Mylan Misrepresented EpiPen Profits To Congress By 60 Percent
The company said it used the standard 37.5 percent corporate tax rate to get the numbers it reported to Congress. But Mylan had a 7.4 percent overall tax rate last year.
The Wall Street Journal:
Mylan’s EpiPen Pretax Profits 60% Higher Than Number Told To Congress
Mylan NV on Monday clarified the profit it said it made from its lifesaving EpiPen drug, days after House members badgered the company’s CEO to justify the device’s steep price increases. Testifying before a congressional committee last week, CEO Heather Bresch said Mylan’s profit was $100 for a two-pack of the injectors, despite a $608 list price. But in response to questions from The Wall Street Journal, Mylan said Monday that the profit figure presented by Ms. Bresch included taxes, which the company didn’t clearly convey to Congress. (Maremont, 9/26)
Stat:
Lawmakers Lash Out At Mylan Over EpiPen Profit Revision
Lawmakers on Monday lashed out at the drug maker Mylan after a fresh disclosure that the company’s chief executive may have misrepresented the profits it earns on sales of EpiPens. (Swetlitz, 9/26)
The Fiscal Times:
Mylan Admits It Makes Far More On EpiPens Than It Originally Reported To Congress
Mylan CEO Heather Bresch tried to perform damage control during her testimony before a House committee last week, voicing regret for what many view as unconscionable price hikes on the popular EpiPen epinephrine auto-injector used to combat dangerous allergic reactions. But Mylan admitted on Monday that the EpiPen’s pre-tax profits were actually 60 percent higher than it told Congress, according to The Wall Street Journal. (Pianin, 9/26)
Reuters:
Mylan Faces Scrutiny Over EpiPen Profit Data Shown To Congress
Mylan NV faced questions on Monday about the profit on its EpiPen emergency allergy treatment, following a report that the company makes 60 percent more on the injector than it had told Congress. ... Lawmakers are trying to determine whether Mylan made more money on EpiPen than warranted from state Medicaid programs by having it classified as a generic product, resulting in much smaller rebates to the government health plans. (Clarke and Grover, 9/26)
CNN Money:
Outrageous EpiPen Prices Lead Some People To Make Their Own
The EpiPencil, which costs less than $35, requires just a few parts which someone can easily get themselves, including an auto injector and a syringe. The epinephrine medicine and delivery system (an epinephrine pump) are currently at the center of a debate about pharmaceutical pricing. (Larson, 9/24)
