadershippositions, our ability to get a disproportionate share of that increase certainly, not only again is incremental and opportunity upside, but again it'spromoting that, just accessing the growth of our industry overall.

Geographic expansion.We are excited to be launching our India commercial. And the opportunity, again, that that country is going to bring us, aswe continue to look at China and Brazil and some of the other emerging markets. Our global policies, which I talked about earlier, really being adriver for us, as we are out there driving on the frontlines and driving a global industry, to be able to really, again, monetize what that means notonly for the industry but to our shareholders.

And lastly, our Specialty Division. I hope you could hear the excitement in my voice, not only about EpiPen, but the whole franchise from a respiratoryand an allergy perspective. We believe we are well-positioned to not only maximize and leverage the assets we have, but to be able to add andcomplement, one, the infrastructure and the disease states that we are already in.

So with all of this, we believe that when you step back we have many things that differentiate Mylan in today's pharmaceutical industry. But webelieve that creating a consistent brand would be a differentiator in and of itself. As we say, if you have choice you can build a brand. And webelieve that, given the differentiators what makes Mylan who we are today should be something that that we are saying in a unified voice so thateverybody could answer, why Mylan, whether it's why your neighbor should be taking a Mylan product, why you should work at Mylan, whycustomers trust in Mylan.

And we did whole campaign that we're unveiling globally about just that -- why Mylan, and how we can continue to articulate the differentiators.And we did a lot of extensive research around the globe and found that there was some common threads of what was important to the differentconstituencies. And it was around that certainty, and it was around being sure that whatever was most top of mind to that consumer or customerin any given market that either, one, the quality, that our standards were as high as theirs. In some countries that took the forefront. In some it waspartner, and making sure that it's a partner they can trust and have a reliable supply.

And for some it was optimizing time. As you look at the demands from a pharmacy today, being able to have, whether it's unit dose, compliancepackaging, the blue bottles that we launched here in the United States -- again, it's continuing to allow them to be more effective and efficient inwhat they're trying to do.

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So a couple of quotes that I thought really resonated and drives home why we do believe that branding and having a global consistent voice is adifferentiator all by itself. Great companies that are built to last. It's not about a product or a country, it's really about leaving an entire industry andinnovating how you are delivering healthcare into that industry. And we believe that that's exactly what we're doing.

On top of that, again, back to what I will say is our hallmark, that quality -- our ability to deliver quality, reliable products now around the globetruly sets us apart from everybody else. So with that I would now like to invite you to see inside. (plays video).

So thank you. And with that, I am excited to now turn it over to John Sheehan.Thank you very much.

John Sheehan - Mylan Laboratories - EVP, CFO

Good afternoon, everybody. I'm really pleased to be here with you today. As Kris mentioned, I'd like to briefly touch on the past with our 2008through 2011 financial accomplishments, but then mostly look forward, look forward into 2012, 2013 and then beyond 2013. I would also like tocover with you the achievements we've made in our capital structure over the last years and where we see the capital structure going and thefinancial flexibility that this Company has on a prospective basis.

So let's start by looking inside Mylan's 2008 to 2011 financial results. In early 2008, in early 2010, Mylan provided longer-term financial guidanceand targets. And we have consistently executed against each of those targets. We've executed against them partly because those are not justexternal targets that we provide to the investment community, but they are internal targets that our leadership team is held accountable for aroundthe globe. And where we have been totally aligned internally and externally, our internal management team and our external financial commitments.

And when you look at the last four years at the topline, we have grown the top line by nearly 10% on a compound annual growth rate. Moreimportantly, we have grown the gross margin by 200 basis points over that period of time. That growth in the gross margin from 46% to 48% hasfueled our bottom line at a rate greater than the topline.

EBITDA, a proxy for cash flow, has grown 17.5% on an annual basis over the four-year period of time. And that cash flow has allowed us to reinvestthe cash back into the business and to also prepay our borrowings.

Our adjusted diluted EPS has grown at 36% -- almost 37% over the last four years. And the performance, the consistent execution that we havehad on these commitments over the last four years is important from my perspective. It's important because what you are going to hear and whatyou are going to see today from this management team are not just words and pretty charts. They represent the internal commitments that wehave made. And they represent the plans and the initiatives, the opportunities that we are working on every day to hit those targets.

If I cover 2011 for just a few moments, we are very pleased with the financial performance that we reported this morning for 2011. We grew ourtopline by 12% year-over-year. That was on the back of 46 new launches here in the United States, 15 of which were first to file -- sorry, limitedcompetition launches, and 9 of those limited first to file opportunities. We launched over 270 products in Europe in 2011. Our specialty businessgrew by over 30% year-over-year on the back of the strength of EpiPen.

We had a very strong year from a topline, and at the bottom line reported $2.04, which was above the high end of our guidance range that we hadprovided in October for 2011.

When you look at the quarter, the quarter was also quite strong at $0.53 a share. And we were, at one point, $1.53 billion of revenue for the quarter.We were negatively affected by foreign exchange year-over-year that impacted us by 1%. And sequentially in the quarters it affected us by 2.5%,or nearly $40 million of revenue. And that was foreign exchange associated principally with the euro and, importantly, with the rupee.

At the bottom line, at $0.53 a share, we did benefit from the reduction in the tax rate for the annual year from 27% to 26%. That was somethingthat we had talked about very clearly in our third-quarter earnings call. But overall, at $2.04, we believe that was a very strong year for Mylan.

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When you look at the last four years and n the financial performance that we provided and the 2011 financial performance, you have to recognizethat that's in a very difficult global macroeconomic environment, as each of us are obviously painfully aware. And so we believe that this financialperformance is a testament to the strength and the diversity of Mylan's mobile platform.

So let me turn now to 2012 financial guidance. Let me start with our topline.We are projecting a guidance range for 2012 of revenue of $6.8 billionto $7.2 billion. At the midpoint of the guidance range that's a 13% year-over-year increase in our revenues.

And gross profit margin we are increasing our guidance range for 2012 by a full percentage point from our previous 47% to 49% to 48% to 50%.We have consistently over the last four years, and now into 2012, been increasing our gross profit margin.

SG&A, we are maintaining our guidance range of 18% to 20%, while we invest back into our business through increased marketing and advertisingfor the global brands, as Heather was just showing you, to drive future growth in our business.

Research and development, we are increasing our guidance range to 5.5% to 6.5% from the previous 5% to 6%. That takes -- as we absorb theinvestment in our global respiratory platform.We did operate in 2011 at the lower end of our 5% to 6% guidance range, but that was through theefficient operation of our R&D network globally. And our R&D teams around the globe met all of their commitments and they filed over 160 ANDAapplications around the globe in 2011.

At the EPS level, $2.30 to $2.50 a share of guidance range, that is at the midpoint of that guidance range at $2.40, a nearly 20% year-over-yearincrease, and at the high end of the guidance range a 23% increase in our year-over-year earnings.

I'll talk more about cash flow in just a few moments. But I'll just touch on the tax rate, that we are maintaining the 26% tax rate.We are feeling someupward pressure on our tax rate as a result of a greater portion of our global earnings coming from our US operations.

And in terms of the average diluted share count, at 430 million to 440 million shares, the midpoint of that guidance range represents an averageshare price for 2012 of $25 a share, and the high end of that guidance range represents an average share price for 2012 of $30 a share.

So how will we achieve these financial performance for 2012? Well, first it starts with date-certain launches that we have in our pipeline. We'veshown you various versions of this chart over the last year, and as Robert indicated earlier, this is going to be our singular largest year in terms ofdate-certain launches.We have them almost throughout every month of the year, but with a disproportionate amount being in the second half ofthe year, and representing in total $33 billion of global brand value. It is these date-certain launches that will provide a significant revenue increaseto us year-over-year.

But Mylan is not about individual products or individual launches or even date-certain launches, and therefore we have a number of growth driversthat are going to drive our business in 2012. First of all, it's new products. We will launch 650 new products globally in 2012, approximately 300 ofthose coming from Europe and other 35 coming from the United States. And through India and our rest of world export operations, over 200products.The products in the United States represent over $40 billion in total of IMS brand value.

In addition to that we will have the carryover from products that launched in the latter part of 2011 that will contribute to our 2012 earnings. Butit's also not just simply about new products. Mylan is definitely not just about new products. And what you hear about today, especially from Haland Rajiv, is the strength of our core or base business. And that core and base business is supported by our supply chain integrity, our globalmanufacturing network that can produce 45 billion doses annually -- 45 billion high-quality doses annually. And therefore that supply chain providesour commercial teams around the globe with the opportunity to be responsive to market opportunities.

In 2012 we will grow our Mylan specialty business, led by EpiPen, by 30% again. And we will grow our generics business by 13%. Importantly, wehave assumed a similar level of base business or price -- base business erosion or price erosion in 2012 to what we experienced in 2011, with theUnited States in low single-digits and in Europe with low double-digit price erosion.

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Also importantly, this plan does not rely on Europe to grow in 2012 to make these numbers. Europe would be -- growth in Europe would be anupside opportunity for us.

We will continue to diversify our product portfolio and to expand geographically during the course of 2012 as we launch products in India here atthe beginning of 2012 for the first time. And we will continue to be the strategic partner of choice. Robert mentioned a number of the strategicpartnerships, whether they be Biocon or Natco or Pfizer, and we would expect those partnerships to continue. In addition to that, we will continueto do business development transactions to drive shareholder value.

If I take those growth drivers and we look at than a bridge from our 2011 to our 2012 revenue, we will grow from the $6.1 billion in 2011 to themidpoint of the guidance range of $7 billion with a slight negative effect of foreign exchange year-over-year, but with the base business volumeand mix more than offsetting the price erosion, and then with $800 million of new product launch revenue in 2012. As I said, our specialty businesswill grow year-over-year by 30% and the generics business by 13%.

If I then turn to the bridge for 2012 EPS guidance, we will grow from the $2.04 in 2011 to the midpoint of our guidance range of $2.40 on the backof the $800 million -- $870 million of total revenue growth, as well as the increased gross margin range that I provided to the midpoint of 49%.

In addition to that, we will take a portion of that sales growth and the margin growth and reinvest it back in our business through increased SG&Afor marketing and advertising and increased R&D for the absorption of the R&D platform for respiratory.We will see a slightly lower level of interestexpense as a result of the capital markets refinancing transactions that we've done over the last two years. And then we have small impacts comingfrom the tax rate and share count. And overall then a midpoint of our guidance range of $2.40 per share.

So let turn then now to 2013 and how this Company continues to grow from 2012 into 2013. First of all, we are fully committed to and reconfirmingour $2.75 per share EPS target for 2013. In addition, we are updating our revenue target for 2013 to $7.5 billion.

As I'm sure you are aware, at the beginning of 2010 we laid out a target for revenue in 2013 of $8.5 billion. Since that time the global macroeconomicenvironment has clearly changed dramatically, and as a result we are pushing out our $8.5 billion target by one year to 2014.

We will achieve $2.75 per share in 2013 through over 500 new product launches in 2013, and that includes launches here in the United States thatwere present $2.5 billion of branded value.

In addition to that, we'll have in 2013 the carryover of products that were launched in 2012 that carryover into 2013, and especially in the secondhalf of the year. Those products that we launch in 2012, when combined with revenue in 2013, represent over $1 billion of combined revenue inthose two years.We will continue to expand our India commercial operations and we will expand our portfolio of women's health products aroundthe globe.

Also a key to our growth is the stability of our base business and the complexity of our product portfolio that sustains the product lifecycle ofMylan's products longer than its peers. And Hal and Rajiv will show that to you in their presentation.

We will see the acceleration of Mylan's global institutional business, the continued growth of EpiPen in the specialty business, and the continuedgrowth in our antiretroviral products for treating the AIDS virus.

Finally, we do expect to see our margins continue to increase in 2013 as we continue the vertical integration of our overall technical operationsand we continue the operational efficiency in our overall supply chain. Lastly, we would expect around the globe for generic utilization andpenetration to increase.

So if I take each of those drivers and I look at, then, a bridge from 2012 to 2013 for revenue, we see the revenue growing with our volume and mixof products more than offsetting the price erosion in the business.That price erosion is not dissimilar from 2012. And also we would expect to see$300 million of new product revenue in 2013 that drives us to the $7.5 billion of overall revenue.

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From an adjusted diluted EPS perspective, the growth from $2.40 to $2.75 will be achieved partly through the sales growth, but also through thecontinued growth in our gross margins, and also from the leveraging of the other operating cost within our network. We would expect to see ourSG&A and R&D costs leveling out out in 2013 versus the investments we made in 2012.

In addition to that, as I mentioned, with respect to the tax rate we are feeling upward pressure, and as a result have projected that starting in 2013that we would be seeing a 27% tax rate rather than the 26% that we have used for 2012. And then a very small impact from the higher share count.

If I then turn to beyond 2013 and what are all of the growth drivers that are continuing to drive this Company's growth past 2013.

First of all, I can assure you that we are extremely confident and will achieve double-digit earnings growth annually after 2013. When you look athow do we achieve that growth, what this chart lays out for you is the key metrics associated with each of the opportunities within our platformthat Heather reviewed with you. Rajiv and Hal are going to go into the operational drivers of each of these opportunities. But if I just walk throughthem with you for a few moments, our antiretroviral platform is a $300 million global platform today that will grow by 13% annually through on aCAGR basis from 2011 through 2016.

Our EpiPen, as Heather will mention, Heather and John Thievon will mention later, only 7% of the population that's at risk for anaphylaxis today istreated using an EpiPen.There is a tremendous amount of unmet need and we, through the direct to consumer advertising campaigns, have beenincreasing substantially the awareness with respect to this risk.We've seen, through the beginning of 2012, a 25% increase in the scripts for EpiPenover the growth we already were seeing in the second half of 2011.

In addition to that, we have been growing EpiPen outside of the United States at double-digit rates. Our global institutional franchise, this is a $500million global business today that will grow to $1 billion by 2016. The supply chain integrity, the global manufacturing network and the qualitywe have inherent in that network, each 1% decrease in cost of goods sold provides us with a benefit of $35 million of gross profit.

Our India commercial operations, where it is our target to be a top 10 player in this market, and that's a $13 billion market that's growing at a 14%annual rate.

Southern Europe generic utilization.While we have, as you know, gotten out of the business in 2011 of projecting when Europe will begin to growand when utilization rates will increase, but we do believe -- and Heather pointed out the news out of Greece today and the provision for that,including an increase in generic utilization. An increase of just 10% in the generic utilization rates in Southern Europe would provide $300 millionof additional revenue to Mylan.

In neurology, on the back of generic Copaxone, a product that we will be in a position to launch as soon as the appropriate hurdles are overcome,and we are readying for commercialization. That's a $3 billion US branded product with limited -- that will have limited competition. We will useour $1 billion of financial flexibility annually to continue to grow geographically and to grow our product portfolio.

You are also going to hear more about our Combo product today. This is a specialty product for treating COPD conditions that we expect, in thelate 2015 time frame, to receive an approval for and would have peak sales of $500 million.

Respiratory, through our collaboration and the acquisition of Pfizer Respiratory platform, we are developing a generic form of Advair.This is an $8billion global product that we would be able to launch in Europe in 2013 and in the United States in 2016.

Finally, in the biogenerics, you will hear from more from Rajiv and Hal about the products that we are currently bringing to market, but thoserepresent $32 billion of equivalent products.

So, we have a plethora of key drivers and opportunities that we are developing in-house today to drive double-digit earnings growth post-2013.

I'd also like to cover a misperception that we believe exists with respect to competition for our EpiPen Auto-Injector. We recognize that at somepoint the FDA may approve an AB rated generic product that would be a competitor to EpiPen. But we have looked at similar situated products

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to that type of a competition, and we believe that a competitor product would achieve only about a 25% to 40% generic utilization rate over a30-month period of time, and based upon the economics associated with the EpiPen, that this would represent an approximately $0.08 to $0.12per share financial impact to us after consideration of cost reductions that we would be able to make associated with the change. So that representsless than 5% of Mylan's overall earnings per share.We've seen reports that have taken this risk and characterized it as approximately $0.50 a share,and we don't believe that. We wanted to make sure you understood that that's not really at all in the right realm, and this is a very manageablerisk.

