Mylan's First Generic EpiPen Launches At Less Than Half The Cost Of Branded Version

Shares of Mylan N.V. surged 1.9% in premarket trade Friday, after the drug maker said that the first generic EpiPen has launched at a wholesale acquisition cost of $300 per two-pack. Mylan said the price is less than half the cost of the branded EpiPen 2-Pack Auto-Injectors. The generic EpiPens, which will be administered in the same way as the branded versions, will reach pharmacies starting next week. "Americans are rightfully concerned about rising drug prices, and now more than ever patients and families across this country are standing at the pharmacy counter struggling to pay for their medications," said Chief Executive Heather Bresch. The stock has tumbled 30% year to date through Thursday, while the SPDR S&P Pharmaceuticals ETF has tumbled 23% and the S&P 500 has gained 11%.