Profits are what caused investors to create these companies in the first place, so without that we wouldn't have EpiPens.
In this particular case, there is an anti-trust argument to be made (after the generic got pulled), but drug development is a side-effect of investors seeking maximum returns. If anyone here thinks there is a better system for drug development, I think we'd all love to hear it.
In my opinion, most cases where you see one company able to charge outsized prices for their products, if you scratch the surface you'll find a government created monopoly, or near monopoly (wireless spectrum is an example of this) or regulation created situation that protects one company from competition.
At the very least you will not find a free market. Because in a free market, people will compete if anyone gives them even a small pricing umbrella. Even for things that require very highly refined manufacturing techniques, like drugs and electronics. Look at the cellphone market, nothing is more precisely built than a smart phone yet we have huge numbers of them in a wide variety at low cost, because the market is mostly unregulated.