After months of problems thanks to its high pricing of EpiPen, Mylan (MYL) reported worse-than-expected third quarter earnings after market's close Wednesday.
The pharmaceutical company reported earnings per share of $1.38, as compared to consensus estimates of $1.45 per share. Pittsburgh-based Mylan reported revenues of $3.06 billion for the quarter, as compared to. $3.12 billion estimated revenues.
The company attributed many of its problems to a rapidly changing health care system.
"The health care system is experiencing rapid and extraordinary changes," Mylan CEO Heather Bresch said during Wednesday's earnings call. "We've been living this reality first-hand with EpiPen."
She added that she wished the company had anticipated the huge EpiPen price increases, but that Mylan is working to remedy the issue.
Mylan's shares remained stable as the company conducted its earnings call, hovering around $38.96 per share after market's close. Mylan's shares were up 5% during the regular session Wednesday on news that Donald Trump was elected president and that Republicans will control the House of Representatives and the Senate.
Much of the company's losses were attributed to its struggles with EpiPen, an autoinjector used to treat severe allergies and anaphylaxis. Patients were seeing pricetags as high as $600 per two pack, and Mylan had boosted the prices by 25% each year. The drug industry norm is 10% year over year.
"While EpiPen auto-injector scripts grew quarter-over-quarter, volumes were down due to the lack of wholesaler purchases in the quarter in anticipation of our upcoming generic launch," according to Mylan's 8-K.