In addition to that, we believe there are mitigating factors that will reduce the risks associated with generic penetration for EpiPen, including thefact that the Pen is not a monthly prescription but annually, and in addition to that, as a life-saving device, we do believe that there will be patienthesitancy to move away from the product and to one that operates differently or looks differently.

But we also believe that the EpiPen competition represents an opportunity, and that opportunity is the shared voice of another party making --increasing the awareness of the risk of anaphylaxis. When we consider that opportunity and the low penetration of EpiPen today, what that givesus is the opportunity to increase the market by 15% to 20% over and above the increases that Mylan and EpiPen would otherwise be driving.Whenwe quantify that market expansion and recognizing that EpiPen would still continue to get the majority share of that, what we see is a 10% to 15%up -- $0.10 to $0.15 per share upside coming from that shared voice. So, from our perspective, the opportunities associated with EpiPen and EpiPencompetition continue to outweigh the risks.

So let me turn now to our capital structure and financial flexibility. Over the last two years, we have taken significant steps to restructure our balancesheet and our overall capital structure. It really starts with the strong cash flow that this Company has generated over the last three years as wehave increased our operating and free cash flow by approximately $100 million each year.

In addition to that, at December 31, 2011, we achieved our gross debt to EBITDA rate leverage ratio of 2.9 below our long-term target of 3-to-1, anaccomplishment that we are very proud of.

Third, through a series of capital markets transactions, we refinanced and extended our debt maturities out through 2020. Next month, we do have$600 million due under our convertible notes that we will repay using existing liquidity, but we don't have any significant debt maturities againthereafter until 2015.

Our overall effective interest rate today is about slightly over 5%. We have a 70/30 fixed to floating rate interest rate profile, which we believe isvery appropriate given the interest rate environment that we are operating in.

Lastly, over the course of 2011, through our share repurchase program and warrant repricing transactions, we reduced significantly the dilutionrisk to our shareholders and now, as a result of those transactions, had a share price of $30 -- our shareholders are protected at 440 million sharesup to $30 per share, which is a significant improvement from where we started in 2011.

So, from my perspective, on the back of those achievements over the last two years, 2012 is an inflection point. We will generate over $1 billionannually in 2012 and beyond in financial flexibility. I define financial flexibility as free cash flow plus borrowing -- available borrowing capacity toachieve our 3-to-1 long-term debt to EBITDA ratio.That's $1 billion a year of cash that we can invest back into our business to increase shareholdervalue.

When we look at our capital deployment priorities, what I want to start with here is to make sure you know that we believe that, through theopportunities I showed you before, that we have the right global platform today to be successful, and we don't need to do a transformationaltransaction.

We also thought it was important to lay out the financial parameters of a transaction and transactions that we would be prepared to do. I think themost important parameter here, or one of the most -- there's only two, but one of the most important ones is that we would stay within the termsof our current secured credit facility. As you know, we redid that facility in the fourth quarter of 2011 and it calls for a maximum gross debt to

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EBITDA ratio of 4.25-to-1. In addition to that, any transactions that we would do would need to be accretive to earnings. These are financialparameters that we would use in conjunction with any transactions that we would look at.

So what kind of transactions would we look at? First of all, portfolio expansion. We've talked about increasing the diversity and the difference inour therapeutic categories and dosage forms. The acquisition of Bioniche in 2010 is a very good example of a transaction that we did to increaseour therapeutic categories and dosage forms. Over-the-counter transactions, a transaction to increase our opportunities in over-the-counter, orany complementary assets for our Specialty business.

From a geographic perspective, we are not presently in Central or Eastern Europe in any significant way, so that's something that would allow usto have a presence in those -- in that area, or in India, in the emerging markets in India, whereas if we could accelerate our growth in the Indianmarket, or to enter into the Latin American or Chinese markets. Then also from other shareholder value accretions transactions, whether it be toaccelerate the prepayment of our debt or future share buyback transactions or other what I call shareholder value enhancing opportunities thatmay exist.

What we recognize here at Mylan is that we are 100% committed to increasing shareholder value. This management team, through the financialcommitments that we make and the opportunities that we are driving, our sole goal is to increase shareholder value. As Heather said, you can dogood and do well at the same time.

So a couple of measures of how we have been achieving the increase in shareholder value.This chart shows you our cash return on invested capitalwhich, since 2008, has increased every single year, and since 2010 has exceeded our weighted average cost of capital. Or if you turn to our totalreturn of Mylan stock versus the S&P 500, we've significantly outperformed the market since 2008.

So lastly, if I go back to where I began, Mylan has been delivering, over the last four years, on its financial commitments. We laid out -- I laid out foryou in this presentation financial commitments for 2012, 2013 and beyond. I can assure you that, just as we performed over the last four years, wewill continue to perform into the future.

With that, thank you very much. So I'd to introduce I'd like to introduce Rajiv Malik and Hal Korman to take you through our operational initiatives.

Rajiv Malik - Mylan Laboratories - President

Good afternoon everybody.We are very pleased to be here in front of you to further build upon what Heather and John had laid out. Heather andJohn introduced several drivers, strategic drivers, for the future growth at a very high-level and we're going to embellish upon some of those, putsome life and color on those. In the next few minutes, me and Hal will walk you through our operational platform. Just not commercial platform,technical operations as well as modern differentiation.

Hal Korman - Mylan Laboratories - COO

So specifically, hopefully we can give you some color when we talk about our portfolio, what the robustness of that is, when we talk about theplatform, where our customers see it, how we monetize that platform, and overall how we see a number of these different pieces folding in.


So let's start with the platform itself, operate from an operations point of view. And we (inaudible) supply-chain integrity. There has been a lot ofdiscussion and news about some supply disruptions, product shortages, how this new quality or how this new world from FDA point of view isevolving. We said why don't we evaluate our platform from that point of view, from that context? For us, these operations are basically a globalnetwork of R&D manufacturing, intertwined with the fabric of the quality which is our vital asset, and reflects skill, robustness, sustainability, speed,flexibility, ability to manage COGS, and I said in the most important one, the quality.

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I think you saw on one of Heather's slides.When you think customer perception, I don't believe our customers around the global look at Mylan andour platform the same way they look at a lot of other generic companies. So one of the things we did when we looked at market research aroundour customers around the globe and asked them what was most important to them. And clearly there's differences in the different markets, whetherit's prescription, substitution, distribution. But key was quality. I think Mylan's quality reputation is well received and stands there and it's thedifferentiator.

Second was partnership opportunities. I think we'll get into that when we talk about the platform and the portfolio and how we can apply thatportfolio to enhance our partnership opportunities with our customers and meet that need.

The last is it really can be done two ways. It's time optimization, as Heather had showed in her opening slides.When you think about that, you canthink of it in a couple ways -- is they are looking for more time in their day-to-day business so we have some innovation and differentiators we do.The other is about service levels, and their ability to spend time, whether they have to be looking for other products. So I think, as you will see aswe talk about this platform, how Mylan clearly is recognized as the gold standard in service levels of delivering products to the customers at theright time at the right price.


So let's look into the global manufacturing network, 23 facilities around the globe, seven solid dosage form facilities, nine API facilities, mostly inIndia and China, three dedicated packaging centers. One which I would like to specifically mention is the Hungarian one which we just commercializedover a month back state-of-art facility will work 300 million packs.

Just to address the complexity of Europe as a region. We have some centers of excellence when it comes to manufacturing, whether it's thetransformal facility, our nebules facility, our Injectable, it's a small facility but we still have a beautiful plant over there in Galway in Ireland, andTexas, where we have our semi solids.

But I think I would like to spend a minute on the seven finished dosage sites which we have. Approximately to the key markets is one of the keydrivers of this strategy.We'll discuss about how it helps us in the business.

What are we doing with this in terms of the future? We are investing for our future.We are investing close to about $1.5 billion in the next three tofour years. We are ramping up different areas, so whether it's injectables, where the large chunk of investment is going on, we are investing about$250 million on our dry powder inhalers.We'll talk more about this opportunity.

We have further ramping of our API capacity, $150 million oral (inaudible) and oral solids which continue to grow and we'll talk about.

But I think one thing I need to call out over here is this ramp up in the workforce. It's one thing to hire; it's another thing to train and then put theminto operations.We have proved it.We've proved it over the last four years, so we feel very confident that we will be able to replicate the same.

In terms of capacity, now this investment, and if you relate it to capacity, we are almost building another Mylan. We are doubling Mylan in termsof the capacity in the next four years. While the API capacity will go up to from 3000 kiloliters to about 4500 kiloliters, which we believe is one ofthe largest capacity in the world, we have our oral solid doses going up from 45 billion to 82 billion. We are more than doubling our transformercapacity from 105 million patches to 225 million. We are investing in semi solids, but more importantly, we are investing in injectables where wesee a huge opportunity from about 10 million going to 100 million in the next four years. Many of these projects are already on.

The last but most important, our investments in the dry powder inhalers where we are investing about $250 million in Ireland.The project is alreadyunderway to build up 25 million unit capacity.

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So I think if you think of one thing Rajiv said, you can't add a workforce overnight and you can't build plants overnight.

So if you look here, I think the key takeaways are, one, why the doubling of Mylan. So if you look at that first four- or-five year set, there were about60 million doses of generics growth in a global platform. Think of what we've seen over the last few years -- service disruptions, drug shortages,and over that time, as Rajiv has said, we'd already started to grow our platform.

More importantly, if you look between 2011 and 2016, we're going to see 118 billion new doses of generics into the global marketplace. Where isMylan, this doubling of Mylan, what does it mean? We are going to add really in essence two Mylans into the enterprise, or I should say into themarketplace. I don't believe you see anyone else growing their manufacturing capabilities and their platform to meet this need that we clearly see.We really have been able to capitalize that over the last couple of years, as I said on drug shortages and optimization or opportunitization of ourcurrent portfolio and, again, looking for us to position ourselves to be able to take 20% of the global generic marketplace by 2016.


What does this platform offer us from a business point of view? So let's address it in three separate sections.

The geographic diversity of manufacturing sites, it provides us balance. Now, proximity to key markets gives us the ability to capture day onelaunches, and we believe we have done it very well over the past.

The sustainability of oversupply. So if there is any disruption, our ability to respond to that market is much better than competition.

Risk mitigation. Just we have leveraged our network just to risk mitigate our key products. (inaudible) today exercise that Morgantown, which isour largest facility, 20 billion doses in USA. And (inaudible) that almost 50% gross margin of our North American business, which is the largestbusiness, comes from one of this facility. All what we have done over the last few years, we just wanted to really get that and we were very happyto see that 90% of those gross margins are secured through a dual source or a risk mitigation exercise through this network. So that's what this --that sort of flexibility is what this network provides us.

[Vertical] integration -- we talked about this. Yes, we have about our pipeline 50% vertically integrated. We have our commercial pipeline about25% vertically integrated. We have repatriated products over the last few years. We have about 75% products today internally manufactured.Thatgives us ability to manage the COGS.

Vertically integration also gives us ability to have some first to files, some work around those patents, the API patents.

Last but not least and most important, the quality. Heather embellished it very well, said it very well. It's in their DNA; it's a state of mind. It's justnot one, another function; it's what's doing what's right and not (inaudible) and we believe that this (inaudible), what basically is the bar of qualityacross the globe? Many of the companies, the competition which comes from across the globe, will have to meet those standards, will have torespond to those needs, and that's an opportunity for a company like Mylan.


That differentiation truly does get monetized. If you think of a couple different ways.We've had late label changes in the US marketplace. Our abilityto make those changes within a 24-hour care period of time on the US soil, and launch those products have given us a different percentage of themarket share. We've been able to gain more and keep that for a longer period of time when those happen. We've seen the opportunity to justoptimize ourselves so we can react quicker because we have manufacturing in each of these different locations and supply hubs there and quickerfrom a replenishment standpoint relative to those.

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I think the last that recently just happened up in Canada, we had a case where a notice of compliance or approval came quickly. No one was reallysupplying it. While we were ready, because of that proximity to the manufacturing site, which we try to do normally as one of our strategies, wewere able to rapidly re-supply and able to again to secure and take a larger market share than we might not have been able to had we not hadthat proximity.


Let's talk about R&D, the one function which we're all very proud of.That's been the poster child of the new Mylan.When Mylan, Merck, and Matrixbeing integrated, I think this is one function which just set another all-new standards. a very strong team of 1300 scientists across the globe. Wecall it 24/7 because they work around the globe, they work as teams, and we are working -- these two teams are -- especially one in India and onein the USA -- are working around the clock.We are investing for a future of $2 billion in the next four years.

We have nine sites across the globe again, but the two big sites are, as I mentioned earlier, are one in Morgantown and the second in Hyderabad,India. These are the two key sites with the multi-product capabilities. We have a dedicated site for Japan, but in addition to that, we have certaincenters of excellence for our transdermal patches. We have a facility at Vermont; we have nebules at California, injectables coming from Ireland,R&D, and the two recent additions are Cambridge and Sandwich. This is around the dry bottle inhaler. This is where the R&D for the DPIs is basedon. Our API facility, which is a strong team of 400 scientists based out of Hyderabad, some stats, just 175 strong pipeline of the drug master files inUSA, 100 drug master files for Europe, 75 CP applications again from the Europe point of view, and a part of that R&D is dedicated to the costoptimization because lifecycle management is a very vital part of this business.


I think Rajiv, as Heather said when we first started, one plus one equaling five, I've been down or had been down in Morgantown by our R&D. Ithink one of the real key prior to this new collaboration, this new set up, we would get maybe 15, 20 submissions out of our R&D group on anannualized basis in Morgantown. Now, as Rajiv said, where we put this collaboration together, this intellectual stimulation and challenge, what weare seeing now is more than double the applications coming out just for the US, and even more so for the rest of the world out of Morgantown,but we've done that without any headcount additions. So when kind of look at it and we look at our R&D spend, again, it gives us that opportunityto reinvest in other new and additional opportunities.


R&D has literally transformed our business. A picture says 1000 words. When we started in 2007, this was largely a solid dosage form company, asmall pipeline of over 125 products, and a percentage of that was transdermals. Today it's not so. We have diversified technology platform; wehave injectables; we continue to emphasize on our solids because that's also still a big part of our portfolio, whether it's patches, nebules, soft gels,semi solids, nasals, you name it and we have it over here. So this is just not the numbers. This is the qualitative aspect which we wanted to sharewith you because we are a much broader, much more diversified technology platform as far as the R&D is concerned.


While we've launched different products in other parts of the world where we have some of this experience on and we've learned commerciallyon how do you launch those, whether it's some of the liquids or the nebules or such. The other piece is our customers now are starting to look atus in a North American platform as well as a new source for these types of products. I think one of the things that really has stood out, they arebeginning to expect -- I think when we look at our injectable platform -- that we are going to bring that same Mylan service levels.What that doesis it really gives us confidence that, as we introduce these new products, we know we can again gain a very substantial or a disproportionate sharerelative to the time that we begin to enter on these products.

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Another aspect I think I would like to mention about how this R&D transformation has put us in a very different position but we were four yearsback, just looking to -- from the efficiencies of productivity point of view. It's not just a reduction of the cost of developing an ANDA from 2.9 to1.4. This gives us more dollars to do more products, but we achieved a steady-state when it comes to our US India filings. Almost a run rate of 65to 70 ANDAs every year. That put us in a position of a very strong pipeline as far as the pending ANDAs that the FDA is concerned, 173 ANDAs,what about 99 billion doses.We have a lot of first-to-file opportunities which we will talk about.

So this is what will carry on the momentum for '12, '13 and beyond. But this was not done at the cost of the rest of the globe. In our rest of theglobal business, whether it was Europe or other business, have not seen internal filings the last three years.We today are filing at a run rate of about700, 800 or 900 applications, approximately 300 applications, 350 applications for Europe, about 200, 250 applications for our antiretroviral franchise,and about another 50 for Asia-Pac and Japan. So, we are continuing that momentum for the years to come, and that has put us, again, into aleadership position which we are very proud of and very pleased with.

