Given the price went up 5x, introducing new ones at half the price still means the “new generic” is 2.5 times more expensive than the branded product before the price hike.
AND, I would bet the new 'cheaper' pen is the same pen and drug without the word EPI-PEN printed on it.
They couldn't just drop the price of the brand name pen, because that might make it look like they were GOUGING the public.