Shares of Community Health Systems (NYSE:CYH) ended Wednesday session in red amid volatile trading. The shares closed down -0.06 points or -0.56% at $10.72 with 4.57 million shares getting traded. Post opening the session at $11.16, the shares hit an intraday low of $10.47 and an intraday high of $11.20 and the price vacillated in this range throughout the day. The company has a market cap of $1.17 billion and the numbers of outstanding shares have been calculated to be 113.64 million shares.
Community Health Systems (CYH) on August 10, 2016 announced that Tim L. Hingtgen will be promoted to President and Chief Operating Officer, effective September 1, 2016.
Commenting on Hingtgen’s promotion, Wayne T. Smith, chairman and chief executive officer of Community Health Systems, Inc., said, “Tim is an extremely effective, results-driven healthcare executive and an experienced operator who has provided outstanding leadership for some of our most successful markets. Tim is meticulous about setting operating standards and has a track record of executing strategies that support clinical excellence, business development and growth. In his new role, I’m confident Tim will lead Community Health Systems forward as we work to achieve higher levels of performance across our organization.”
Hingtgen will succeed David L. Miller, who previously announced his plans to retire from the Company at the end of the year. Hingtgen and Miller work closely together and will ensure a smooth transition of leadership. Miller will complete his twenty-year tenure with Community Health Systems by serving as special advisor to the Chairman of the Board and Chief Executive Officer.
Hingtgen, age 48, joined Community Health Systems in 2008 as a Vice President of Operations. In January 2014, he was promoted to President of Division IV Operations, and in May 2016, he was promoted to Executive Vice President of Operations. Prior to joining Community Health Systems, Hingtgen served as a chief operating or chief executive officer of hospital facilities at another for-profit hospital system. He holds a master’s degree in business administration from the University of Nevada-Las Vegas.
Shares of Mylan NV (NASDAQ:MYL) ended Wednesday session in red amid volatile trading. The shares closed down -0.07 points or -0.17% at $40.84 with 4.47 million shares getting traded. Post opening the session at $41.29, the shares hit an intraday low of $40.55 and an intraday high of $41.55 and the price vacillated in this range throughout the day. The company has a market cap of $21.85 billion and the numbers of outstanding shares have been calculated to be 534.91 million shares.
Mylan NV (MYL) on Aug. 29, 2016 announced that its U.S. subsidiary will launch the first generic to EpiPen® Auto-Injector (epinephrine injection, USP) at a list price of $300 per generic EpiPen® two-pack carton, which represents a discount of more than 50% to the Mylan list price, or wholesale acquisition cost (“WAC”), of the branded medicine. The authorized generic will be identical to the branded product, including device functionality and drug formulation. Mylan expects to launch the product in several weeks, pending completion of labeling revisions. Upon launch, the product will be available as a two-pack carton in both 0.15 mg and 0.30 mg strengths. Mylan also intends to continue to market and distribute branded EpiPen®.
Mylan CEO Heather Bresch commented, “We understand the deep frustration and concerns associated with the cost of EpiPen® to the patient, and have always shared the public’s desire to ensure that this important product be accessible to anyone who needs it. Our decision to launch a generic alternative to EpiPen® is an extraordinary commercial response, which required the cooperation of our partner. However, because of the complexity and opaqueness of branded pharmaceutical supply chain and the increased shifting of costs to patients as a result of high deductible health plans, we determined that bypassing the brand system in this case and offering an additional alternative was the best option. Generic drugs have a long, proven track record of delivering significant savings to both patients and the overall healthcare system. The launch of a generic EpiPen®, which follows the steps we took last week on the brand to immediately reduce patients’ out-of-pocket costs, will offer a long-term solution to further reduce costs and ease the burden and complexity of the process on the patient.”