Morning Briefing
Summaries of health policy coverage from major news organizations
Mylan Reports 2 Federal Probes On Prices, Third-Quarter Loss After EpiPen Settlement
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)
