BTIG Affirms Mylan (MYL) at 'Buy'; Generic EpiPen Highlights Challenges to U.S. Healthcare System
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BTIG affirms Mylan (Nasdaq: MYL) with a Buy rating and $60 price target as the company moves to release a generic EpiPen.
Analyst Timothy Chiang commented today,
While Mylan has dealt with much criticism from the media and politicians, we believe the measures the company has announced should lower out-of-pocket costs for patients who are seeking an Epipen prescription.
Politicians will probably seek more answers here and, in our opinion, end up realizing that it is our own health care system that is partially to blame for the rise in the price of EpiPen. In sum, while we think there could be more focus put on getting the FDA to ¡¥fast track¡¦ the review of alternative branded and generic versions of Epipen, we are maintaining our assumption that more competition from generic manufacturers will gain approval and enter the US market in 2H17.
The pricing dynamics within this market were created by a number of factors, some of which can be blamed on the US health care system, which remains focused on convenience, quality, and safety. Our recent discussions with several allergy physicians highlight the challenges to the medical community in prescribing alternatives to EpiPen.
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