EpiPen Maker Mylan's Profit Surges

Industries Reuters

(AP)

EpiPen maker Mylan said on Wednesday first-quarter profit more than quadrupled, as the maker of generic drugs benefited from strong demand outside the United States.

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The company said net income rose to $66.4 million, or 12 cents per share in the first quarter ended March 31, from $13.9 million, or 3 cents per share, a year earlier.

Revenue rose to $2.69 billion from $2.18 billion.

Mylan has been heavily criticized over steep price increases for EpiPen, its life-saving allergy shot, and also for classifying the treatment as a generic rather than a branded product, leading to smaller rebates to state Medicaid programs.

 

(Reporting by Natalie Grover in Bengaluru; Editing by Sai Sachin Ravikumar)