Here's a follow-up to our recent financialspuds.blogspot.com/2016/09/spread-wealth. story on EpiPen and what looks increasingly like a family affair with clear Congressional connections.
The post-hearing dead cat bounce in Mylan stock is over. The "blood in the streets" buyers are in trouble as the stock is tumbling following WSJ reports that Mylan is admitting its pre-tax profits for EpiPen are actually 60% higher than they told Congress.
It seems congress had a hunch that something was up... (as Reuters reported 2 weeks ago)
The post-hearing dead cat bounce in Mylan stock is over. The "blood in the streets" buyers are in trouble as the stock is tumbling following WSJ reports that Mylan is admitting its pre-tax profits for EpiPen are actually 60% higher than they told Congress.
It seems congress had a hunch that something was up... (as Reuters reported 2 weeks ago)
But then again in this consequence-less world, what difference does it make?The chairman of the U.S. Senate Judiciary Committee probing Mylan NV's EpiPen price hike on Friday said its response to his query was "incomplete," and called on the drugmaker to give more details over how much government health insurance programs pay for the allergy treatment.
"It's an incomplete response and wouldn't satisfy my constituents who are upset about the EpiPen price increases. It doesn't provide the full picture that I requested, and it doesn't answer all of my questions," U.S. Senator Chuck Grassley said in a statement. He added that it is still unclear how many patients will benefit from Mylan's expanded assistance programme.
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