Mylan Shares Fall After Massive EpiPen Hits Many Countries

Mylan saw its shares drop in premarket trading on Thursday when the company announced that 81,000 EpiPens had been recalled in Australia, New Zealand, Europe, and Japan.

Government agencies have said that nearly 500 EpiPens have been recalled in Denmark and about 2,000 in Norway, along with an unspecified number in Finland and Ireland.

The EpiPen recall was due to device failure according to media reports.

The No.2 generic drugmaker in the U.S. had just announced a generic version of its EpiPen allergy short roughly three months ago. The generic version costs roughly half the price of the branded EpiPen which has risen 500% in the last few years to $600.

According to Reuters, the recall first emerged late Wednesday following reports of two EpiPens failing to work in emergencies.

The recalled pens may contain a “defective part” that “may result in the device failing to activate or requiring increased force to activate,” according to the company’s statement.

Fortunately both patients were able to use an alternate EpiPen to provide the lifesaving allergy shot, Mylan told IBD.

The company has also said it is working with the regulatory authorities, where appropriate, to inform them about the recall.

EpiPens are manufactured by Meridian Medical Technologies, a US-based subsidiary of Pfizer.

Disclaimer: We have no position in Mylan Br (NASDAQ: MYL) and have not been compensated for this article.