Press Releases
J&J Nearly Doubles Earnings After Suing Biden Administration to Keep Prescription Costs High
WASHINGTON, DC — Johnson & Johnson—one of several pharmaceutical companies suing the Biden administration to block implementation of the Inflation Reduction Act’s Medicare Drug Price Negotiation Program—announced $4.8 billion in Q4 earnings today, exceeding Wall Street predictions and nearly doubling their year-over-year 2023 earnings. Despite industry objections, Johnson & Johnson Innovative Medicine, formerly known as Janssen Pharmaceuticals, produces three of the first 10 Rx drugs selected for the initial round of Medicare drug negotiations. Last month, the Biden administration announced that price hikes on 64 Rx drugs outpaced inflation, adding to the burden faced by 3-in-10 Americans who say they cannot afford life saving medicine.
There’s no good reason for big drug companies to raise prices faster than inflation when it comes to life-saving medicine. These companies can whine all they want about the Biden administration’s efforts to curb corporate price gouging, but at the end of the day Medicare’s new negotiation power will lower costs for American families — and that’s nothing but a good thing.”
Accountable.US’ Liz Zelnick.
The Inflation Reduction Act is expected to save nearly 19 million seniors and other Medicare Part D enrollees $400 a year by 2025.
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