As far as the US ANDA approvals are concerned, we are today the leading company over there. It was Teva a few years back, but we have caughtup and we continue to hold this -- we are very confident that we will continue to hold this position.


I think you look at two things here. I think one, if your remember that slide Rajiv showed about the global submissions that we are making, that'sreally created globally where we are becoming I call it a "must" partner. Because I think people see and we share our pipeline, and they know, tohave access to that, to capitalize on that partnership theme that we've talked about, they need to do business with Mylan. It's positioning us in avery good place on a global basis.

If we look in the US marketplace, I think the slide you see up on the screen is something that brings certainty to our customers. I can think, I've beenwith Mylan over 20 years, and relative to being there on a day one launch when we are supposed to be there, I don't think we've ever missed.That'sa certainty, and you look at it here that they now know Mylan is bringing more products than any other company in the US marketplace. Again, itgives us continued confidence on how we can manage the market shares we look for in the US marketplace.


What are we doing for the future? We are spending for our future about $2 billion over the next four years. If you just look into the left of the slide,that's for 2012.We are spending roughly around 60% -- approximately $240 million, $250 million in the generics.We are spending about $60 millionwhen it comes to the biologics, about $50 million for respiratory, and another $50 million for our Specialty business. This pie is going to changeover the years, but maybe not when it comes to generics focus, that's not changing because that's a larger amount. That's a 6% a larger revenuebase, so we'll still be spending roughly around $240 million or $235 million, even '15,' 16, on generics. We are spending about $100 million onbiologics, another $50 million, $60 million on respiratory, and Specialty will be around $125 million. So that's investment for the future.


So when we look at portfolio diversity, I think the commonest term we all here is about the US generic cliff. I think hopefully when you get throughthis section, you'll maybe see why Mylan doesn't feel that US generic cliff actually applies completely to us, because there's really a difference there.I'll tell you as a commercial person what we're going to show you in this next slide -- it excites you. I think, if you put it up there Rajiv -- I jumpedone slide ahead, so I apologize.

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So let me set it up for you. Currently -- we talked about R&D machine that's set up for about 800 to 900 submissions. It's easy to set up submissionsrelatively than the launch (inaudible) and it took us time because you're building up the pipeline. But now the pipeline is churning, and we arelooking into almost 600 to 650 launches every year year-over-year for the next couple of -- again, the driver behind '13, '14 and beyond.


So the other -- before we get to the slide I'm just dying to get to, if you look at that, right, the country launches and something to keep in mind,rest of the world has a different dynamic than what we see in the US. The US, we see a launch, a big peak and it comes down and finds a balance.The rest of the world really sees peak sales being achieved in years two and years three. So when you look at the approvals that we've got there,certainly some in Canada where this happens in the North American numbers, you got the EMEA numbers of launches not only that we had in '11but also in '12, and then the Asia-Pacific launches that we had, these are really the things that, as John said, are going to hell cascade us on earningsthrough '12 and through '13 and beyond that as we continue to launch numerous products around the globe.

So, the slide I've been dying to get to. I think -- just look at the raw numbers on there. When you heard us talk about the doubling of Mylan, you'relooking -- in 2007, we had about 2400 products in our portfolio that we were marketing. We believe, by the end of this year, we'll be around 4700products in that time, close to doubling. Look in the next three years, we're going to be up to 6700-plus products in our portfolio. I daresay thatno one else has this kind of growth in their portfolio planned over this period of time.Think about it a couple of different ways. Clearly, you see thenumbers, the sheer numbers in EMEA that we believe will help propel us and keep that market going.

But you think of the US, it took us 50 years to get to 250 products in our portfolio.We're going to accomplish doubling that in a five-year period oftime.

I look at Canada as an example where we did that. It took us a little bit longer when we first built this platform because we were learning a fewthings about the regulatory process in the Canadian market, but we've suddenly found that the promises and the statements we made to ourcustomers that we would double this portfolio are actually taking place. In the last quarter alone, we launched seven products in Canada whichwas more than we have done in the year before that. So we know we see this growth and it's the growth that compounds over the years in theseother markets. Even in Asia-Pacific where pricing pressures and in the Australian market take place, as one of the key pieces that are part of theAPD is you have to have a pipeline behind it because certainly yes, prices come down. But the real opportunity is then the next 18 months as you'rein those products.

I think what we're really confident about that helps us grow That marketplace and bridge so we get to these new therapies is the fact that we havethe right portfolio in place in that market to continue to grow it.


After every call with one of you, John or Kris King, they come back and talk to us about cliff and start asking about participating in cliff. Let's lookinto we did a small exercise of just looking to the US as a market, key market, and what's US market. And --


I think what some of those things were and we talked and John talked, our portfolio is differentiated. So we're going to have a slide and a couplefrom now that will help really frame that up for you. But I think there's a couple of things. It's a continued stability slide. We really see the diversityof our portfolio allows us to maintain share in the products that we are in. These are products that are heavily towards chronic therapy. I think asHeather said in the early slides, we see the demographics across the globe that we see the age and we see that in the US as well. Many of theseproducts, through either share increase or through just the continued natural growth of some of these older molecules, allows us to have a betterstable platform here in the US.

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We've got a couple of other things that this portfolio has allowed us to do. People have said it differently that I see. Some talk about not as muchprice pressure, but one of the things we see with ours is there's pricing appreciation opportunities with our portfolio. I think that's one of the thingsthat offset declining prices. I think that's an important piece to us.

Opportunities to increase shares on the right products. It's not to say we will never rationalize a product at Mylan, but we don't do it at the expenseof our customers or our patients, but we look at where it fits in the lifecycle and where it's important to us.

I think the other thing that we've seen is probably unprecedented right now in the short-term is our partners are beginning to look at this and Ibelieve really see this differentiation in the US market, but they are talking long-term programs, long-term commitments, not a product-by-product,SKU-by-SKU basis, but they want to talk about strategically aligning. At least that's our experience with customers at Mylan.


This was the $30 billion bucket from where we are operating today in the US market. The next bucket which is $99 billion is where we talk aboutthat we have 173 ANDAs pending approval, 43 potential first-to-files representing about $27 billion of annual sales.

Let's look into the next bucket -- $91 billion bucket, that's where some of our biogenerics pipeline or Advair like product kick in. There are severalother -- 329 products which are already in -- at different stages in the development. And we are not going for any vacation because there is stillwork out there and another $96 billion bucket.


I think, if you look at that sweep, the one thing to keep in mind in that $91 billion bucket is Rajiv showed the dynamics of how many applicationswe're filing on an annualized year and even here in the US. So as products are getting approved, Mylan is filling those same approvals as fast or ifnot faster. So again we don't see quite that cliff dynamics coming.

The second piece we have here, as Rajiv is showing, this $96 billion. He is going to cover what some of the I'll say more exciting maybe opportunitiesare in there. But what it really shows, there's also a lot of product out in the marketplace when you look on the right-hand side of this graph thatour competitors have that Mylan is not yet in,.We still have opportunities to target these where we see value in these types of products.

So on an overall basis, there's $6 billion worth of generic value in the US that Mylan hasn't put into its pipeline today covering 250 products, thatwe still continue to review this GAAP analysis as a very robust process on a quarterly basis.

Second, we looked even against the number one player in the US, Teva. You can see there's $1.7 billion worth of products that Teva has in theirportfolio. Only 45 products that Mylan hasn't put into their portfolio yet today that we can continue to build upon as we find our customers' needsrequire it and where we see opportunity to optimize an opportunity or monetize that opportunity in a different way.

This is a slide we kind of talked about that kind of shows the difference. Why is it sustainable? I think the proof is in the pudding. If you look at it,Mylan has a substantial portion, or 40%, maybe it's actually -- I don't know, John, what the right substantial category is, but over 40% of our marginis captured in products that are 4 to 10 years old. So think about that.These are long, sustainable, driving products. It's unique about these products-- most have four or more competitors still in them. So whether it's our ability to drive the cost of the product to the right place, the uniqueness ofthat product, our capabilities through manufacturing to not be over -- I'll say not have the capacity to continue to move those products, we hadthis unique piece to our portfolio. We have both ends of it. A lot of new products coming in those first years where we have some of that pricingdynamics before they settle.

Then if you look at the 10 to 20 year products that are in our portfolio, you get two benefits there. I mean we find, one, there is new lifecycle that'scoming up on old generics, and we can monetize those. We have a lot of them. That's, again, something that our 50-year history allows us in the

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US, so again it gives us this robustness to keep driving those gross margins because we have that many products in the portfolio. So again, we lookat this and we don't see quite the same dynamics of this cliff.


Just a couple of days, we had an internal year-end review. It was very pleasing to see that, out of the top 10 products of USA, only one was a launchfrom 2011.The rest nine were those products which Hal is talking about, whether it was two to four years on the products like that.

We talked about that last piece of $96 billion where we still believe that there are $58 billion of the brand value products. We are yet to start workand evaluate them from the market point of view, so there are sort of biogenerics opportunities over there, also more products -- more opportunitieslike inhalation.

We talked about the quantitative aspect of the R&D. Let's look at it a little bit qualitatively. So as we said, it's just not solids. So even within thesolids, we have the controlled substances, the high-potent products, very strong with the modified release dosage forms.We are adding -- 23% ofthe pipeline is to the injectables (inaudible) mix, we have more and more -- we will talk a little bit more about patches, certain complex injectableslike difficult to correct price like Copaxone or even in oxybutynin (inaudible) opportunities, certain derma products and respiratory products.

We are moving a little bit away from just commodities and spending time on the limited competition high barrier to entry or even maybe genericsplus, looking for some opportunity to create a differentiation. One area which we would like to talk to you about was transdermals.We have a verystrong platform, but we don't believe we have leveraged it enough.There is a very strong IP around Matrix Patch platform, but we are now furtherexpanding this technology by getting into the melt extrusion and hydrogels.

We are looking beyond generics.We are looking to look into certain existing brands. Do they have some deficiencies or issues which can be modifiedor which can be addressed through these technologies? We're looking to develop some novel transdermal products.We have all the products outin the market like fentanyl, clonidine, nitroglycerin. But we have a very exciting pipeline also. We have six products under active FDA review. Webelieve we have one first-to-file and one first-to-market opportunity in this category, and we have a good pipe -- a strong pipeline. More importantly,we are excited because we are now taking these products beyond USA to differ geographies.


I think we can look at a couple, whether it's fentanyl, whether it's nitroglycerin, should have launches either late '12, early '13 in the other countries.So, again, we are continuing to deploy those products that we know have good, sustainable value and a differentiation category across the globenow.


Let's talk about biogenerics. This is an area which has been under spotlight for several months now, several years now. We'll [not] talk a lot aboutthis after signing our Biocon deal. But sometime being late is not so disadvantageous, especially when there's a lot of uncertainty around, becauseit gave us time to put our act together.

I think we took our time, we made it right to ask -- we very strongly believe that we (inaudible) a right to ask what it comes to finding the rightpartner.We spend a lot of time to identify the right portfolio.We'll share with you.

We backed up the products mostly around oncology and autoimmune disease state. When this regulatory pathway is evolving and there are somany other uncertainties, we went to the (inaudible) to set up the highly skilled technical team with the regulatory capabilities, strong legalcapabilities internally. We have been ramping up our capacities which have been joint investments with Biocon. We are very pleased with theprogress which we have made (inaudible) after signing the collaboration with Biocon, identifying the right portfolio, we have five products indevelopment. We'll share with you where exactly they are in the lifecycle of the development. We have our first product getting into the clinical

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just in a couple of weeks. We are expanding our product pipeline further, and more importantly, we are building internal capabilities whether itcomes through R&D or even manufacturing.We believe in years, a couple of years from now, we'll have multiple products in clinical development,some applications in across the globe. I'm not talking just as the US as a market; this as a global market. We will simultaneously we will be lookinginto our commercial capabilities and ramp up what we need to do in that space.

So maybe this is what everybody has been asking us. Yes, we have five products in our Biocon collaboration. We have Herceptin in Phase I. Wehave Neulasta in oncology in preclinical stage. We have Avastin again in oncology [temporary] category in process scale up stage, which is goingvery well. We have two products, Humira and Enbrel, still at the early stage which we are very close to finish our cell line development. We haveone product which is not disclosed by the name over here because of some collaboration issues, but we are very -- this is a very exciting productand we are in a preclinical stage in this.

In addition to this, we continue to look for strengthening this pipeline, building this pipeline, and also ramping up.We believe, we are very confidentthat maybe we didn't start at the time and many other companies started, but we have caught up and we will be there for key molecules, for keygeographies at the time of the market formation.


So I think one thing everyone knows is implementation of a pathway and how you're going to commercialize it really still is in the discussion phaseI'll say from knowing how the approval process is going to truly play out. I think one of the things or two of the things that we have found as we'vetalked to customers, and I think Rajiv said it, we've had the opportunity to be at the right time in this process, and we've gotten feedback from ourcustomers that clearly we are in the right position to launch these types of products. I'd look at it in confirmation of what Rajiv is saying -- out ofmarket formation -- and some of the things that make it differently.We have all the continuums covered. So as a multi-source or a generic company,we are already well-positioned, whether it's a retail sales force that's going to be pushing through it, or it's going to be a doctor/physician type ofdetail, whether it's clinical in the hospitals through our medical liaisons, Mylan will be ready when this opportunity comes and our conversationswith our customers I think only kind of reaffirm that.


Let's talk about a very exciting opportunity in the respiratory space. We have been looking very actively over the last three to four years to bridgethis gap. We scan almost the whole world to look for different technology platforms, different devices. We could not have come to this day -- youknow, we could not have picked up a better partner, a better device or a better platform, which was Pfizer. Pfizer has spent years to develop thisdevice and millions of dollars, hundreds of millions of dollars to come to a stage where they were.

If you look into picking up -- having that device, having the team which worked around that because that -- we acquired that team, a team of strong50 scientists from Pfizer.This is a part of -- they are Mylan employees now, and Mylan's ability to execute (inaudible) strategy. We believe and we'lltell you why we believe we are so confident. this is not the path which we are exploring for the first time. Many others have gone this past, andcame back and said they don't see generic, a generic Advair happening. We are very confident that it's happening and we'll share with you whywe believe it can happen. So there's a little bit of background with this.

When Pfizer was developing this product way back and when they were ready with this, being a brand company and having a respiratory portfolio,their approach very naturally, the SEDAR for another NDA around this product. Pfizer looked into the device and said no, you need to go and talkto the OGD because this is a device which is very comparable to Advair. Pfizer's tam had a FDA meeting back in December, January of 2009 andJanuary of 2010, where they shared their whatever they have done so far with the FDA and came to an understanding of the path. What was thatpath? The same path which they shared with us FDA presented in October of '11 as a first step towards how do they see a generic drug -- drypowder inhaler coming.What are their expectations? Which was very consistent with what they shared with the Pfizer team.

It's around four buckets. First one, the device and formulation. It's the size and shape, they are looking for a similar size and shape. We believe thisdevice which we have is very intuitive and very close to Advair -- same operating principle, the same number of doses, and qualitative and

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quantitatively formulation design similarities.The next step we are looking for is [invitral] performance, the equivalents in metric doses, aerodynamicparticle size distribution and comparable resistance.

The third one which is one of the very important criteria is the (inaudible) systematic explorer, systemic explorer based on the pharmacokineticdata and acquired for all strengths, all (inaudible).The last but not the least, the (inaudible) local delivery. Again, this is based on the pharmacodynamicend points showing those response.

We have a very solid position and direction on the first three items mentioned over here based on the work which has been done over the last fewyears.We believe we have a very clear path forward.We've demonstrated local delivery through our therapeutic equivalence studies.

So, we started with Pfizer's patented device, design and development, (inaudible) technology with the FDA meeting behind us and a clear pathforward. We close the deal in December. It's like we have been working for months and years together because the same team is continuing thisand we are not losing any time and any integration or stuff like that.They are right there because they know these time lines.We have simultaneouslyUS as wells as European and the rest of the world part being evaluated. We believe we are very well lined up for a submission in Europe in thesecond half of '14, and for USA in the first half of '15, and looking for a '15 launch in Europe or a '16 launch in USA.


