Enlarge / Heather Bresch, chief executive officer of Mylan NV, is questioned by lawmakers over why the company raised the price of the life-saving injection to $ 600 for a two-pack from $ 57 a shot. (credit: Getty | Andrew Harrer/Bloomberg )
A group of disgruntled Mylan investors launched a campaign late Tuesday to block the re-election of six directors over their exorbitant—and increasing—compensation. That’s according to a report in the Wall Street Journal.
In a letter sent to fellow shareholders, the group lambasted hefty bonuses and salary increases that came as the company faced backlash for the skyrocketing price of its life-saving EpiPen devices. Such outrage is likely to continue given that a new government report released today suggests that Mylan overcharged taxpayers $ 1.27 billion dollars for EpiPens over 10 years.
The ongoing EpiPen pricing scandal has caused Mylan “significant reputational and financial harm,” the investors complained. Yet directors continued to be rewarded. The investors were particularly critical of Chairman Robert Coury, who received more than $ 160 million in compensation in 2016 and will receive a $ 1.8 million per year “cash retainer” as part of a deal made with Mylan last year. Trade publication FiercePharma reports that Coury is the highest-paid executive in the drug industry.
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