EpiPen-maker Mylan misses on Q3 earnings

Generic drugmaker Mylan NV, which is under investigation and has faced harsh criticism over steep price increases for its EpiPen emergency allergy treatment, on Wednesday reported a third quarter loss.

That loss was attrubuted to the cost of a proposed$465 million settlement with the U.S. department of Justice and other government agencies.

Mylan posted a net loss of $119.8 million, or 23 cents per share, compared with a profit of $428.6 million, or 83 cents per share, a year ago.

Excluding items, such as the $465 million Department of Justice settlement expense, Mylan said it had adjusted earnings of $1.38 per share. Analysts on average expected $1.45 (vs $1.43) per share, according to Thomson Reuters I/B/E/S.

Mylan noted that EpiPen prescriptions had been rising, but volumes were down because wholesalers weren't purchasing the devices ahead of Mylan's generic authorized generic EpiPen coming soon.

(Reuters reporting by Bill Berkrot; Editing by Chris Reese)