Mylan is tumbling on reported shortages of its life-saving EpiPens
- Shares of drugmaker Mylan are sinking after a report from Bloomberg found that the company's landmark anti-allergy device is in short-supply.
- The supply of Mylan's EpiPen has been falling since May 2018, according to the Food and Drug Administration.
- Parents and pharmacists are doing all they can to get ahold EpiPens, while patients are also finding difficulty in getting alternatives to the device, Bloomberg found.
- Watch Mylan trade live.
One of the world's most popular allergy treatments is in short supply.
A new report from Bloomberg has revealed a continued shortage of EpiPens, the widely used anti-allergy device manufactured by Mylan. The news sent shares of the drugmaker tumbling by as much as 5.5% on Wednesday.EpiPens are a life-saving device that can stop dangerous and extreme allergic reactions.
According to the report, recent actions by US regulators indicate the supply drought could continue for the rest of the summer. That could be problematic as students return to school at the end of the summer. EpiPen sales typically increase during back to school season as parents and teachers stock up on the devices.
"The FDA looks at drug shortages on a national scale," Nathan Arnold, a spokesperson for the Food and Drug Administrationm, told Bloomberg. "There may be local shortages in any given area of the United States even when there are not national shortages."
He also said the FDA doesn't know when the shortage will end. The organization extended the expiration date on some EpiPens by four months, according to a statement the regulator made in June.
There are alternatives to EpiPens. Mylan itself offers a low-cost version of the device, but Bloomberg says patients are also having trouble getting EpiPen alternatives due to lack of insurance coverage for the products and unequal distribution.Issues with Mylan's EpiPen began to surface in 2017 when the FDA sent a warning to Pfizer's Meridian Medical Technologies, the manufacturer of the devices, for failing to handle a growing number of patient complaints about EpiPens not working.
Mylan is now down more than 30% since the beginning of the year.
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