Epipen Pricing Debate Has Mylan (MYL) Investors on Edge
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Mylan (NASDAQ: MYL) shares closed down 1.6% Monday as questions mount about the pricing of its popular Epipen used for quick treatment of asthma attacks and allergic reactions.
Evecore ISI analyst Umer Raffat notes that within the last week, at least 3 senators have commented on Epipen price increases.
First, on August 18th Senator and former Democratic Presidential hopeful, Bernie Sanders, tweeted: "There's no reason an EpiPen, which costs Mylan just a few dollars to make, should cost families more than $600."
There's no reason an EpiPen, which costs Mylan just a few dollars to make, should cost families more than $600. https://t.co/rVWUlMxD0Q— Bernie Sanders (@SenSanders) August 18, 2016
Second, Senator Klobuchar called on Senate Judiciary Committee to hold a hearing on price increases.
Third, today Iowa Senator Chuck Grassley (R) said he is seeking info from Mylan on EpiPen price increases. In a letter to Mylan, Grassley notes that since the Mylan purchased EpiPen from The Merck Group in 2007, the cost of EpiPen has risen over 400 percent.
Raffat said they will be tracking any developments on this front closely, especially if it results in a congressional hearing. He attached the follow chart of the Epipen price increase history.
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