My best guess is that Red Mutagens are overpowered compared to Blue and Green. When a single Greater Red Mutagen gives you a +40% damage bonus (presuming it's linked to three Swordsmanship skills) that's pretty dang powerful. Compare that to Greater Green Mutagens, which buff your health by 450HP. At most that might be around a 15% vitality bonus.Yes they are, for sure. Not sure why there's such a massive disparity between red and the blue & green.
I do know a tactic for farming them that I learned from @Villentretanmerth though. There is a level 16 Fiend that spawns in Crookback Bog directly south of "The Orphan's Of Crookback Bog" sign post a little ways. Fiends always drop a lesser mutagen of some color. So you can sit on the hillside and meditate to make him respawn and kill him over and over until you get a red mutagen. Villentrthanmerth said it he had to kill the Fiend 70 times to craft a greater red mutagen. So based on that evidence you should get roughly 1 lesser red mutagen per every 8 times you kill the Fiend.
https://youtu.be/iyaVFKDvjlA?t=3m45s
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