Bristol Myers Squibb Rakes In Nearly $2B While Suing to Block Cost-Lowering Program

WASHINGTON, DC — Pharmaceutical giant Bristol Myers Squibb announced $1.7 billion in Q2 2024 earnings today amid the company’s ongoing legal challenge to block the Biden-Harris administration from lowering medication costs for millions of Americans. The pharmaceutical giant is one of several companies appealing recent court rulings defending Medicare’s negotiation authority.

Bristol Myers Squibb’s medication, Eliquis, a critical treatment for blood clots, is one of the first 10 medications subject to the Biden-Harris historic Medicare negotiation program. Between 2018 and 2022, the cost of Eliquis increased by 43% for the average Medicare enrollee. Eliquis was a major driver of the company’s growing sales in Q2 2024. 

While the pharmaceutical industry continues to push against Biden-Harris administration efforts to lower drug costs, national polling has shown strong support for the programs. 

A recent report from government watchdog Accountable.US revealed that the eight pharmaceutical companies manufacturing the ten medications chosen for Medicare price negotiation have spent far less on research and development compared to what they spent on other priorities like political activity, executive compensation and handouts to wealthy investors in 2023. [READ THE FULL REPORT]

READ MORE FROM ACCOUNTABLE.US

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