Pharma Stock Roundup: Mylan In EpiPen Medicaid Settlement, ESMO Data In Focus
Zacks Investment Research | Oct 13, 2016 09:22PM ET
Mylan (NASDAQ:MYL) was in the news again with the company agreeing to a settlement related to Medicaid rebate classification for EpiPen. Meanwhile, several pharma companies were present at the congress of the European Society for Medical Oncology (ESMO) with data on their cancer treatments.
Recap of the Week’s Most Important Stories
Mylan Settles with DoJ for EpiPen: Mylan has agreed to pay $465 million to the U.S. Department of Justice (DoJ) and other government agencies to settle the investigation into the classification of its life saving combination product, EpiPen Auto-Injector and EpiPen Jr Auto-Injector, for purposes of the Medicaid Drug Rebate Program. While shares were up with the settlement agreement being announced, concerns remain about ongoing investigations and continued political, public and media focus on drug pricing. Mylan said that it received a document request from the Division of Enforcement at the Securities and Exchange Commission (SEC) seeking communications with the CMS and documents regarding Mylan products sold and related to the Medicaid Drug Rebate Program, and any related complaints. Mylan has cut its earnings outlook for 2016 and expects to report third quarter results on Nov 9 (Read more: Lilly Inks Animal Health Deal, J&J's Psoriasis Data Looks Good ).
What's Next in the Pharma World?
Johnson & Johnson’s (NYSE:JNJ) earnings results will be in focus with the company slated to release results on Oct 18. A decision from the FDA regarding Roche’s Tecentriq for a lung cancer indication should also be out by Oct 19.
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