I think, Rajiv, a couple other things that we know -- we've had that experience with devices and certainly with the generic innovation. And whetherit's looking at how to bring this to fruition on a commercial basis or scientifically, we can go back, whether it was an Apokyn product where wetook device along with a product and were able to get an approval in this pathway. I think that's one of the things that gives us that confidence.

The other that was just unique about this product, when we did our press release, I don't think we've ever had a greater number of calls from ourcustomers who showed immediate interest. Part of what that at least makes me look at is that means other people aren't close to getting thisproduct done. I think that's one of the other things, knowing our innovation, where we can take this product on a commercial basis that makes itso exciting.


As we mentioned, we are currently in investment phase.We are building up and ramping up quickly these manufacturing facilities in Ireland. I feelvery confident that we will be able to bring the first generic Advair into the market.

Let's talk about another gem in our portfolio of respiratory. This is the Combo product which we have been talking of. It's the combination of thesteroid and LABA.

We struggled a little bit for a couple of years to get to the same page when it comes to the regulatory path with FDA. We had a very successfulmeeting about a month back, and we have a very well laid out common understanding with the FDA what we need to be on this.We have alreadykick-started this Phase IIb study, and we are looking to get our Phase III started by March of '13, our NDA submitted in '14, in the second half of '14and looking for the last quarter or second half of '15 launch.You will hear more from John Thievon about what this opportunity is about, but I justwanted to flag it and mention it from the science point of view.

One thing more.We have very strong IP around it, which will take us to 2021 or 2022.

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Let's talk about Copaxone.This project reflects our scientific, our team scientific ability to manage not only the complex projects but also many ofthe complex partnerships. Yes, NATCO started this project, they had a molecule, but a lot was to be done between when we acquired this andwhere we had to go. And that's where Mylan took the driving seat. A perfect collaboration between the teams.

How strong scientifically backed this was will be reflected that the ANDA got accepted within 70 days of its submission, whereas some other filersit took about a year to walk through that. Ever since its acceptance, we have been very actively engaged with the FDA review and we have beenworking to meet with their expectations. It's been a very tolerable view and we are very pleased with the progress which we have made. And forevery day we are reaching close to where we have to, to be in the state of readiness for the launch at any time when the other issues get settled.


So I think, Rajiv, the other is, this is a therapeutic category that Mylan is well familiar with. We have a very strong presence. What you probablydidn't know is we're the second most widely dispensed Pharma company in the neurology segment. So as we look to commercialize this out intothe future, we already have a presence and are building a name recognition, that we'll be able to have that kind of penetration into this, that willbe appropriate for, again, a difficult to develop product that I think will have that long-term value. Whether you're the innovator or you're the firstgeneric in that marketplace.

So maybe just to quickly hit on, and probably not say quickly, our institutional platform that we have. A couple of things I think, first, most peopledon't recognize Mylan as being the fifth largest, at least if you want to look at IMS data on a global basis for injectables. So Heather had talked toyou about how we combined the Bioniche and the UDL platform from a US perspective, but not to lose fact that, in Europe, we also have a platformwhere we're number one in the generic segment in France.You can see we've got more products in the European platform.We've got a concentrationinto the oncology group.

I think what Rajiv pointed out, we're building the internal capabilities now to further do that from a manufacturing, to be able to give us thatposition on a cost of goods basis, and to look at our margins. And we've got a unique platform here in the US. And we can continue to build onthat here as well, as another product that I'm not sure everybody recognizes, a brand product we have in the segment, Ultiva, remifentanil usedin anesthesiology -- that's a very nice brand niche for us, with patent protection for a number of years. And we continue to build on to that portionof the platform.

We've got some unique products, whether it's methylone or the recently introduced levetiracetam bags, where I think again, we're trying to bringthat innovation and bring solutions that can help pharmacy, and recognize it. So we'll spread this, again, on a further basis into the global platform,more into Europe, as we're focusing on it.

And I think the other unique thing that we've really seen is we can leverage this hospital platform and begin to bring it across the channel, andbring more value to our retail products as well, as they're starting therapies there, as we're targeting products, as we look at the US healthcare, tomake sure patients don't go back in to re-admission within 30 days. And we think we have a special place that we can bring additional innovationto, from the Mylan perspective.


I think, Hal, you're absolutely right about the growth opportunity because I think it's all about focus. And Bioniche gave us that opportunity tobring focus to this area. And we see our R&D ramping up, we see we're investing very aggressively in ramping up the manufacturing capabilitiesand building up the plants. And we still believe a right portfolio, a right dignity of vertical integration will be a long-term sustainable -- sustainingfactor for this business. And we will be very well pleased for that.

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I think Heather said it, we'll grow this platform from $0.5 billion to $1 billion. And I think we continue to look for our upsides that we bring the sameMylan quality, reputation for servicing in this marketplace, and supply the customers in times of needs.


Let's talk about antiretrovirals. You heard a couple of times from Heather and John. And this is one thing which we -- I'm personally, because I'vebeen attached right from the Matrix, but it's not about what you acquire, it's about what you do with the acquisition. It is a perfect example of that.

So when Mylan acquired Matrix Laboratories, we were just starting from scratch, literally from scratch.We were an API company. Matrix was an APIcompany with no -- not even the first step. We had just established our R&D team. And that's when we said let's build this portfolio in the finishprocess. We came from behind. We had a very strong competitive landscape, we have Cipla, Ranbaxy, Arbidol, Heterol, and you name it, they wereall there.

We thought through the portfolio and we had the vertical integration capabilities. And I think focus and passion drove this portfolio in 2007 fromzero -- today, it's about $300 million portfolio. We not only developed the products within this time, we got them distributed across the differentgeographies, the platform for the US and all that, but we also commercialize that portfolio. And this is growing because there's a lot of sciencebehind that.

So whether it was innovation, whether it was a huge stable that's not obvious, whether it was looking into another first -- a change in just thefirst-line therapy, picking up tenofovir, adding lamivudine and Orphenadrine, and going through an ANDA route -- that's the largest growth driverwithin this segment.

And then looking about, okay, if DLA's the one such big driver, the pregnant mothers can't take it, what do you do with that? Find that gap, addressthat through DLN -- which is in developing combination, which is safe for the pregnant mothers. So it continues. So now whether it's atazanavirand ritonavir NDA, the combination, the second line in the box, that's why we have stayed ahead of the competition.

We know we were late. We could not have one of the first line, but we made a lot in the right picks. We have a strong pipeline from the API pointof view, the first line dosage form, second line dosage form.We continue to work with agencies like WHO and many more out there to understandwhere this whole therapy is going.We continued to reduce the pill burden and leverage strategic partnership.

We are very proud of some of the relationships which we have cultivated in this space, whether it was Gilead or some others. And we see a lot ofthat happening in the years to come. And we believe this will be one of the strong growth drivers for the next few years.


So I think the next one was to talk about generic utilization. You heard early in this slide that an additional 10% generic utilization in Europe canbring an opportunity of a top-line of $300 million in revenue.

I think some of the key things that I look at -- there are still headwinds in Europe. We're not here to tell you that there aren't headwinds. But we'rewell-positioned in the key countries that have this opportunity, and we still believe that's a competitive advantage to us. I look at it from myexperience in the US market, if we want to look back Medicaid D, back in 2005, where we saw this rapid explosion of generic utilization, substitutionand conversion.

And you see some of those same things on the horizon for Europe. And that's the piece, while not built into the numbers, that we're going to takea focus on. Because again, we believe we see things that we learn in the US.We brought another team member over from Australia, who's working

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with our global team, that has key experience in a substitution market. And we believe we can begin to differentiate Mylan in this segment byhelping the pharmacist substitute.

Because basically what they've been doing is just putting it out there. And I think the growth for this market -- and it's not going to just be Mylan;I think we've seen the beginnings of some other companies looking at it, but we're going to have to increase generic utilization. We're going tohave to do that by equipping the pharmacist better in a more efficient way, so we can have an impact in these markets.

And we've already taken some of those first steps. In Italy, we're already using technology to give better visibility to pharmacy; make the call onthem; when we talked about time optimization, to take more time out of the normal processes of how they used to sell product in that marketplace,and allow us to focus what's going to drive that market.

So we still see this is a great opportunity, not built into the numbers; but we see it and we're acting on it. And I think we're going to move throughthe policy piece, that you know Mylan has passion in, and put that into the retail segment there, where we're well-positioned and we have theright number of people to do that.That we'll see a benefit for us in these markets as well, and we know the demographics are just right for this, aswe look long-term in this marketplace.


And Hal, just by what you just said with what's happening on the operation stage, I think this is one area where we could not get all the value whichwe believe we will bring to the -- from operations side. Just because of the long regulatory timeline of 3 to 4 years for an internal portfolio to kickin.

And we had to spread base of those things. But what we did, we did some low-hanging fruit, some vertical integration of the existing portfoliorepatriation. Even when we did repatriation, we had some existing contracts which we just couldn't walk through. So we believe that we have done-- today, as I mentioned, we have 75% internally manufactured products globally. Europe still we need to move there to that number.

Vertical integration is very much on the way but we are -- I'm excited about the internal pipeline kicking from well onwards.That will help us a lotto manage this cost. And I believe these headwinds are going to change one day. And when they change, we will be very uniquely poised to capturethe disproportionate growth of this expansion of increased generic utilization.


So I think we've hit -- so if we look at geographical expansion, I think Heather hit it in a quick place that we currently have Mylan products on theshelves in over 150 territories.We obviously have every intention to continue to grow that further.


And I think India is the first step into an emerging market strategy. It was very logical and a natural step for us. We have perhaps the largestmultinational empire over there in India. And being there and knowing that market, and having a lot of opportunity from that market point ofview, a $13 billion market today growing at [car graft] about 14%.We are having our manufacturing assets over there, it was very logical and naturalstep for us.

We are launching, in another couple of months, with the antiretrovirals portfolio on women's health, respiratory and nutrition. And that's not --that's a beginning. And in the first phase, we are looking to establish a strong field for us to address 85,000 doctors across the globe.This portfoliois largely around chronic therapy and we are moving away.This is where we see a lot of growth happening over there. And this is why I say it's firststep, because I think once we have India established, we then have another portfolio which we can export or which will take many other emerginggeographies.

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So I think the other area we look, you see our first jump into the emerging markets with India, and Rajiv can touch on others.The other way is we'regoing to expand our business through the export business. So it's one way we view as the ability to jumpstart business in a number of these othercountries around the globe, where we can gain experience, where we've got antiretrovirals that provide us an entry into these particular marketplaces.We map out those that have a regulatory pathway, that we can really leverage up our platform that we have through that process. And it gives usexperience in these markets.

In the past what we did is we looked at it as an opportunistic basis on how we entered into a market whether we could sell a product.We've alreadychanged that focus. We've got a dedicated team now. They're in these countries; they're building relationships with the appropriate distributionchannels and learning it, and really setting the stage for us to make those decisions to then deploy additional resources into these countries, wherewe can maximize the growth.

And the most likely targets right now where we're seeing it are in the Southeast Asian part of the globe. But again, as we move towards that missionof driving towards providing affordable access to these 7 billion people, it's a key part of our strategy.


Hal, it's about leveraging what you have. We have an excellent awareness about the distribution network for various countries through our ARVbusiness. So we said, okay, when you look into emerging markets, you need to learn about these markets and this is one way to learn to thesemarkets. Our export business of ARV gave us the insight in a country like Thailand, where we slowly kept on just on understood how this marketwas, so it was really partway and all that distribution channel.

We have a business which is today, let's say around $35 million business. And that's a very logic for you to go there and set up some ground presenceto go from there. And that's where we said, okay, we have product portfolio, we have partnerships around the product portfolio. We are very wellplaced from the COGS point of view, why not re-export this portfolio to the various geographies before we go and establish ground presence overthere? So that's why I said it's a precursor to our putting the next step into those emerging markets.

And we are not finished yet. As John talked about the flexibility and the finances, and Heather mentioned about the mission of [$7 billion], wecontinue to look at the opportunity in the Central and Eastern European countries, China and Latin America. Again China, because of our presenceover there, we are learning fast and we are learning because we should not be late. But we continue to look for a new strategic partner relationshipsor any opportunities, or in our organic opportunities, which are compelling to come our way. We are on the job and looking for these things forfurther portfolio expansion.


So maybe as we wrap it up here, some of the key takeaways. As we said, hopefully, you've got a better clarity on our platform. How it differentiatesMylan; the size we're taking it to; why we're taking it to that size; and the benefit that that really can provide Mylan over these next five years. AndI believe it's uniquely different than what we're seeing other people and certainly no one of this type of scale.

Hopefully, you got a little better look of the portfolio. John gave you some of the dates, certain ones. I know certainly you'd like all of them. But ifyou think of that sheer size, if you look at what the value of those products mean years two, three, in the rest of the world; you think of the numberof products, the diversity of products. And what our customers are looking for, clearly, I hope you took away that that's a distinguishing differencebetween Mylan and anyone else in this business.

And then looking at where we're excited, the opportunities we have long-term, when we look at whether it's John's business with Perforom or acombo, whether it's the Advair generic, whether it's the Biologics. And that we've already had those dialogues with our customers. So while maybe

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not everyone recognizes where we've advanced in bringing this to a commercial reality, I think we know we're well-positioned, we know we're notbehind in these products, and we really know these are the areas that are going to drive us as a future for Mylan.


I could not have agreed with you more, Hal. Because it is not just doubling up Mylan. It is doubling in a very exciting way. We have a very strongplatform, a robust platform to grow from. And I'm very passionate and excited about what lays ahead of us. And I'm very confident because nowit comes to execution, and we are second to none when it comes to that.Thank you very much.


Please welcome Heather Bresch and John Thievon.



So now that we've, I hope, laid out and put some visibility and transparency around not only our current platform, which you've heard all of us talkabout, really we believe being a differentiator and a driver for us; but all of the opportunities around our generics business globally, as importantis the driver of our specialty business. Today, it represents almost 10% of Mylan's revenue. And not only is it an important strategic driver, but wesee that growth just to be exponential, especially with the EpiPen franchise, as well as some of the things that John will be talking to on therespiratory products.

One thing that I wanted to just build upon is John Sheehan's slide talking about EpiPen and why we believe that it's unique. Being in the genericindustry for 20 years, I can tell you we've seen -- I say no launch is ever the same. We've launched, obviously, hundreds and thousands of productsin these 20 years, and we've become very astute to trends in the utilization and why some differ.

So I can tell you when we started looking at EpiPen, after believing that there was somewhat of a misperception about downside potential couldbe if an ABA-rated generic would come to market. And again, I've continued to reiterate -- we think that bar is pretty high for a drug and devicefor a life-threatening situation.

But in looking at some compounds that you could remotely even equate to an EpiPen, we go back and look at a Dilantin. Mylan was one of thefirst generic companies on the market within four years, the first four years of having generics on the market to Dilantin, we'd only penetratedabout 35% to 40% generic utilization.

So patients were making a conscious decision. As you know, it was characterized as a neurotherapeutic index. And the brands did a very effectivejob of ensuring that the brand equity that they were going to build upon, and that customers made that decision every month when they wouldgo into the pharmacy to continue to pay the higher co-pay to keep the brand.

When we look at Climara, another very hard to manufacture product that we brought to the market, a generic patch, transdermal patch, our devicewas different than the brands because of IP and patent protection. Our device wasn't superior to the brand product. And patients -- again, doctorsmade a conscious decision to pay that higher co-pay every month when they would go in to get it, for the device.

So I would say in my 20 years, that's as closest we can come to giving you some equivalent products to look at historically. And again, over fouryears, Climara hit about 35%, 40% generic penetration. And it's still not anywhere near today what typical generic penetration is on a product.

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So I think that when you take those factors, and then overlay that EpiPen is for a life-threatening situation, at that moment in time, you want thetried-and-true.You want to know you're safe, your children are safe, you're prepared and you're comfortable, if you need to use it in that situation.

