September 26, 2016 – Under fire generic drug manufacturer Mylan NV reiterated it makes a net profit of US$104, after taxes, for a pair of its EpiPen emergency allergy treatment sold in the United States, the company said in a filing earlier today.
The unexpected filing comes after the media reported earlier in the day that the company substantially reduced its calculation of EpiPen profits by applying the statutory US tax rate of 37.5 per cent during a congressional hearing on Wednesday.
US lawmakers at the hearing lambasted Mylan Chief Executive Heather Bresch for sharply increasing prices for the treatment to US$600 for a pair from US$100 in 2007.
“Without the tax-related reduction, Mylan’s profits on the EpiPen two-pack would be closer to US$160, or 60 per cent higher than the figure the company gave Congress,” the report said.