as well as amortization of the inventory step-up related to the
acquisition of the former Merck Generics business.
(3) Integration and other non-recurring expenses include charges
principally related to the acquisition and integration of the former
Merck Generics business (e.g., non-recurring professional and
consulting fees, retention and other non-recurring expenses).
(4) The tax effect is calculated assuming an annual effective tax rate for
the resulting adjusted earnings. This tax effect adjustment results in
an effective tax rate on adjusted earnings that approximates 38%
before the impact of any tax synergies.
Below is a reconciliation of GAAP net earnings (loss) to adjusted
EBITDA for the three and nine months ended Sept. 30, 2008:
Three months ended Nine months ended
($'s in millions) September 30, 2008 September 30, 2008
GAAP net earnings (loss) $206.8 $(176.0)
Minority interest (0.2) (2.3)
Income from equity method
investees (0.5) (3.2)
Income taxes 272.4 197.4
Interest expense 87.6 264.8
Depreciation & amortization 131.5 417.4
EBITDA 697.6 698.1
compensation expense 7.6 23.2
Bystolic revenues (455.0) (468.1)
Integration and other non-
recurring expenses 26.8 91.3
|SOURCE Mylan Inc.|
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