So I just wanted to take the opportunity, like I said, not only to talk about the excitement we have around the Specialty division, but to put incontext the downside. But most importantly, and what John is going to focus on, is all the upside potential that we see over these next years withEpiPen and our Specialty franchise. John?

John Thievon - Mylan Laboratories - President Dey Pharma

Thank you. Before I get started -- thank you, Heather.Thank you to my colleagues out here. And thank you to everybody who's here physically, alsoon the webcast.

Just to give you some perspective, this is my 85th day here at Mylan Specialty. And we've talked about Mylan Specialty throughout the presentationso far. Obviously, it was the Dey Company to what most of you would know. I just wanted to take the opportunity to reinforce what the MylanSpecialty name certainly means to me, to our sales force and to everybody associated with the old Dey Company, which is now Mylan Specialty. Ithink we really focus on the synergies of the entire organization.

Mylan is a worldwide company, has channel expertise, managed market expertise; it has expertise around the world. And I certainly, coming herefrom the outside, said, it would be great to leverage all of the expert expertise around the world, as well as the expertise with EpiPen, Perforomistand some of the things we've talked about. And there's no better commitment to the Company changing the name to Mylan Specialty. So I thinkthere's no doubt moving forward that Mylan Specialty is here to stay and here with a lot of support.

So I appreciate that. So I'm going to focus on, we'll take a little history of what the Company has done, which has been quite impressive for bothEpiPen and Perforomist; then focus on the future. And the good news, we have prescription data, which I know most of you are looking at, NPAthrough February 10, which you'll be able to look at in this presentation.

So I'll get right into it. So the 2011 accomplishments for the Company, I have bucketed them to more easily explain all of the great things that havehappened. I'll touch base a little bit here and get into a little more detail as we go through the presentation.

Number one, we've built out the team. So I was fortunate to enter a team that has a phenomenal amount of talent in the financial area, of managedcare trade, marketing, human resources, everything that you would look to to build out a specialty Pharma company. And where we don't havesome of the expertise, we can either go get it or just reinforce in those areas.

We'll talk to you about a bunch of partnerships around the world that's going to allow us to take EpiPen, as well as some of the other products, theCombo and then some of the things Rajiv and Hal spoke about. We'll ill talk about the US brand success, which I think is phenomenal; but we will-- I will show you why the opportunity is so great in front of us.

You hear about EpiPen marketshare being at 98%, 99% share. It's important to note that's the Auto-Injector marketplace, which is how it is defined.I will show you that, although we have that high percentage, we have a very small share of the potential of the anaphylaxis marketplace.We'll talkabout how we're doing with EpiPen throughout the rest of the world, and talk about the financial results.

So John Sheehan touched base on this before -- for Mylan Specialty, you see a 30% compounded annual growth rate.This is across the board. Here,you see EpiPen obviously is the driver; but you'll see that Perforomist is also a product that's growing at a very nice rate. And you'll see that theinternal pipeline for both Combo as well as some of the Advair generic will fit very nicely, as well as all of the other potential that we have in gettingproducts that will sit in our sales -- current sales force structure, which we'll get into.

So here's the growth drivers. I'm going to go through these. And Heather is going to jump in, certainly, on a couple of these right in the beginning.This -- so we'll focus -- two therapeutic classes. We have allergy, where EpiPen sits, and we have respiratory, where Perforomist sits currently. Andthen we can add in where the pipeline fits in.

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So the first one, this is the slide that when I got here, we started looking at exactly what the marketplace is for EpiPen. There's 28 million -- this isin the United States -- 28 million people who have the potential for an anaphylactic reaction. If you look at EpiPen, which nobody will argue is themarket leader, there's 2 million patients that have EpiPen in a 12-month period, or 7% of the 28 million.

So you look at this and you say, all right, we have an awareness issue. Because I don't think there's anybody around that would say, if we could givea child a product like EpiPen that potentially will save their life if this happens, I don't think anybody would ever say no to that. So you would arguesthat this should be at 28 million.Well, we're going to show you some of the things we're going to do to close that gap.

But this is the opportunity, what's in front of us. So it's all of these patients that we need to get to, and I think Heather will talk about -- that is ourgoal.

So the first part -- and this is where Heather is going to join me, but -- we are partners with Pfizer on EpiPen. Pfizer, as you know, acquired KingPharmaceuticals; so today, Mylan and Pfizer are partners on EpiPen. But it's not just the partnership of a traditional marketing partnership. Andwe'll put up this slide and Heather is going to speak to this.


So, as many of you know, after Pfizer obviously acquired King, I can tell you I couldn't have been more excited about what I believe that the potentialof now our partnership could be together with Mylan and Pfizer. There's not a better commercial organization in the world in marketing, andcertainly developing and building awareness around a therapeutic category.

So, we had already been exploring the opportunity and the potential from a traditional as well as a non-traditional sense. So, marrying that up withPfizer and having the opportunity to show them what we believe commercially was possible -- one, on the traditional sense -- and John will speakto our sales force and direct-to-consumer advertising, and -- but more importantly -- and I think, again, a very unique characteristic of EpiPen is thenon-traditional channels of growth, which is awareness and education in communities around schools.

I mentioned in my opening that, unfortunately, there have been these tragic deaths, and continue to be unnecessary tragic deaths because of thelack of awareness or preparedness with EpiPen Auto-Injector in an anaphylactic situation.That really accelerated. One, Congress looking at initiatives,bills at a Federal level. And that is where Pfizer -- again, that commitment and excitement over what we can do to reach these 28 million patientsis all that's in front of us and it's real. And not only are we doing that here in the United States, but as you're going to see, the penetration rate inother countries is less than it is here in the United States. So again, the opportunity is growing both of these buckets, both in the traditional senseand the non-traditional sense, from a marketing perspective.


Thanks, Heather. And I think that key takeaways there are if we -- and this -- has been some success and there's been some noise out there, wherethere are pens, EpiPens, in schools. And the message there is that when the kids are in school, there is the EpiPen there; but the commercial messageis going to be, they're only in school 6 hours a day.The rest of the time, they need to have an EpiPen with them in every place where they go. Andthat is what we are going to take some of these non-traditional messages and make sure, commercially, everybody has access to an EpiPen.

So here's how we're going to get there. So the first part we'll focus on is our direct-to-consumer.We launched a direct-to-consumer both a brandedand unbranded advertising last year, in a 3-month period -- so July, August, September. You see the plan for 2012, not only did we take TV from 3to 7 months, we have a year-long program with television, magazines, digital, keeping in mind our target audience is females, ages 19 to 49 thathave children under 17. So you can imagine the magazines and the digital and the TV shows that this will be hitting. So this is what we did lastyear; this is what we're going to do this year to increase awareness.

All right, so this slide has three data points. I just showed you where we ran DTC last year. And most people in this room will not argue that DTCgenerally works. All right. So if you look between July and September, our DTC last year, you see that the marketplace grew.

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Now this is the Auto-Injector market, which we are a majority of the Auto-Injector market, anywhere from 97% to 99%. There is a couple of otherproducts in there that have insignificant share. If you look at the marketplace for 2011 versus 2010, 10% growth, which is a good thing.That meansmore people are not only aware, they're going and filling prescriptions.

But -- so the first six weeks ending July 10, the prescriptions for the Auto-Injector marketplace are up 25%. We feel like this is the noise we madein the marketplace with our sales force, the noise we were making with DTC, some of the things that Heather just spoke about.This is a very goodtrend and this is what we're looking at every Monday, just as you are.This is a good start to the year.


And just to complement that, I think that's why when we said the shared voice. So, with the Sanofi product, when it comes to market, that sharedvoice, you can see the results. And again, building upon what I spoke of early, the brand equity that we have, getting our disproportionate shareas that education and awareness increases.

When I mentioned the other couple of products from an AB generic penetration perspective, again, I said these were payers making a consciousdecision every month to continue to pay a higher co-pay. With EpiPen, you only get your refill once a year. So patients for a very minimal cost tobe able to stay with that tried-and-true, we believe, is a very, very significant reason as to why EpiPen is very unique in its space.


So this is where we're starting this year. Obviously, the volume is higher and we're going to be monitoring this on a weekly basis. But let's viewwhat one of our commercials.

(video playing)


A series of both branded and unbranded -- the unbranded obviously increases the awareness; the branded gets the name in front of the consumer.And physicians are consumers as well. But being that EpiPen is a prescription product, we now have to take this to the next level and connect thedots. So what's the next logical thing is a sales force expansion. This is another reason our Company is so excited is, I don't know of any othercompanies out there that are actually expanding their sales force.

So, with that being said, this just gives you an example where we were in 2011, keeping in mind those first six data points that we showed youbefore, ends February 10. We've gone from 22,000 doctors to 40,000 doctors. Our sales -- or their new sales force did not reach the street untilFebruary 1. So they've only had six or seven days to impact that. So some of the other noise has been helpful. But moving forward, we have asignificant greater reach to the target audience. So that will drive more prescriptions to the pharmacy.

Okay. So that's what we're doing in the United States.What are we doing around the rest of the world? So these are some of the highlights of what'shappening, and we always say we're just getting started around the rest of the world. But with that being said, last year, we did sign -- or actuallyDecember of 2010, basically a year ago, a 10-year deal with Meda -- which, as you know, is a large multinational company -- and they are promotingin 18 countries. And if you look at, on the Europe slide here, they are seeing significant growth. And we'll show you the next slide where that growthcan go around the world. But this is taking at least sales reps on the street and talking to physicians, and we're seeing a change.

Now we're going to talk about what we'll do on top of this. Canada, Pfizer promotes EpiPen in Canada. And you'll see in the next chart, Canada isdoing extremely well. We did secure last year favorable pricing -- NIH pricing in Japan, which allows patients to have access to EpiPen at a muchreduced price, which we think will drive business significantly. And then the rest of the world, you see Alphapharm, which is a Mylan subsidiary.They're doing very well in Australia. But this kind of gives you a prospective of what the opportunity for growth is.

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If you look at North America, United States and Canada there, I just told you we're promoting; Pfizer is promoting; we have had some DTC. We'retalking about some of this noise that's going on. And you can just see that index is significantly higher than the rest of the world. The incidents inEurope is very similar, and you're starting to see -- Australia, we talked about Alphapharm. But the UK is doing well. But all of these other countries-- we talked about Japan -- you look at Japan at the end of that, you can imagine as we take not only what we're doing with sales reps, but also thisaccess awareness preparedness message that we're going to roll out throughout the world, there's substantial opportunity for EpiPen in the restof the world.

So that's the first therapeutic class. Second therapeutic class I want to address is respiratory. And also, we'll tie into the respiratory pipeline.

So respiratory itself is the second-largest global therapeutic category at $35 billion at an 8.7% growth rate.That's across all indications, as most ofyou know. Perforomist, our current product, is for chronic obstructive pulmonary disease or COPD. If you look at the prevalence of that piece ofthat larger market, there's 26 million patients in the United States today.We're projecting -- or the data is projecting 29 million by 2015, which tiesin kind of what Rajiv and Hal talked about in terms of the combo approval. So it's a very large market with $12 billion and millions of patients.

So where do we compete right now? Perforomist competes in the long-acting beta agonist marketplace.There is one competitor in there and theproduct is doing very well. I'll show you on the next slide -- it's growing year-over-year, but it plays in a smaller area but still a significant product.

Now this is where the combo product that Rajiv mentioned. I'll go into a little bit more detail in a minute, but the combo market -- or the comboproduct will play in a much larger area. And currently, there is not a nebulized form of ICS/LABA. So I feel like we're going to be in a good positionwhen that product is approved.

So what's Perforomist doing? Perforomist, again, is for COPD. Our sales reps call on physicians, and we've seen growth of 23%, 2011 over 2010. Andwe're continuing to understand the marketplace. A lot of the business for this product goes through home healthcare. And we've done a lot of --talk about leveraging the Mylan strength around the world.

We've used Mylan Institutional, Mylan North America to help us understand that part of the business a lot greater. And that's been very successful.So there are a lot of synergies that we can recognize. So this product is doing well.We continue to see it doing well.

This is the slide that Rajiv talked about a little bit. We say this as a peak sales somewhere around $500 million. That fixed dose combination, as Imentioned before, of the ICS area, a $5 billion marketplace. The beauty of this, with our current sales force roughly around 300, we had approvalin the second-half of 2015, our existing sales force could put this product in the bag as soon as it's ready, and we are off to the races.

And we've also developed relationships with pulmonologists, who are a majority of the writer of these products, as well as primary care. So thisproduct could fit into our portfolio -- will fit into our portfolio very nicely for the growth.

Also, some other products we talked about in the Advair space, there are other products that could come as a result of that relationship and thattechnology. So we feel like we're poised for the combo, we're positioned well for the combo, positioned well for some of these other products.And then any other products that are available out there, we could leverage our current sales force, we feel like we're well-positioned to do thatas well.

So just to summarize, I think the Mylan Specialty name has a lot of meaning and it has just a lot of opportunity for us to leverage. I've worked inthe first 80 days or so -- I mean, I've met more people around the organization, including a gentleman on the stage and some in the audience,around the world. Everybody is aligned to grow all of the business. So we have all of the bubbles that we just talked about, good near-term pipeline,continuing to look for additional product opportunities. I know I couldn't be more excited to be here. And I appreciate the time.

And at that point, I'll turn it back over to you.

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So, look, maybe just a couple of remarks in summary here before we turn it over to Q&A. Like I said, hopefully, after now understanding a bit moreabout the platform, really coming together as one company, all of the opportunities that we have -- not just in the pipeline, but that we're executingnow that are real opportunities, showing you how they're going to monetize, when they're going to come into our portfolio; looking at our Specialtydivision, and the growth that we see from all of the opportunities we currently have, and as John said, ones that we'll still add.

And I hope that one thing that is hard to exude is truly the specialness of Mylan. And I think if anything, the culture of our employees, the abilityto make impact around this world is significant. And that's what we get up every day to do. And hopefully, as you can see, as I started off thepresentation today, reaching 7 billion people are not just words on a sheet of paper. It's something that we're committed to do and believe thatwe have the best platform in the world to do it.

So with that, they always say a picture says 1,000 words. So we're going to put up one last chart. And John, if you want to join me up here.



So, let me try to take you through this chart a little bit. What we sought to do here this afternoon with you is to lay out, through the growth in ourbase business, through the continued growth in our gross margins, through new product launches in 2012 and 2013, why we are confident ofachieving $2.40, the midpoint of our guidance range for 2012, and $2.75 per share as our target earnings for 2013.

When we looked past 2013, we sought to provide as much transparency as we could to you on all of the initiatives and all of the opportunities thatwe're working on internally today, to drive our growth, to drive our double-digit earnings growth post-2013.

And we've gone through an exercise internally ourselves to take those opportunities and extend them out, because some of them admittedly dogo out for a period of time -- the respiratory platform launching in the 2015/2016 time frame; the Biologics program, launching in the 2015/2016time frame; our COPD -- sorry, our combo product for treating COPD, launching in late 2015.

But as we extend out these opportunities, we see a future that is very bright for Mylan. And when we extend out the financials associated withthem, we believe that we will be doubling Mylan over the 2013 to 2016 time frame. We will be doubling Mylan in several different ways, both interms of manufacturing capacity, to have the network, the manufacturing capability to meet the demand for the marketshare we believe we willprocure.

From the product portfolio, Hal showed you the chart that he was so excited about, he couldn't even wait to talk about it before it got on the screen.And that product portfolio will double over the 2013 to '18 timeframe. And then lastly, and maybe most importantly to the people in this room,our earnings. And so from those -- just from the internal opportunities that we showed you here today, we believe that Mylan can achieve earningsper share of $6 per share in 2018.

And with that, we very much appreciate your attention, and I'll turn it over to Robert for closing remarks.



Thank you. Stay up here, stay up here. Thanks. So first of all, thank you very much. And I'd ask first that you join in with me for what I consider tobe an excellent presentation. I want to thank Heather, John, and the management team. I think they deserve a round of applause.

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Just before we open it up to questions, a couple of things. One, I know it's been four years, but now you can expect this at least once a year. Backthen, we weren't ready. Today, as you could see through the presentation and through probably the most transparency we have showed you, themost visibility we have ever showed you looking forward, today, is because the Company has matured.

