Mylan Reports 2 Federal Probes On Prices, Third-Quarter Loss After EpiPen Settlement
The company says the Securities and Exchange Commission is investigating its Medicaid rebates for the EpiPen while the Justice Department is looking into "marketing, pricing and sale" of generic medicines.
The Associated Press:
Mylan Is Target Of 2 Probes, Has 3Q Loss Due To EpiPen Fine
The maker of EpiPen emergency allergy injectors, under a microscope for repeatedly jacking up the price of the life-saving device, revealed Wednesday that it's a target of two price-related probes by federal agencies and has had its premises searched. The news, disclosed in a filing with the Securities and Exchange Commission, came after Mylan Inc. reported that it swung to a third-quarter loss, mainly due to a big settlement for overcharging the federal government for the product. (Johnson, 11/9)
The Wall Street Journal:
Mylan Posts Loss, Hurt By Lower EpiPen Volumes, Charge Related To Settlement
Mylan NV swung to a quarterly loss as it booked a charge related to a settlement with U.S. authorities on pricing of its EpiPen. Revenue growth was below expectations as volumes of the lifesaving auto-injector fell. The quarter’s results gave the first indication of the impact of the EpiPen pricing controversy, which triggered a congressional hearing and the $465 million settlement to resolve allegations that Medicaid overpaid Mylan. (Steele and Rockoff, 11/9)
Bloomberg:
Mylan Profit Misses Estimates As EpiPen Sales Decline
Mylan NV’s third-quarter profit missed analysts’ estimates as the drugmaker sold fewer EpiPen emergency allergy shots ahead of a cheaper version of the product that could be launched before next year. Under pressure from lawmakers who criticized EpiPen’s high price of $600 for a two-pack, Mylan announced in August that it would offer a half-price, generic version of the life-saving hand-held auto-injectors. The anticipation of the generic launch resulted in a drop in EpiPen’s sales volume in the third quarter, leading to a 4 percent decline in revenue at the specialty-drug division, which sells the shot. (Hopkins, 11/9)