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  • 09.26.16

Drug maker Mylan underplayed its profits to Congress 

After months of public criticism, Mylan CEO was asked by Congress to justify the price hike for its potentially life-saving allergen treatment. CEO Heather Bresch responded that Mylan’s profit was $100 for a two-pack of the injectors, which seemed odd to many given the $608 list price. 

The Wall Street Journal had a few questions for Mylan. The company admitted that the number it initially shared included U.S corporate tax rates. Those are five times higher than Mylan’s overall tax rate last year.

A filing to the Securities and Exchange Commission today shows that without the tax reduction, the company’s profit is $83 per pen. Or $166 total. And that’s a difference of millions. 

CF