I can only tell you this, it was about 10 years -- prior to 10 years of me coming into Mylan, I was in private practice for 18 years. In 18 years, I lookedat a lot of companies. And I had the great advantage of knowing what makes a difference inside of a company. And how do you, coming from asmall boutique firm and competing with all the big majors out there, how do you make a difference? And making a difference has always been ourmotto.

And I've figured out how to make that difference. And it was the David and Goliath story. How can you take that slingshot with one stone and doa lot of damage? I can tell you it comes down to people.That's all I could tell you.

Mylan is like the 12th man on the field. There's not another company like Mylan. We just -- Mylan doesn't just operate a company. Mylan -- it justdoesn't run a company. Mylan drives a company, and that's the difference.We're driving an industry now and now we're driving it globally.

So I can tell you I can't -- not only thank the management team but all the people who supported for this particular presentation, and moreimportantly, all of our employees. I know you hear me say that every quarter like it's a bunch of words; it's not words. These people make thedifference. And so much so that I've figured out on these business models, because every business model -- you know people have doubt. Butwhen in doubt, how do you give the benefit when in doubt? You do it by the type of people that you cultivate, the culture of a company.

So I can't tell you -- again, I want to thank all of our employees around the world, the support that we get is just unbelievable. And I want to say aspecial thank you to all of our employees in India. I want you to think about this, guys.Think about this metric. I know that you're all US-concentricand you don't have the opportunity to get around the world to see it firsthand like we do. But in India, we started out at 2,300 employees whenwe bought Matrix. It's only four years ago.We're at 8,500 and growing.We're going to grow up to 12,000 this year alone.

Anybody can talk that talk; but my God, did Mylan and now Matrix Mylan walk that walk. Because it's not just about bringing people on. It's aboutbringing them on at an accelerated pace and never dropping our guards. It never was about quantity with Mylan. Never was about quantity. It'salways about quality. And quality doesn't just rest in your products. It's quality in the person, it's quality in your people, it's quality in the Company.Everywhere you go in Mylan, you'll see it doesn't change. If you land in Australia, you're going to hear the same things. India, Japan, the languagedoesn't change.

Why is this important? Because there's not another company in our sector, not one, that's truly globalized. Our global supply chain is second tonone. Go talk to our competitors.They never were able to accomplish a global system.They're run more regionally and they're run locally.

But this global supply chain is an advantage -- at 45 billion doses and growing to 82 billion, the growth in front of us is unbelievable. And I trulybelieve, again, when in doubt, at least the people at Mylan have earned the benefit. And I also believe -- and it's my prediction; I've said this a longtime ago, and it's going to happen -- when investors go back and go do their work, and they go put pencil to paper, and they study the company,and they look at what we presented here today, they're going to do the work and people are going to take positions. Because you know us atMylan. If we put a number up there like $6, you know what kind of work goes into that. That's not a number, that's -- and by the way, that's onlywhat we already have.

So yes, you can expect more activity is going to come -- and I'm not saying that you don't even have to count on 100% of what we showed you.Let's say the more activity that comes makes up for some of that shortfall. But not 100% of it's going to fall.Therefore, do I believe in my heart thatwe should even be able to do better than that as we go forward? I think so. Because I don't see anybody going to the beach here.

So with that said, I really believe Mylan will be the new bellwether of the generic industry. It will be the leader in the industry. I don't think there'sanother company, especially with some of the announcements you've heard with some of our competitors, we are the only standout companywith quality from head to toe, thanks to our people, and thanks to all of you for your confidence and support.

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I'd like to open it up to questions.

4715413



So I hope you're all enjoying this afternoon. I hope there's a lot of new, exciting information for you. Just give us a few minutes to deal with a fewset changes, but just a couple things. So we've got about an hour dedicated to Q&A today.

A few housekeeping notes, again. If you could please, we have, I believe, three mic runners. If you could please signal if you have a question. Alsoplease stand up, state your name and company. It's helpful to us and also those on the webcast.

So with that, I think we are ready to begin. Chris?

Chris Schott - JPMorgan Chase & Co. - Analyst

Thanks. It's Chris Schott at JPMorgan.

First question I had was just elaborating a bit more on the Copaxone dialogue. What gives you comfort of putting a second-half 2013 target outthere? And second, can you just clarify? I know you risk-adjust everything, but your 2013 guidance, is the $2.75 level doable? If Copaxone is delayed,you don't get that in 2013, just to clarify?

The second question was regarding Europe. And you've highlighted this opportunity of share being this incremental $300 million opportunity.How attractive is that market share at this point from a gross profit standpoint? Has price reached a point where it's just not that attractive of abusiness? Is there still money to be made in some of these markets as prices come down? And can you just elaborate a little bit more on that?Thanks.


All right, I'll start with your Copaxone, and please, anyone else, jump in.

I think, as you know, the trial took place and we could have a decision any day. And typically when you think about just the legal parameters andour environment here in United States with Hatch-Waxman, and look at not only the District Court level but then an appellate level. So typically,we add in our modeling and looking at products at least a 12-month or 13-month period from District Court decision to appellate court.

Obviously, after a District Court decision, though, we have the ability to analyze that decision and make a decision at that point in time whetheryou would launch at risk or not.

So from a legal perspective, obviously a decision coming whenever, March, April, and then adding 12 months on to that, you're into that March/Apriltime period of 2013. But like I said, there's obviously still an opportunity that that could happen sooner, depending on the court outcome.

From a regulatory perspective, I think -- I touched upon it, Rajiv touched upon it, we still remain very confident, and when our discussions with theFDA, the discussions we've had up until this point and the pathway that we believe our regulatory application is on to be A/B rated to Copaxone.Anything else?

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I think you said it pretty well. Because of the interaction with FDA, it's been different than other NDAs, just because of the first [opper schiner],whatever.That gives us confidence where we are exactly in that time cycle.


And I think that the -- another part of Chris's question there was with respect to our confidence in $2.75 with or without Copaxone. And I wouldsay that we are confident in $2.75 with or without Copaxone.


Okay, so now moving to Europe. Look, I continue -- I've been talking about this a long time and telling you guys that making these policy changes,getting into these governments, showing them the economics around generic utilization versus price cuts, and I can tell you sometimes nothingmoves all that fast in Europe, as many of you know.

And so, the silver lining I see, especially in light of some of the austerity, and perhaps that forced the conversation a little faster than it normallywould have in Europe, but I can tell you. Let's take Italy. Italy has grown about 10% in generic utilization.We've been able to take our disproportionateshare, and that market has grown tremendously for us. And we don't see that stopping.

Apply that same metric to a France, to a Spain. Spain, which has just recently gone totally INN substitution, it's still in a bit of chaos.The marketplaceneeds to settle out. The dust needs to settle a bit, but we believe we're well positioned to capture our disproportionate share, just as we have inItaly.

And so, when we put those metrics up there around that utilization increase and what that can mean, 10% increase across those markets, not onlyis it real, but yes, I think those dollars are still extremely valuable and significant. And marry that now up to what Rajiv and Hal spoke about fromour cost of goods, our margin expansion.

So when you look at what we've been able to do, what we're in control of, which is continuing to internalize our opportunities and pipeline, verticallyintegrate, submit and launch more products than ever in the history of our Company throughout these markets, that if at the end of the day youbelieve Europe is still going to need affordable pharmaceuticals and more so now than ever, there isn't a company better positioned, with globalscale, bringing into each of these countries than we are.

So they say the strong survive. Definitely it's been a tumultuous time, and as John said, we said we were out of the business of predicting whenthat comes back, but all I can tell you is there is definitely glimpses that the governments are getting it and that we're going to be able (multiplespeakers) to continue to grow.


Let me just add. I think a metric that will be very helpful for you for the last part of your question, which is the profitability, is it worth it or not, Ithink let's not forget that the United States is probably the most commoditized market in the entire world. Okay? Let's not forget that.

Let's take amlodipine. Amlodipine is the best example -- what was it -- Norvasc was, what -- was it $3 billion, $4 billion worldwide? $3 billion here,right? Okay. It went down to what? $30 million? (Multiple speakers). And we were still making -- we maintained a 50% margin. But more importantly,our gross margin for something that went from $3 billion down to $30 million was still very, very strong.

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But that's what scale does. And the truth is we learned that here in the United States. And why we believe that we are going to be a standout inthe rest of the world, our minds are operational. Our global technical operations were trained in the most highly commoditized market. So whenyou start with that mindset and then go global, that's where we have that distinct advantage.

Where others have failed is that Europe, if you can recall, they don't have that price gouging. They get one price change a year, and it lasts us forthe whole year.They're not used to the maneuvering, the speed.They're not used to competing.Well, they're getting to learn now.

And that's why we believe very strongly what we're doing -- just like our specialty business. I told you two, three years ago, that was an incubator.We were incubating that business, getting it ready to do -- we made that turn. Now watch. In Europe, while all the macro trends are going on, weare -- believe me, when I tell you -- we're not sitting still. But we're incubating exactly that next strategy that when it makes that turn to bring ourtraining ground here in the United States to the rest of the world.


And Rob, just to add to that, this has given us pause -- or whatever is happening in the macro space over there has given us a time to redefine andlook into this business in a very different way, every aspect of the business.

Just not operations. Just how do we sell the product over there, select the product over there. How do we launch it over there? We are looking andwe're taking this opportunity to revisit every aspect of this business.


And the only reason why we have that time is because it's not meaningful anymore to us. When you just get killed, like the way we got killed inEurope, when it becomes not meaningful anymore, it does give you the time to think, to rebalance yourself. Because that's why we stopped gettingout of that business.

Our earnings are not predominately driven by Europe. But we absolutely see, as John mentioned, any turn that we get, that should be additive toour future earnings.

Unidentified Company Representative

And I'd just add, if you think of the UK marketplace, which is the most mature in Europe, it's moved to distribution, but they do have opportunitieswhen supply becomes an issue that you can get paid or optimize what the value of your product is.

So yes, it has a lifecycle but if we look at the oldest, most mature market there, we do see when it gets to that point you still have this opportunityto see better margins, particularly if you have a platform to support that kind of a marketplace.


Thanks for the question.


I think we have Ronny in the front row.

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Ronny Gal - Sanford C. Bernstein & Company, Inc. - Analyst

Good afternoon.Thank you very much for this lovely presentation. Ronny Gal, Sanford Bernstein.

Three quick questions. The first one is around the EpiPen agreement with Pfizer. When does it sunset and what rights do you have after thatagreement sunsets, given the duration of life that this product is likely to have?

Second, Robert mentioned that Europe is no longer driving profits. Can you help us understand, as you think about 2012 and, more importantly,2013, what percentage of operating profits comes from the three key geographies, Asia, Europe, and the United States? Obviously, you can't giveus exact numbers, but roughly percentages?

And third, the ARV business looks like a very interesting growth opportunity. How big is it now? That is, if we can project it two, three years out,how material is it for the Company's business?


I think Rajiv mentioned that, but $300 million? Go ahead, Rajiv.


Yes, let's start with the [ares].The finished dosage and API business combined will be in the range of $300 million, $350 million.

I think in this space, FDF is the one which is driving the growth because that is where we have been leading the market formation with the newdosage forms. And it's growing at about 13% CAGR -- will be growing at 13% CAGR between now and 2016.


And as far as your EpiPen question, so just remind you. Mylan actually owns the worldwide rights to the name EpiPen.

So the partnership is around the device. And I believe our current -- we just renewed within the last couple of years, goes to about 2020 and withcontinually renewable.We've been in partnership now with Meridian for over 20 years.


So if I take the portion of the questions that Ronny had dealing with the profitability of our business, and let's look at it at the gross margin level.And I'll take -- you mentioned three in the generic space, right? North America, Europe, and Asia-Pacific. So I'll add the fourth in our specialtybusiness.

And I don't think it's probably any surprise to anybody in the room that our specialty business has the best margins, driven by the EpiPen andperformance products.

When you look at the generics segment and the three segments, what I would say is, and what I have said in other forums, is that the North Americanprofits are above the corporate average, the Asia-Pacific operations are more or less at the corporate average, and the European operations arebelow the corporate average.

At this place in time, I'm not sure we want to go a whole lot farther than that.

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That's pretty good.


It's probably farther than we've gone before, so (multiple speakers)


We're growing up, right?


As we demonstrated during the course of 2011, we don't need Europe to grow to make our earnings, and therefore as we look to 2012, 2013, theguidance that we've provided today doesn't rely on Europe.


And look, we're just as perplexed what occurred macrolly in Europe as anybody else, but again, exactly why we de-risked our business model, sowe never have to again rely -- do you remember all those years, Ronny, with Fentanyl domestic in the United States? Do you remember that wasthe big overhang?

Well, it's no longer, nor is it going to be a geographical region. So we're very, very fortunate.

But we saw this and created a platform to withstand this.Thank you for the question.


How about Elliot in the upper left?

Elliot Wilbur - Needham & Company - Analyst

Thanks, Elliot Wilbur from Needham & Company. Had a couple of questions around the EpiPen franchise as well. You provided a very persuasivedemonstration of the underutilization of epinephrine auto-injectors on a unit basis globally, and I'm just curious. What would $1 of EpiPen salesin the U.S. look like on average outside the U.S.?

And then, do you have a sense of how many patients who actually get an EpiPen prescription actually refill after one year? My sense is that probablynot enough, so there's probably a lot of old product out there. And if so, how do you change that?

And then, on the franchise as a whole, how exactly did you basically double the reach of the sales force with only about a 40% increase in thenumber of reps?

Then I have a follow-up question for John, as well. You have a couple large date-certain launches over the course of 2012. Anything you'd like tosay about quarterly earnings progression during the year?

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We said we matured.We didn't say our IQ kept growing (multiple speakers) all those questions. Keep that microphone in case we forget a few.


Okay, so let's -- I guess on the EpiPen, and then John, feel free to chime in.

But I think that, first, when you look at that region, as you said, the persuasiveness of the opportunity in front of us. But two very important points.So yes, we're reaching only 7% of the population today that we believe to be at risk. And of those, we know that only about 50% are getting refilled.

So, we identified that as an opportunity several months back. And again, I think this shows you our ability to harness our expertise throughoutNorth America. So we've started putting in channel programs with our retail trade, and using Mylan Pharmaceuticals as the avenue with whetherit's the Walgreens or the CVSes or the large chains to be able to get some refill programs put into place because we believe that to be verylow-hanging fruit. People don't remember or people aren't aware, even, of the expiration date. So we're looking at a lot of actually innovation aswell that would be able to let the patient know when their product expires and that they need to get it refilled.

As far as the sales force, I don't know, John, if you want to comment? Because it really had to do with targeting, believe it or not, and our ability ofhow we're reaching not only the most high prescribers, but that pediatric community.


John?


Yes, without giving away all of the target information, the reason the number is different is because a decile 10 doctor is worth a lot more volumethan a decile 4 doctor. So it was a reshuffling of the way we were targeting, and also indexing EpiPen higher than other products in our portfolio.

So it's a disproportionate -- doctors here are -- it's not a one-to-one ratio. In fact, it's like -- it's significantly different. So when I'm talking about thatkind of reach, you do have the number of doctors, but I'm talking about the reach to volume or accessible volume. So that's the difference.


And the very first EpiPen question, I'm not sure I remember -- it was a $1?


(Multiple speakers) he said we did okay, showing the 7% in the untapped market. But I thought the first one, I think, was the refill.


No, there was something about $1.


Ex-US.

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Unidentified Participant

Relative value.


I don't know how much visibility we want to give to pricing between United States and the rest of the world, but (multiple speakers)


No, we don't normally get into that.


No, but I guess just to perhaps underscore, Japan is a great example of that product. EpiPen had been on the market for almost seven years, andnot on the reimbursement list for [mem LHW].

They were persuaded by patient groups and advocacy groups that have a very loud voice in this space around the world and put it on thereimbursement list, and that starts in April. So we got, relatively speaking, a very good price for that country.

