EXHIBIT 12.1
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth our ratio of earnings to fixed charges for the periods indicated.
Nine Months Ended September 30, | Year Ended December 31, | |||||||||||||||||||||||
(In millions, except for ratios) | 2016 | 2015(1) | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||
(Loss) earnings before income taxes and non-controlling interest | $ | (103.2 | ) | $ | 915.4 | $ | 974.5 | $ | 747.3 | $ | 804.2 | $ | 654.6 | |||||||||||
Add: Loss from equity affiliates | 85.5 | 105.1 | 91.4 | 22.4 | 16.9 | — | ||||||||||||||||||
Add: Fixed charges | 319.8 | 358.4 | 348.3 | 326.8 | 321.8 | 348.0 | ||||||||||||||||||
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Total earnings | $ | 302.1 | $ | 1,378.9 | $ | 1,414.2 | $ | 1,096.5 | $ | 1,142.9 | $ | 1,002.6 | ||||||||||||
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Fixed charges: | ||||||||||||||||||||||||
Interest expensed | $ | 305.0 | $ | 339.4 | $ | 333.2 | $ | 313.3 | $ | 308.7 | $ | 335.9 | ||||||||||||
Appropriate portion of rentals | 14.8 | 19.0 | 15.1 | 13.5 | 13.1 | 12.1 | ||||||||||||||||||
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Total fixed charges | $ | 319.8 | $ | 358.4 | $ | 348.3 | $ | 326.8 | $ | 321.8 | $ | 348.0 | ||||||||||||
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Ratio of earnings to fixed charges | — | (2) | 3.85 | 4.06 | 3.36 | 3.55 | 2.88 |
(1) | Mylan N.V. is the successor to Mylan Inc. The information set forth above refers to Mylan Inc. for periods prior to February 27, 2015, and to Mylan N.V. on and after February 27, 2015. |
(2) | For the nine months ended September 30, 2016, the Company’s ratio coverage was less than 1:1. The Company would have needed to generate approximately $17.7 million in additional earnings to achieve a 1:1 ratio. |