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Mylan’s Perrigo Backup Plan

Mylan CEO Heather Bresch

In reporting second-quarter results Thursday, Mylan bumped its full-year adjusted earnings guidance to a range of $4.15 to $4.35 a share from $4 to $4.30. Perhaps what is most interesting is what isn’t included in that figure.

Mylan said its full-year guidance assumes that generic competition for its top selling EpiPen treatment will begin in the year’s second half. That is obviously bad news: The specialty drug segment, comprised primarily of EpiPen, accounted for $302 million in second-quarter revenue...