Mylan’s generic EpiPen will be available next week, priced at $300 per injector
Mylan NV (NASDAQ:MYL) announced its first authorized generic EpiPen on Friday, December 16. The USP two-pack Auto-Injector is expected to be available next week at wholesale acquisition cost of $300 per epinephrine injector, about 50% lower than WAC of its EpiPen 2-Pak Auto-Injectors. Consequently, Mylan shares traded in green on Friday, rising slightly by 0.16% during active trading.
According to Mylan, the product is administered in a similar fashion to its EpiPen auto-injector, which has been in the market for about 30 years. Moreover, it offers same device functionality and drug formulation. The new offering marks a positive for Mylan shares, which have declined more than 34% year-to-date through Friday.
Following the announcement, MYL CEO Heather Bresch stated her thoughts over consumers’ struggle to pay for prescription drugs. She also reviewed the $20.24 billion company’s history and called the company’s new offering as unprecedented and decisive. She believes that Mylan’s recent launch, alongside improvements to its patient access programs will aid the patients significantly and provide considerable savings to payors.
Ms. Bresch also called for pharmaceutical pricing system reform. She believes that the current pricing system is not designed for today’s healthcare system and rising costs are impacting new patients every day. She further emphasized on government leaders and healthcare industry participants working in collaboration to address the aforementioned issues and ensure greater patient access to medical care.
However, Heather failed to explain why the generic version was launched about five months after the Pennsylvania-based company said it would be available in several weeks. According to Marketwatch, experts believed that the timeline given in August was unrealistic.
Of 22 analysts viewing the stock at FactSet Fundamentals, 13 recommended it as Buy, one rated it as Overweight, whilst eight analysts advised holding the shares. The consensus PT also stands at $50.72, with about 34% upside potential over December 16’s close.