Mylan’s Drug Prices Spike By As Much As 542 Percent
Wells Fargo analyst David Maris notes that the increases are “beacons for scrutiny.”
Stat:
Mylan Raised Prices For Some Drugs By Huge Amounts
You can add Mylan Laboratories to the list of drug makers boosting prices by big amounts. Over the past six months, the company, which is one of the world’s largest purveyors of generic medicines, raised prices more than 20 percent on two dozen products. And Mylan also boosted prices by more that 100 percent on seven other products, according to Wells Fargo analyst David Maris, who called some of the price hikes “exceptionally large.” (Silverman, 6/10)
FiercePharma:
Pricing Trouble Ahead For Mylan? Analyst Calls Recent Hikes 'Beacons For Scrutiny'
A months-long political and public firestorm over large drug price increases hasn’t been enough to bring the practice to a full stop. Now, Mylan ($MYL) is under the radar as a new report documents several price hikes this year, ranging from 15% for EpiPen to much larger increases of 400% and 500% for other meds. Documenting price increases from January to June across the specialty pharma sector, Wells Fargo ($WFC) noted that Mylan raised the prices of 7 products by 100% or more and 24 products by 20% or more. Gallstone medication ursodiol saw the biggest jump at 542% over the period, while GERD drug metoclopramide and IBS med dicyclomine increased 444% and 400%, respectively. In a note to clients, Wells Fargo's David Maris called the price increases “beacons for scrutiny” in the current drug pricing climate, what with Congress, payers and the public all bearing down on the industry’s pricing ways. (Sagonowsky, 6/14)
Bloomberg:
Mylan Falls As Wells Fargo Says It May Face Price Hike Scrutiny
Mylan NV fell as much as 6 percent after Wells Fargo analyst David Maris said the generic drugmaker could be the next target of public criticism on drug price increases. In a report titled “Is Mylan Next in Line for Pricing Scrutiny?,” Maris said the generic drugmaker could follow companies like Valeant Pharmaceuticals International Inc. and Turing Pharmaceuticals AG, which faced intense criticism and have had to appear before Congress to defend their drug-pricing tactics. (Koons, 6/10)
Investor's Business Daily:
These 6 Drugmakers Could Be The Next Price War Casualties
Drug pricing was on Wall Street’s mind again Friday, as Wells Fargo tapped Mylan as the next target for activists, while RBC considered the impact of a potential new law limiting prices in California. Wells Fargo analyst David Maris wrote that after Valeant Pharmaceuticals and Turing Pharmaceuticals were hauled in front of Congress and scrutinized by the press for their policies of drastically hiking the prices of recently acquired drugs, he’s been keeping an eye out for other companies in his universe that have been doing a lot of price increases. “In the last six months, Mylan has raised prices more than 20% on 24 products, and more than 100% on seven products,” Maris wrote in his research note late Thursday. (Reeves, 6/10)
