Via Jean-Luc
“Greedy bastards. $160M in compensation while kids who need the medicine to save their lives can’t afford it!”
Mylan shareholders revolt, say directors’ greed has gone too far
Meanwhile, a new report suggests Mylan overcharged taxpayers by $1.27 billion.
By 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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See also:
Amid outrage and tumbling stocks, Mylan’s chairman pocketed $97M
To keep EpiPen sales up, Mylan threatened states, sued making bogus claims