And as far as Europe is concerned, you know, we say all the time the brand price, as Robert was even talking about that dynamic earlier, so thebrand never reaches as high as it perhaps does here in the U.S., but also the generic is never as low. So you have much more of a, I will say, parameteraround both the high and the low around Europe.


But let me just add to Europe. We just renegotiated an agreement with a company over there, I think we announced it, Meda. Very, very powerfulsituated company over there throughout Europe.

Already in one year, and believe me, our plan is to take all the best practices that we are doing here, all the track record, all the learning curve herebetween us and Pfizer, and take it right over there to Europe and give it to Meda.

But without really doing any of that and seeing any benefit yet, we had, I think, like a 33% increase year over year. Year over year. So we haven'teven -- this is going to be like a tsunami, the opportunity for EpiPen as a whole.

And over there, by the way, you should know, we do have competition over there, and still maintain that type of growth level with competition.


So I think Elliot's last question was with respect to quarterly phasing for 2012.What I would see is 2012 developing fairly similarly to 2011, with thesecond half of the year being stronger than the first half of the year. Q3 being our strongest quarter of the year on the back of the strength ofEpiPen, which has its strongest quarter with the back-to-school season.

And then, in terms of Q1, I see Q1 developing fairly closely, slightly less than, Q4 2011 from an operational perspective. And you have to rememberthat from a tax perspective, in Q4 we did adjust our tax rate downward for the calendar-year 2011 from 27% to 26%. That gave us a lower tax ratein Q4 of 2011.We would expect the tax rate in Q1 2012 to be 26%. So operationally, slightly lower than Q4 and tax at 26%.

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Can we get Randall a microphone?


Sure. Go to Randall right in the middle.

Randall Stanicky - Goldman Sachs - Analyst

Randall Stanicky from Canaccord Genuity. Robert, on the third-quarter call you talked about potential appetite for a sizable deal, possibly on thebrand side. Can you give us an update there?

Secondly, on Copaxone have you asked the FDA if you have to do clinicals?

And then, John, can you just confirm, is there business development in the guidance? Thanks.


Why don't you go first, since that's an easy one to cover.


Sure.There is not any significant level of business development --


Other than what you present.


Yes. Obviously, licensing transactions and the in-sourcing of products, that's part of our business.


No deals, though.


Not deals.


On Copaxone, we won't bring up clinicals with them, but with the data which we have presented them, they never brought it up (multiple speakers).It's all part of the discussions.

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And let me just -- by now, you would have certainly heard if needed to get done. Now that's about as clear as I can be.

In terms of the M&A stuff, I don't know why people may have in their head that we're going to do anything other than what we say we're going todo. And what we're going to do is focus on opportunities, and I believe that there are many of them. I believe that there's going to be manyopportunities in Europe. I believe there's going to be many opportunities in Asia-Pacific.

But what John mentioned, and that type of activity, is that we have -- we're very -- now that we've got the balance sheet right down to where wetold you we would get it, and I can tell you that we're very comfortable in that three, 3.5 range. If we go up a little bit, we will come down. But thedeal has to be accretive.We're not going to jeopardize the earnings momentum that we have. I can tell you that right now.

We didn't kill ourselves three, four years ago and go through what we needed to go through to create such a powerhouse platform only to give itback.We did it so that we can have a sustainable earnings growth model.


Thank you.


I think we're going to go to Mike at the end of the same row, and then we'll go to Jaime following Mike.

Mike Faerm - Credit Suisse - Analyst

Mike Faerm with Credit Suisse. Thanks for taking the question. Two questions. First, regarding the 2013 guidance, your EPS remained $2.75 on alower revenue base. Could you help us understand what else changed in your thinking that enabled EPS to remain constant?


Well, again, we are a Company that focuses on earnings per share, earnings per share, earnings per share. A lot of why the topline came down hadnothing to do with our doing. Just take a look at Europe's constant pricing down, pricing down, pricing down. So that's pretty easy.

Now what we've demonstrated that we can do because we are so committed to driving earnings and earnings growth and having that double-digitCAGR as we look forward, I think we even said this in 2010, that the opportunities to grab and yield more efficiencies -- if you'll recall, we first putout synergies around 300.We'd increase it to 350, 400, 500, and then we said we stopped counting. It hasn't stopped.

But the efficiencies -- and most importantly, and this is the key, and if you listen to Hal Korman, I was -- it was unbelievable. I was very proud howexcited he came across because he ran the North American operation for a long time, and I hope what you see is that because of this business wehave to pick products three, five, sometimes seven years in advance, that at Mylan our product portfolio selection was just spot on. Spot on to haveless competition. Spot on to have those products that are difficult to manufacture, difficult to formulate, maintain high gross margins.

So when you look at our entire portfolio, it's the portfolio mix combined with the efficiencies of how we drive our business that is allowing us tomaintain and sustain such powerful earnings growth.

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And the second question is regarding the R&D spending that you laid out. The spending from 2013 to 2016 is a significant step up from the 2011levels. Just trying to understand, to what extent is that representative of a new base level to think about going forward?


I'm sorry, just so I can understand that?


R&D, (multiple speakers) he's just saying it's up to 6% in those out years.


In a dollar perspective, it's, I think, $2 billion over four years. Is that representative of what we should think about going forward?


We actually predicted with our business -- if I just take 10%, we say double-digit growth over there, if we grow that and take 6% of that, what thatdollar comes to? That's (multiple speakers)


I would say yes. (Multiple speakers). Yes for this reason. As we mentioned on the quarterly conference call before, and now you saw, you're goingto get a point where it may be $240 million, $250 million on generics, right?

But if you look at the wave of where the industry is going, we expect as our topline grows -- I'd say yes for your modeling, only because we expectto invest more and more in research and development and biologics, our brand division (multiple speakers) -- yes, all those particular areas. So Iwould say yes in your modeling.


And that being a differentiator in and of itself because how many companies are going to be able to spend $2 billion to be in these very niche,highly complex products.


Very few.

Jami Rubin - Goldman Sachs - Analyst

Thank you. Jami Rubin with Goldman Sachs.

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Just back on EpiPen, you talk about an approximate 30% growth rate in 2012, and I'm just wondering how much of that is just switching from onepack to two pack, and being double the price. And how much of that is market expansion? And if you could talk about how much of the EpiPenfranchise has been switched to the two pack.

And also on pricing, how much flexibility do you think you have on pricing with that brand going forward?

And my last question relates to Doryx. I know you're embroiled in a lawsuit with Warner Chilcott,Warner Chilcott having just been denied its citizenspetition. How do you think about the risk adjustment of Doryx in your models this year?


For Doryx, I think we've given a range, a pretty wide one. I think there's reasons why we've given a range. I think that as you see as the year goeson, I think you're going to see us tighten and potentially even modify that range.

Do I think there's opportunities, positive opportunities? I think -- this year, I think there's a lot more positive opportunities than there are negative.Going into this year, I feel very strongly about that.You never heard that out of me before.

In terms of the EpiPen mix, I would say that growth is all of the above. Everything you mentioned, I think, is a part of where we're seeing that mix.Do you want to add anything to that?


Yes, because I would say that the two-pack -- the single pack has been out on the market for now six months. So the growth that you're seeing isnot a switch from single to double.We're just seeing market expansion in the truest sense of the new prescriptions written.


Was there another question I didn't answer, Jami?

Jami Rubin - Goldman Sachs - Analyst

(Inaudible - microphone inaccessible)


(Multiple speakers). Oh, pricing flexibility.

Of course, like with any brand, we do have pricing flexibility. I think that this is a product that is very fair in value, when you think about it, treatinga life-threatening disease, and our price point to deliver now two EpiPen per script. So that is something as you've seen historically with us, thatwe've continued to be able to use our flexibility to do that, and we'll be doing that going forward.


And I think the cost-benefit that you should be looking for, if we can get, and especially children -- if we're only getting 7% of the market and there's28 million children, and it's going to take us in order to make this awareness to get to them, it's going to cost us more, you can rest assured from

44






pricing, I don't think anybody is going to argue as we increase pricing to help pay for this cost to get to these children that don't have access. I thinkthat risk-benefit will far outweigh any life-saving other medicine that's out there today.


[Chris Caponetti], a little further down.

Chris Caponetti - Morgan Stanley - Analyst

Thank you. It's Chris Caponetti for Dave Risinger was on the webcast. But he gave me a list of questions.

So first on Australia, how are the price cuts -- I think it's in April -- going to impact just the trajectory of Asia-Pac growth in 2012?

And then, second on EpiPen, just back to that, how should we think about the probability of an A/B rated generic before the patent's expiry? I thinkit's in 2025.Thank you.


So I'll start with EpiPen, your second question. I think FDA has been pretty transparent on this subject matter through citizens petitions. And they'vesaid if you need to retrain on a device, that it's not the same, first.

And then, that second overlay, that if it's for a life-threatening situation, that even raises the bar that much further. So obviously, EpiPen fits in bothof those.

We believe that our IP around our pen and the device and the drug in device is very strong. And then, obviously because it is for a life-threateningdisease, that to not -- for a family, a caregiver, a child to have to -- in that moment that you could be facing a fatal situation, to not be familiar, wethink it's very, very high risk, to Rob's point, that risk/reward ratio.

So I believe the barrier to be very, very high. And I think you even hear the people that are supposedly working on an A/B rated to tell you that thatbarrier is very high.


And let me just add one thing before you go to Australia. Look, you can rest assured that in our models we have to think -- we think it's prudentand appropriate to think there's going to be a competitor. So, you should think about that.

Now let me tell you. I don't think there is going to be a competitor anytime soon. I don't know what more to tell you, other than I can only tell youwhat I've been telling you. I don't think there's been too many times we have been that far off. I think that what we're seeing, all the intelligencethat we get, we think that there's a lot of runway.

However, from a prudent point of view, we have it in our model, but I hope today what you picked up between John Sheehan and Heather in theirpresentation, one thing I can tell you there's a huge disconnect, a huge gap, is if an A/B rated would come in, that somehow this would be atraditional or standard generic utilization would happen in the way it happens 99% of the time.This is a very unique product.

And I do not believe that you're going to get that generic utilization -- you're going to get it, right? But you're not going to get it -- like, for example,I don't think -- we're in control of the brand. Let's talk about whether or not there's going to be an authorized generic.

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You guys haven't thought that through, right? Let's talk about with Sanofi. If we didn't think that there was -- that the upside opportunity of theuntapped market here was so great, that so far outweighed having another competitor, do you really think we would have settled with Sanofi?

So think about what went on in our minds in that business proposition. Because the upside potential in this untapped market is so huge, it willmore than offset -- well, first of all, Sanofi, we think, is going to lift the entire market. But if we have it A/B rated, we think that upside is more goingto offset -- and that's why I think we put in, what, John? What did we say, $0.08 to $0.10? (multiple speakers)


He just gave a range around the down side, (multiple speakers) so $0.10 being that.


I hope that helps you.

Unidentified Audience Member

(Inaudible question - microphone inaccessible)


Yes, all of that is there.


(Inaudible question - microphone inaccessible)


Yes, (multiple speakers) we've accounted for it in the (multiple speakers) number.


Yes, it is.Yes, it is.


So Australia, if I come to your question on Australia. Number one, the 2012 guidance does include or contemplate the imposition of the price cutsthat are taking place in Australia effective April 1 through the EAPD legislation.

Number two, we're very proud of our Australian operations, and we wish there were more people in Australia because even though we are verystrong business there, it's less than 5% of consolidated Mylan. And therefore, while certainly the price cuts may slow the overall growth that wewould report with respect to the Asia-Pacific region, it's not going to materially affect Mylan.

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But let me tell you where it will materially impact Mylan, and already has to a large degree.

That management team that we have down there and what they've done since the August 2008 prices that went off a cliff is really, to me, one ofthe best examples in the entire world of how to be able to maintain that number-one position, maintain your market share, and deal with a -- I'mnot talking about a change where it glided down. I'm talking about a cliff.

So what we were able to do is we were able to take that platform, watch what they did, you take that knowledge base, that intellectual knowledge,and you bring it to other countries who are moving in that direction. That's where the real value is. On top of what we do there, 20 million peopleor not, that intellectual property value is where the real value is.

And I would tell you the same for India. India, I speak very highly of it. It's like my second home. It is my second home, okay? Think about how muchpeople we have down there. I call it, I said it three years ago, it would be the hub of Mylan, the center of the universe. And it is.

So to launch commercially there is just a natural. Because we have a very powerful management team already in place down there. So as we rollout commercially, we will do the exact same thing I told you about Australia. We are going to use India's commercial platform as the steppingstone, that lever, to the other emerging markets because that's our strategy.


We're going to go to Doug, and then we'll move onto Mark.

Doug Tsao - Barclays Capital - Analyst

Thanks. Doug Tsao, Barclays Capital.

John, I was just hoping you could walk through, first, some of the swing factors that would take you to the top end or the bottom end of theguidance range. And then, as well as turning to gross margin, I was just curious if you could provide some color in terms of how we should thinkabout the improvement we're seeing, the relative contributions from product launches versus operational improvements, as well as mix, obviously,with the contribution from EpiPen being so strong.

And then, finally, just a question for Heather regarding the draft guidance we got regarding biosimilars. From your comments, you clearly seemedto indicate a belief that the pathway for interchangeability is insufficient. How you see that being rectified from a process standpoint with theagency or would that need to be revisited in legislation?


So maybe before you go to there, unless you guys want to get out of here, 5 o'clock tomorrow evening, the amount of ups and downs that wehave in our model, so you understand when I say ground up, ground up, there are -- I mean, when we probability weigh, there are a voluminousamount of scenarios that we think we have upsides.

There is a number that we have downsides. And that's what I meant to you. Because we're that detailed, that this year I can tell you I feel stronglythat there's probably more upside than there is downside, but nonetheless there's a voluminous amount and we wouldn't get into that level ofdetail.

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(Inaudible - microphone inaccessible).


I think I just did. Okay, Heather.


Biologics, so this law passed almost two years ago. And I think that when we really digested the law that passed, what I will say and what I'vecontinued to say in Congress is it's a law that is not going to provide affordable, high-quality biogenerics anytime soon.

And I think what is evident by that is this is now a department -- one employee at the FDA, one, is responsible for biogenerics.

So when you think about back in 1984, with the law that passed was supposed to be similar in nature, not that it looked like Hatch-Waxman, butHatch-Waxman created the abbreviated new drug application and created that process.

Three months after -- or three weeks after that law passed, the FDA put out a document that said, here is the office of generic drugs. Here is whereyou submit your ANDA. Here is what needs to go into the ANDA. Here's who you call. And I believe there was something like 200, 300 applicationswithin a month of that issuing.

Here we are two years later, one employee. No applications have come through. The guidance that just came out does not go far enough oninterchangeability. And while we are still digesting the guidance and how we will work within that framework, if need be, the reality is the law doesneed changed.

I don't think that something in this administration, but the next administration is going to have to deal with the fact, because just the sheer healthcarecost, expenditure, that is required on the biological front, we are not going to be able to afford without an affordable, high-quality pathway inplace.

So, the score, the bill score that we were supposed to save $10 billion over 10 years, we're two years in, we're not -- don't see $1 of savings comingour way.

So it's going to be a high priority. I think it has to be a high priority for the next administration. And we certainly have done our part about whatthe law, the changes, would need to be. And I think you already see [bio t and f ], that they believe -- they worked very hard to get a very biofriendlylaw, and they don't think it should change.

So it's going to be a typical David and Goliath. But I think our Congress has no choice but to deal with the issues that are laid forth in the currentlaw.


Thank you for your question.



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Gross margin expansion?




Yes, certainly product mix with the strong launches that we have, as especially not only just simply new product launches, but the fact that they'rein the North American region, is helpful, no doubt about it.

The growth in EpiPen is helpful to margin.

But I don't minimize in the slightest the value that is being derived from the vertical integration that we've been doing (multiple speakers), or theoperational leverage from the -- of former Merck [KGA8] product portfolio. And Rajiv and his team have done an excellent job as we've broughtthose products in-house. And that is also a big part of what has been driving our gross margin increases.


Marc Goodman.

