When Mylan CEO Heather Bresch testified before the House Committee on Oversight and Government Reform that each twin pack of EpiPens nets the company only $100 of its $600 list price, she got a skeptical response. Now the House is demanding details about the company's tax rate.
Hillary Clinton is now taking a different tack against pharma. In a speech planned for Monday, Clinton will call out EpiPen maker Mylan as a “bad actor” for its huge price hikes, and propose new government measures to encourage competition and break monopoly access to markets.
Mylan CEO Heather Bresch claimed last week that EpiPen profits are just $100 for each package of two pens. Now, the company admits that, pretax, those profits were $166 per package--a difference of 66%.
Congressional committee members and Mylan CEO Heather Bresch exchanged some harsh words Wednesday during a contentious EpiPen hearing. But as little weight as the politicians lent to Bresch's defenses, Mylan will take a meaningful hit to EpiPen revenue and profits as its appeasement moves play out, analysts say.
Mylan CEO Heather Bresch will tell congressional critics Wednesday that she “never expected” to face questions about EpiPen prices. But as the public outcry shows, those expectations were way off--and she'll face questions aplenty at today's hearing on Capitol Hill.