Mylan Delays Restructuring Amid COVID-19
Follows Postponement Of Merger With Pfizer’s Upjohn Business
Mylan has delayed a major restructuring program ahead of its planned merger with Pfizer’s Upjohn unit due to the impact of the COVID-19 pandemic, which at the same time brought tailwinds for the firm’s first-quarter results.
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With a goal of reducing its cost base by at least $1bn by 2024, Viatris has delivered plans to significantly restructure its global manufacturing network. Up to 20% of Viatris’ 45,000-strong workforce could be impacted by the initiative which will see the firm close, divest or downsize 15 of its manufacturing plants around the globe.
Nearly 16 months after it was first announced, the $12bn merger of Mylan and Pfizer’s Upjohn has completed, with the resulting company Viatris preparing to unveil restructuring plans by the end of 2020.
Presenting its last ever financial earnings as a standalone company, Mylan revealed plans to host an Investor Day in the first quarter of next year to discuss the strategic direction of Viatris, Mylan’s proposed combination with Pfizer’s Upjohn which is due to close later this month.