The prices of the EpiPen auto injectors --the lifesaving medication for those with anaphylaxis-- have been steadily rising since 2010, with patients reporting prices as high as $600 for a set of two.

Meanwhile, the shares of its parent company, Mylan (MYL) - Get Mylan N.V. (MYL) Report have started to come down from a spike they saw in April 2015. On Wednesday the company closed at $48.79 per share, a decline of nearly 40% since last April.

And while the company reported better-than-expected earnings Tuesday, raking in $1.16 per share for the second quarter, as compared to consensus estimates of $1.13 per share, Mylan indicated that it's trying to rely less on the EpiPen as a revenue booster.

"As we continue to grow, just as now we're bringing Meda into the fold, EpiPen from a true dollar contribution will just continue to shrink," Heather Bresch, the company's CEO said during its earnings call. "So again, there's no over-reliance on EpiPen as a brand."

In the second quarter of 2016, Mylan reported net sales from its specialty division, which includes EpiPens, of $402.5 million, a 33% increase as compared to the second quarter of 2015. Mylan attributed much of this increase to higher volumes of EpiPen sales.

The company increased prices for the drug 15% in the fourth quarter of 2015, and had done the same during the second quarter of 2016, according to analyst Ronny Gal of Bernstein.

"There has been investor concern that Mylan has been raising prices a bit in that division," analyst Louise Chen of Guggenheim Securities said in an interview. "That has been driving the out-performance. It has masked what's going on with generics."

According to Chen, the company could look to focus more on its generics business in the coming years. Epipen prices are expected to fall because Teva Pharmaceuticals (TEVA) - Get Teva Pharmaceutical Industries Limited Sponsored ADR Report may enter the market with a generic version of the drug as early as 2017.

The Israeli pharmaceutical company was expected to debut a competitive generic in 2016, but the FDA pushed approval to at least next year. According Gal, the generic has a few differences from the EpiPen.

"The big question is how close is close enough in usability?" he said in an interview. "The difference is slight, but small differences in design could lead to patients making a mistake."

However, the FDA might push for approval because instead of swallowing the high prices of EpiPens, patients could decide to go without.

"The counter argument would be that lots of patients are not getting the pen because of pricing," Gal said.

Chen speculated that Mylan had been raising prices as a buffer for when Teva entered the market. Now that the company is unable to compete with Mylan, there is a bit of windfall.

The market for epinephrine injections was expected to be much more crowded just a few years ago. Sanofi's (SFY) - Get SoFi Select 500 ETF Report Auvi-Q, an epinephrine injection that was flatter and more portable than an EpiPen, took between 10-15% of the market share from EpiPen, forcing Mylan to keep prices down.

Twinject, another viable Epipen competitor, was discontinued by its parent company Shionogi Pharma in 2012.

TheStreet Recommends

Pfizer (PFE) - Get Pfizer Inc. Report, a competitor to Mylan, Sanofi and others in a number of different areas, is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells PFE? Learn more now.

Meanwhile, in late 2015, Sanofi recalled all Auvi-Q injectors following information that they released too much epinephrine. Gal said the company has not indicated that it will try to revamp the Auvi-Q.

Mylan acknowledged during its Tuesday earnings call that the withdrawal Auvi-Q from the market has helped its presence in the market.

"I'd note that year-over-year comps will continue to evolve until we pass the one-year mark of the Auvi-Q recall," said Anthony Mauro, Mylan's chief commercial officer, during the call. "I want to stress that we continue to invest in expanding the size of the overall market by increasing awareness and access to this important product."

And so, EpiPen is the lone option for consumers based in the United States, unless their doctors prescribe the generic version developed by private company Amedra called Adrenaclick. This, though, is rare, because according to Gal, EpiPens have brand recognition.

Patients, though, will likely continue to see rising EpiPen prices. Changes forced by the Affordable Care Act have pushed more of the burden of the expenses onto customers rather than insurance companies or employers.

"Right now the issue is that patients are seeing higher prices," Gal said. "That suggests that some of the insurers are beginning to pass a bigger share of the drug cost on to their insuree."

In an informal poll conducted by asking two food allergy Facebook groups asking patients how much they paid out of pocket for EpiPens, answers varied wildly, from $0 to $500 for a set of two EpiPens.

Mylan offers a coupon that takes $100 off a customer's co-pay for the EpiPen. However, those who said they paid the most for their prescriptions did use the coupon. While they had insurance, they had a high deductible plan that did not cover the cost of the EpiPens.

It's important to note that Mylan does not set the final price for EpiPens. Much of the cost has to do with how much insurance companies and pharmacies charge for the drug.

It's also worth mentioning that EpiPens lose effectiveness after one year, or after being exposed to extreme temperatures. Most families who responded to the poll noted that even if the EpiPens go unused, patients must replace the emergency medication at least once a year, but sometimes even more often than that.

Mylan spokeswoman Julie Knell noted via email that Mylan has in place a patient assistance program to allow those who cannot afford EpiPens to get them anyway.

While the EpiPen could cease to exist as a key revenue driver for Mylan the company has its own generics division that it could lean on. The company produces a generic herpes treatment drug, famciclovir, among several others.

"It would be nice if Mylan could show outperformance in the generics sector as well," Chen said. "There's still a risk that EpiPen could go generic."

Pfizer (PFE) - Get Pfizer Inc. Report, a competitor to Mylan, Sanofi and others in a number of different areas, is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells PFE? Learn more now.