Mylan's (MYL) EpiPen Settlement with U.S. DOJ Seen as 'Significant' by BTIG; 'Buy' Rating Affirmed

BTIG affirms Mylan N.V. (Nasdaq: MYL) at Buy with a price target of $55 after the company announced that its subsidiary, Mylan Inc., has agreed to the terms of a $465 million settlement with the U.S. Department of Justice and other government agencies that will resolve questions that have been raised about the classification of EpiPen Auto-Injector and EpiPen Jr Auto-Injector for purposes of the Medicaid Drug Rebate Program.

The firm commented, We believe this settlement with the DOJ is significant and may put the EpiPen pricing controversy to rest. While a separate FTC investigation could still move forward, our channel checks with health policy contacts over the weekend suggest there is a low probability for that to occur given the size of the settlement. While we have lowered our CY16 and CY17 EPS forecasts to $4.70 and $5.58, to reflect lower Epipen sales going forward, we maintain our Buy rating on MYL shares based on the heavily discounted valuation and its strong position as a global generics Co.

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