Executives of EpiPen maker Mylan NV are unlikely to suffer a reduction in their pay from the company’s recent $465 million settlement of allegations that it improperly overcharged Medicaid for the lifesaving drug.

That is because Mylan historically has calculated executive pay using a nonstandard measure called “adjusted diluted” earnings, which excludes the costs of such litigation settlements, the company’s regulatory filings show.

The...