WASHINGTON, DC — Just a week after AstraZeneca argued in federal court to stop the Biden administration from lowering drug prices through the Inflation Reduction Act, the company announced nearly $6 billion in after tax annual profits today, up 81% from 2022. Today’s earnings come as 1-in-4 Americans say they can not afford critical medicine and after AstraZeneca increased prices on its “blood cancer treatment Calquence, non-small cell lung cancer drug Tagrisso and asthma treatment Fasenra.”
It’s shameful that big drug companies are zealously trying to stop the Biden Administration from lowering prescription drug prices for millions of Americans. While Americans will now have access to medication vital to life at a reasonable price, industry CEOs are doing everything in their power to maximize profits. Everyone should have access to affordable medicine. Period.”
Accountable.US’ Tony Carrk.
AstraZeneca’s own Farxiga—which treats diabetes, heart failure, and chronic kidney disease—is one of the first 10 drugs impacted by the Biden administration’s cost lowering program. Farxiga has cost Medicare nearly $6 billion as of 2022—an average of $4,046 per patient.
Farxiga has increased in price by 54% since its launch in 2014 and AstraZeneca charges U.S. patients seven times as much as customers in Switzerland, and nearly 15 times more than customers in Australia. While industry continues to fight implementation of Medicare’s new negotiation power, the program is expected to save nearly 19 million seniors and other Medicare Part D enrollees $400 a year by 2025.