Bristol Myers Squibb Annual Profits Soar After Price-Gouging U.S. Patients, Suing to Stop Medicare From Negotiating Lower Prices

WASHINGTON, DC — Pharmaceutical giant Bristol Myers Squibb (BMS) reported $8 billion in 2023 net earnings today, up from $6.4 billion in 2022. The staggering total comes as the company faces sharp criticism for charging U.S. patients a whopping $7,100 for its blood thinner, Eliquis, when the same medication can be purchased in Canada for $900 or just $650 in France. In 2023, Eliquis brought in nearly $8.6 billion for BMS in just the United States, a 10% increase from the prior year, and is one of the first 10 prescription drugs impacted by the Biden administration’s historic Medicare negotiation program. 

“Today’s results once again affirm that the industry’s price gouging is based on greed, not need. The Biden administration’s historic achievement is a crucial step towards making sure patients will no longer be forced to choose between food and medicine,” added Carrk.

As of 2022, 3.5 million Medicare Part D beneficiaries have prescriptions for Eliquis, with BMS and co-owner Pfizer bringing in $56.3 billion from Medicare payments. BMS and Pfizer have increased the price of Eliquis by 124% since the drug’s launch in 2012.

BMS filed suit against the Biden administration last June to block implementation of Medicare’s new negotiation power. Even as the pharmaceutical industry campaigns against the Inflation Reduction Act, it is expected to save nearly 19 million seniors and other Medicare Part D enrollees $400 a year by 2025. 

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