Mylan CEO underestimated EpiPen profits by 60%

When testifying before US Congress last week, the chief executive of Netherlands-incorporated drugmaker Mylan (Nasdaq: MYL) told members that her company’s profits from the EpiPen Auto-Injector (epinephrine injection, USP) were 60% lower than they actually were.

The company clarified figures given to the House last week by Heather Bresch, who said the Mylan made $100 for a two-pack of the injectors, which have a list price of $608.

Ms Bresch’s figure was reached by Mylan applying the statutory US corporate tax rate of 37.5%, which was in fact five times higher than the company’s overall tax rate last year, The Wall Street Journal has elicited.