Mylan Investors Should Be Asking Where (And Who) Robert Coury Is
Mylan NV (NASDAQ: MYL)'s CEO Heather Bresch could face the wrath of the U.S. Congress on Wednesday given the company's practice of boosting the price of its potential life-saving EpiPen.
According to a Bloomberg report, Robert Coury, Bresch's boss, won't be taking the stand on Wednesday. Coury, Mylan's ex-CEO and current executive chairman oversaw the company's acquisition of the rights to sell the EpiPen in 2007 when it cost just $50 a shot.
When Coury stepped down as CEO and transited to become Mylan's executive chairman in 2011, the price of the EpiPen was a reasonable $90. Today, a two pack is sold for $600, and federal legislation dictates it is required in many schools.
Bloomberg cited Nina Devlin, a Mylan spokeswoman, who confirmed that Coury still oversees Mylan's company strategy. Ronny Gal, an analyst at Sanford C. Bernstein & Co. also told Bloomberg that Coury is "probably more involved than most CEOs given his history."
So why isn't Coury taking the stand this week?
For starters, Bresch is the daughter of a U.S. Senator and is a bit more polished than Coury. For instance, Coury was once asked a hypothetical question from a Goldman Sachs analyst and his answer was: "I get a little tired of the 'if' ... If your aunt had balls, she'd be your uncle, right?"
"He'll drop an f-bomb to a female audience in a heartbeat,'' former Mylan executive Richard Moldin also told Bloomberg in an interview. "He'll rant and rave."
Perhaps this makes the answer clear, at least according to Bloomberg. It may be best for Mylan that its CEO Bresch is the public face of the company on Capitol Hill rather than Coury.
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