Press Releases
Johnson & Johnson Boasts Big Earnings After Suing to Keep Prices High
WASHINGTON, DC — After suing to block the Biden administration’s cost-lowering Medicare Drug Price Negotiation Program, pharmaceutical giant Johnson & Johnson announced $21.38 billion in Q1 2024 sales, exceeding Q1 2023 and bringing in $5.35 billion in profit.
While millions of patients struggle to afford life-saving medicines, Johnson & Johnson is suing to keep their price-gouging scheme in place. On top of that, they have the audacity to brag about their excessive profits. Today’s earnings are a lesson in greed that comes at the expense of American patients and affirms why the Biden administration’s push to regulate Big Pharma is vital for lowering costs.”
Accountable.US Liz Zelnick
Medicare is currently negotiating lower prices on Johnson and Johnson’s Xarelto, Stelara, and Imbruvica. Between June 2022 and May 2023, Medicare spent more than $11 million combined on the three drugs to benefit more than one million patients.
Even as Johnson & Johnson fights to ban Medicare’s new negotiation authority, the program is expected to save nearly 19 million seniors and other Medicare Part D enrollees $400 a year by 2025.
