Mylan (NSDQ:MYL) agreed last week to pay $465 million to settle claims that it underpaid Medicaid for its EpiPen auto-injector by misclassifying the device as a generic. Last week, the Centers for Medicare & Medicaid Services said it spent $797 million on the emergency allergy treatment between 2011 and 2015, including rebates.
The Canonsburg, Pa.-based company has been under fire since August, when reports surfaced that it raised the price of its EpiPen product by more than 500% over the past decade. Lawmakers were investigating whether Mylan made more than it should by classifying the device as generic, which has a minimum 13% rebate, compared to a minimum 23% for a branded drug.
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