Shares of drugmaker Mylan (MYL) - Get Report were falling Wednesday following a Bloomberg report on the shortage of the company's life-saving EpiPen anti-allergy injectors and how it was affecting pharmacists and patients.
The Food and Drug Administration last May said that supplies of the device were waning and the cheaper alternatives, including one produced by Mylan, have been hard to secure thanks to "uneven distribution, the reluctance of insurers to pay for similar treatments and uneasiness with unfamiliar products," according to Bloomberg.
The wholesale price for a two-pack of adult-dose syringes made by Novartis is $250, lower than the $300 charged by Mylan for the generic version of its EpiPen.
Amneal Pharmaceuticals (AMRX) - Get Report on Wednesday cut its 2019 core earnings forecast due to the uncertainty about the supply of epinephrine auto-injectors. The company now expects full year EBITDA between $425 million and $475 million compared with its previous forecast between $600 million and $650 million.
Mylan fell 3.3% on Wednesday to $18.97, while Amneal dropped 33.85% to $4.51.