The CEO of pharmaceuticals giant Mylan said Friday it has a "unique global platform" whose broad diversification is helping the company "shine" right now — in contrast to some of its competitors, and despite a new president who has complained about high drug prices.
Mylan Chief Heather Bresch's comments on CNBC's "Power Lunch" came two days after the firm's stock price spiked sharply when the company reported adjusted earnings per share of $1.57, which beat a Thomson Reuters consensus estimate of $1.42.
That jump came as much-welcome news after a summer that saw Mylan and Bresch become the latest face of big drug price hikes. Consumers and congressmen howled over the sticker price for a two-pack of its anti-allergy EpiPen devices being boosted to $600.
Mylan shares slipped less than 1 percent to $45.09 in late afternoon trading Friday.
Asked how she squared the fact that Mylan's stock has risen by more than 20 percent since the election of Donald Trump, who has vowed to drive drug prices lower, Bresch said: "Because we are primarily a generic [drug] company," and "90 percent of prescriptions [in the U.S.] are generic."
Generic drugs are copies of brand-name drugs, which typically cost more than generic products. Mylan, in response to the EpiPen outrage, introduced a generic version of the lifesaving device and sells it for half the price of the brand-name auto-injector.
"We have over 630 products here in the United States," Bresch said. "Last year, we sold 22 billion doses. One out of every 13 scripts in the United States is filled with a Mylan medicine, more than the seven [other] largest pharmaceutical companies combined."
Worldwide, Bresch said, the company sold 60 billion doses last year.
"The last three years, our company has almost doubled," she said. "Look at the global footprint we have today. Fifty percent of our revenues are outside the United States. And inside the United States we are extremely diversified and [have a] differentiated portfolio. We don't have product that makes up more than 5 percent of our revenue."
When asked why Mylan's stock price was performing much better than other companies that also were heavily focused on generics, such as Perrigo, Bresch said, "Look, I think if you've got a niche portfolio or just operating in one country, like the United States, your ability to absorb the volatility is much less."