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WASHINGTON, DC — Following the U.S. Labor Department’s Consumer Price Index (CPI), a new report from government watchdog Accountable.US revealed today that the producers of the first 10 medications under the Biden-Harris administration’s historic Medicare negotiation program brought in over $93 billion in combined profits and invested heavily on stock buybacks and dividends for their wealthy shareholders in FY 2023, all while fighting to keep prices high for seniors and other patients. 

While inflation hit a three year low, medical commodities remained a key driver of high costs. 

“

Big pharma CEOs and their lobbyists have spent millions to undermine the Biden-Harris administration’s historic cost-lowering Medicare negotiation program. Their profit-maximizing approach to drug pricing has left millions of Medicare patients struggling to afford life-saving medication. As inflation cools, it’s time for the Fed to cut rates and instead focus on the true culprit of rising costs: Corporate greed.”

Accountable.US Executive Director Tony Carrk.

 

KEY FINDINGS

  • Johnson & Johnson saw its net income increase 96% during FY 2023, thanks to a 9% increase in U.S. sales of Stelara. The company ultimately spent a combined $16.7 billion on stock buybacks and dividends.
  • Despite seeing sales for its drug Januvia and its net income decreasing YoY, Merck continued to reward its shareholders with a combined $8.8 billion in stock buybacks and cash dividends, while the drug maker spent a staggering $11.4 billion on acquisitions in 2023, including acquiring Prometheus Biosciences for $10.8 billion.
  • AbbVie’s Imbruvica earned the company $3.65 billion in sales in 2023 as it spent $12.1 billion on stock buybacks and dividends and proposed $18.8 billion in acquisitions. The company also hinted it would continue smaller acquisitions over the next decade.
  • Bristol Myers Squibb—maker of the drug Eliquis—saw its net earnings climb 27% YoY to over $8 billion thanks in part to its revenue for Eliquis climbing 4%, as the company spent $9.9 billion on shareholder handouts in 2023.
  • During FY 2023, Novartis saw its net income climb by 114% YoY to $14.9 billion as the company’s Entresto earned $6 billion in sales while it spent a combined $15.9 billion in dividends and stock buybacks.
  • During FY 2023, Farxiga maker AstraZeneca saw its after tax profits increase 81% to nearly $6 billion thanks in part to sales of Farxiga climbing 36% to nearly $6 billion as the company rewarded its shareholders with over $4.4 billion in dividends.
  • Novo Nordisk—maker of insulin drug Fiasp/NovoLog—reported a 31% increase in net sales and a 51% increase in net profits in FY 2023, as the company rewarded shareholders with approximately $6 billion in dividends and $4.2 billion in stock buybacks, respectively.
  • During FY 2023, Enbrel maker Amgen saw its net income increase to $6.7 billion as the manufacturer rewarded shareholders with $4.6 billion in dividends, a $400 million increase from 2022.
  • Despite Eli Lilly seeing its net income dip during FY 2023, thanks largely to nearly $4 billion in acquisition costs, the company’s drug Jardiance earned the company $1.6 billion domestically and $2.7 billion worldwide, a 33% surge in revenue as the company rewarded shareholders with $4.8 billion in stock buybacks and dividends.

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