Marc Goodman - UBS - Analyst

Marc Goodman from UBS. So first, in India, can you give us a sense of what's realistic to think about how big this business can be? Is it a $100 millionbusiness in year two, three, four? Just give us a sense of that.

The second question is on France. Can you give us a sense of the metrics? In 2011, the market grew X in volume versus price, and how you all did,and how you're thinking about 2012 since that's such an important market for you?

And then, third, the $8.5 billion change to the $7.5 billion as far as guidance, what percentage of that $1 billion change was Europe, and what elsewas there? I mean, obviously we understand that there's a lot of stuff going on, but was Europe 50% of that? And then, what was the other 50%?Thanks.


Go ahead, do you want to --


So maybe we'll start building, we'll go backwards.

So I think that as you look at that, I would say we didn't come out and give percentages around, but I think two major things to think about. Certainlythe macro headwinds in Europe and the price cuts that we have seen certainly accelerated since we gave that guidance back in 2010.

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I think another driver is timing of approvals. When you look here in the United States, the regulatory average timing of approving an ANDA hasgone to 31 months. So while Mylan still beats that industry average, it certainly is longer than some anticipated. So, again, the very good news isthey're coming.

As Rajiv and Hal showed you, we have over 170 ANDAs on file. We believe the generic user fee bill that was just introduced goes to two things --leveling the playing field on the quality and the standard of the product being sold here, but it also goes to that backlog. And it gets us back downto a 10- to 12-month approval time by year four or five.

So, I would say those are the two major contributing factors, timing on just regulatory launches, the ones that perhaps didn't happen in 2011 willhappen in 2012, and so on, that those come in, and then obviously Europe.

I don't know if there's anything else on the (multiple speakers)


No, I think that's it. So we just did a rebasing on the timing and just pushed it all out, which actually helped us in 2013 as well.

In terms of India, Rajiv, do you want to just -- from an organic perspective, obviously, Marc, it's going to be very small and we start from an organicperspective.

But that organic is really just a jumpstart for us in terms of what we're looking at down there, to be quite frank with you. But we have enough of aproduct portfolio.We did a lot of homework in terms of what products of ours we want to bring to the market.We've spent a lot of time talking toa lot of other Indian commercial players. So, our product portfolio you can look at because it's mainly chronic, it's going to be very complementaryto a lot of other product portfolios that are out there that are much more acute in nature in terms of its treatment.

But then, I think you should expect that we are going to ramp the commercial activities up down there in India to be one of the major players downthere.That's our objective. Rajiv, do you want to add anything else?


I think you said it all.


John.

John Boris - Citigroup - Analyst

John Boris with Citigroup.Thanks for taking the questions. First question just has to do with creation of shareholder value.

Obviously, acquisitions were a very important part of that. You've executed nicely on a pathway to getting to $2.75. You've put out there a prettybig bogey of $6, 2018. Can you maybe articulate for us, especially in light of you indicating that portfolio diversity and geographical mix is goingto be important to hitting that, how you envision creation of value and how acquisitions play a role in that?

The second questions for Heather on EMEA. I think I saw a number of about 3,100 employees that you have in Europe. Can you give us an idea ofhow much that's down and is there any additional leverage in being able to take that down further?

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And then, last question just has to do with supply chain.We've seen major pharma obviously attack emerging markets with some wins, some losses.How can you compete from the standpoint of the supply chain that you have in place with some of the major pharmas that seem to be doing okayand some not doing so well?


I'd like to take the first and the last one.You take the middle one. In terms of EMEA, whatever he's -- whatever the question was there.


So just quickly on that. So remember, the employee count is not just commercial and sales. It's also our operation, our manufacturing, our R&Dfacilities, packaging facilities throughout Europe.

So we have continued to look at the markets, as Rajiv was explaining. We've right-sized over time. We continue to look at that infrastructure. Andyes, we believe that there are still ways that we'll continue to optimize as these markets switch totally to a substitution and we're able to continuedrive.

And again, coming back to where I think launching our global brand, that differentiator, because remember throughout Europe, even as thesemarkets go to substitution, chains are not throughout Europe. So that ability and need to really differentiate yourself with the pharmacist is stillneeded.

So we're balancing all of that and absolutely believe, on the commercial sales front, there is still optimization. But again, remember, we're alsoadding, as you look at us doubling our capacity over these next five years, there's growth in Europe for that as well.


So the first question was M&A mindset, shareholder value. And the last one, I think, was something about the [branded] generics. Let me start therebecause that's easier.

I think what you're seeing is -- I'm not going to call a truce. I'm going to call it a pause. Because at first, the brands try to get into generics all bythemselves, right? We saw many cycles of that. John, you've been around a long time. They failed miserably and figured they can't do it on theirown.

Then, there's all this big stuff about let's go buy generics. If we go buy them, well, certainly I don't think that's the Daiichi-Rambaxy transactionshould be an example or indicative of how to do that, but I will tell you that I'm not saying that they're not going to do that in the future. I thinktheir biggest threshold, honestly, is they don't know how to run a generics business. And I think that is what's stopping them.

So, I think there's a lot -- from a managerial point of view, the mindset of running a generics versus the mindset in a big brand pharma, thecompetition. Big brand pharma has competition amongst each other sideways. Now imagine you having a generic division competing down there.They don't understand the speed and the flexibility of what we've got to do to survive and be at the top of our game.

I think -- what I meant when I said before that the walls are coming down, I think I gave the interview to Marc Goodman, I said the walls were comingdown. I think that's going to go away in time. I think that they are going to figure this thing out.

But why I call it a pause right now? Take a look at the collaborations that are being formed between branded generics right now. I think they figuredout instead of maybe buying them right now, maybe let's just do a pause. Let's do some collaborations, and rather than own each other and gothrough all those social issues, right, let's see -- let's let them do what they do good, let's us do what they do good, and let's see if we can find valuefor both of us.

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I think there is value for both of us to be able to do that. So I think that's the kind of stage we're in now.

In terms of shareholder value, when I tell you we get up in the mornings, we eat, live, sleep, drink, go to bed -- well, for some of us who don't sleep,that's all we have in our mind. So if I look at you, from the Board of Directors on down, I can only tell you that that is our major, major focus.

So I want to look at the assets, these global assets that we are responsible for, okay? We are responsible for global assets. We're not just a UnitedStates company anymore. We have strong presence in Europe, strong presence in Asia-Pacific. You can rest assured when it comes to allocationof capital that we are highly sensitive about, one, making sure that we look at all the assets, and shore those assets up where we need to, but allof it with the mindset of not ever interfering with the earnings trajectory that we have in place.That I can tell you.

But sustainability of these earnings are more important to us than some flick, some jump only for it not to be sustainable. So there is a lot of workthat gets done at Mylan, again from that Board level on down, on how to take this capital allocation and where to deploy that capital. Too muchin any one place, I don't think, is good. But sustainability is what we're looking for.

So, commitment to our earnings, commitment to earnings growth, and do things that we believe are going to be sustainable, not just a quick hit.I hope that was helpful.


Maybe just a complement to shareholder value, but also that's why we wanted to be able to show in that $6, from $2.75 to $6 laid out 11 growthdrivers, and really showed you how they come into the market, how we look to monetize them.

So, as I think Robert mentioned earlier, you can take 100% of that. Obviously, as he said, none of us are going on vacation, so he lied to us a littlebit ago as we worked up to this. But in any event, the opportunities that we laid out for you in these growth drivers are things that we already have.They're either partnerships already in place, things that we are executing to.

And we're continuing to bring in opportunities, product opportunities, therapeutic categories.

So, what we truly wanted to try to lay out is that as you look at that bridge from $2.75 to $6, it's really just that slide that John put up that summarizedall of the 11 growth drivers, the kind of dollars, either the market that we are going to be entering when we entered and when we are going to beentering it, is really how you get to that $6 on top of our current core-based business and the longevity of some of these opportunities that arecoming in.


And I'll emphasize a couple things. That does include, as we said, the reinvestment of our own internally-generated free cash flows, okay? But aswe said, if we said $6 and we didn't show you any opportunities, and we just said, trust us, we're going to get there. Could you imagine the emphasiswe'd have to put on M&A activity to be able to make that happen?

So we started with a very clean baseline, John. And what we did is we took every single opportunity we showed you. We probability-weighted it.We cut it up. We entered the market. We estimated how many competitors we're going to have. We put dollar figures to it. We went down,tax-effected it, and come out with earnings per share. And we added them all together, and said, cumulatively, we feel very confident, just whatwe have right now.That's what we have.

So now, if you want to model and say, that means, let's see, everything has to hit exactly at the same time. Well, what if it doesn't at Mylan? Let me50% probability weight, if some things don't hit. It's not like we're going to stop.You will hear about more collaborations.You're going to see moreactivity.Yes, we're going to do things that I told you within that framework of parameters.

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So our starting point is powerful on that $6 because it's not like we have nothing that we have to go get.We already have it. So if you want to modeland say, well, what if they don't get it all, but then there's more things that come on, that's why I feel fairly confident that we should even beat that.


We are going to go to Frank, and then we will move down to (inaudible) afterwards.

Frank Pinkerton - SunTrust Robinson Humphrey - Analyst

Frank Pinkerton from SunTrust.

First question, first of all, thanks for all the added information today, especially the return on invested capital slide. But can you talk about returnon research dollars spent, especially as you accelerate that over the next couple of years? Maybe give us what goes into each one of these projects,how the management team measures that, and ultimately where you guys come out, and where you think the return on your research dollars aregoing to be?


Right. And I think you need to separate the portfolios between generics and brand.

So it's pretty easy for us since a lot of what we spend on the generic side, we told you we exponentially have increased our returns because, youcan only imagine, that is low-hanging fruit, right? Because when we pull the companies together, everybody is going after the exact same product.

But we just didn't cut the dollars and add that to the bottom line. What you heard from us was the collaboration between our Morgantown R&Dcenter and especially our India R&D center. And really, it was the intellectual collaboration that really accelerated that returns by some of the outputthat took us from, what, number two you saw on this slide? In terms of product approvals? To clearly number one in the last two years. And as Rajivsaid, that's not going to -- we don't want to see that ending.

Do you want to add anything to the generics side?


(Inaudible)


On the brand side, we're very -- I mean, it's not like we have 50, 100 products, like we have 1,000 on the generic side.

We are very, very, very focused. For example, this whole respiratory -- this generic Advair, and I was hoping that, and I hope you picked up, we wentto great lengths to be able to say to you that not only are we going to be the first generic Advair out there, but from all the intelligence that I'veseen, and everybody else that has tried to do a generic Advair, nobody is as far along as we see ourselves. And thanks to Pfizer, got to give themall the credit, because our specialty is not the device. Our specialty is the formulation and the generic process.

So what Rajiv said is when they went into the FDA and actually filed for a 505-1, right, a 505-1, when the FDA tells you, wait a minute, now, that isexactly like what's already out there. You don't want an NDA, you go to the office of generics and get a 505-J. Oh, my God. That is like 80% of thehurdle.

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So imagine if you have that asset that they realize, they are not in the generic formulation side. The next natural thing for them to do, which wasvery smart and brilliant on their part, go find the best generic company that you can line up with that can do the formulation part on a device thatis pretty much done, and make it happen.That's why it is so (multiple speakers).

And I'll tell you by doing the math -- you do the math. You cut it up. Look at how many players you're going to have. Go ahead and tax-effect it.Even take our profit share, that one opportunity alone that is fairly near-term, a few years out, is significant in terms of reoccurring, sustainableearnings per share.

And in terms of the rest of our dollars as we spent, we are going to look to supplement our specialty business and we're going to look at otheropportunities.


We are spending more on some derma products which involve clinical trials, but have much more sustainable returns.

We are spending more on the [class omers], again, from the sustainability point of view. So yes, there is definitely a consideration on the quality ofthe returns.


Great. And then, just as a follow-up, John, for you, I get asked this question all the time. Can you please speak to collections? And if you can do itgeographically? And just also on your contracting for Europe and how the language reads, and what's going on there from the standpoint of DSOs?Thank you.


Year-end receivables, when you say collections.


Yes, you're right. I'm sorry.


So I assure you that we are monitoring our European receivables extremely carefully. I would say that on a country-by-country basis that ourreceivable profile is similar to our peers.


But I would say with one caveat. The real bigger issue I see there is in Central/Eastern Europe. (Multiple speakers). It's more that side. And I don'tthink Western Europe has come even close so far to what we've seen in Central/Eastern Europe. And we don't have a lot of emphasis over there atall.

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Right. So we have not experienced a significant deterioration. Our receivables are largely current in accordance with the terms. But I assure you,my treasurer is here. I am all over him on the subject about once a month to understand the status of that.


Thank you.


To be sensitive to time we are going to take our last question from [Simat].

Simat Colkarney - BofA Merrill Lynch - Analyst

[Simat Colkarney] on behalf of Gregg Gilbert from BofA Merrill Lynch. Three quick ones. How's the Company thinking about the evolution of USversus x-US revenues as we move from 2012 through 2018? And how do you think the absolute level of SG&A dollars is going to change to accountfor the change in dynamics in ex-US markets?

Secondly, on injectables specifically, how is your investment in that space going to help you and how quickly can you capitalize on the shortagesin the U.S. supply chain there?

And finally, a bigger picture one.You're spending a lot on internal capabilities and you showed an impressive slide with a lot of internal capabilities.But if there is, for lack of a better term, a hole in today's capabilities at Mylan, what would it be and how would you fill it?


Device. Device, device.

Because we have assembled everything, and I've said this before. That's why there's no need for any major acquisition to bring some other corecompetency on. But I would say the only thing we're not into right now is device that I would say is a major, big, big hole. All the other ones arenot that material.

In terms of Europe, in terms of the SG&A, the way I would say it, you saw the slide. You saw the total number of products that was submitted andexpected for both the U.S. and EMEA. And remember, I said in the U.S. you do a little bit, you get a lot. Everywhere else, you need to do a lot to geta little bit.

I would say that the U.S. will continue to be a very strong growth driver for us because, if you remember, I'm not sure how long ago we showedyou this, but I think we showed that the total generic market space in the United States, I think the largest player at the time was Teva. They hadlike 24% at that time. I think we had like 12%, 11% or 12% on the slide that we showed you guys.

So you can only imagine where Teva hit that peak, they hit that ceiling, we still have another 10% to 12% of therapeutic categories and dosageforms to bring in just to get to where they are. So our growth opportunity in the United States is still massive, and I don't want to take away fromthat.

In Europe, I would say that the SG&A effects over in Europe is one of the levers that we have. I think that as you continue to see some of thesecountries move in the direction of increased generic utilization, I think that they are going to quickly realize and yield to the fact that their currenthealthcare infrastructure, the system that exists there, does not marry up to the pricing strategy that they want or the increased generic utilization.

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So, I see where we maybe add some SG&A, maybe on our specialty. I see us adjusting in Europe some of that SG&A. And do you want to addanything?


And I think, again, what we're doing on the commercial side of it, very similar to what we did on the technical side, whether it was optimizingmanufacturing, optimizing in R&D.We're optimizing now our sales and especially our marketing.

So the launch of this global campaign is to be able to bring Europe into any country, right, the significance and the differentiator of a very well-donecampaign instead of having each country do their own.

Such just the pure synergies of what we have in front of us on the commercial front is fairly significant.


Rajiv, do you want to handle injectables?


On injectables, I think as far as the ramping up and [factory] capabilities, I wanted on a yesterday basis.

So just not just building it up, we're looking for every possible option out there even to acquire a facility just to bridge this gap. And just not fromthe shortages point of view, but because we have a portfolio ramping up and we need a home for have just to not bring the products later on, buthave a home and file it from there. So we are very aggressively looking at this ramp-up.


That brings an end to our Q&A session today. I'd like to turn it back over to our CEO, Heather Bresch.


So, again, thank you guys very much. I hope you've enjoyed this afternoon as much as we have. And I think that now immediately following, wehave a cocktail reception.Where? Out the back door.


There is Kool-Aid, no alcohol.


So anyway, out the back door for the next hour. So we look forward to seeing you there.Thank you.

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