Press Releases
Pfizer Rakes In Millions As Eliquis Revenue Increased
WASHINGTON, DC — Pharmaceutical giant Pfizer announced $41 million in Q2 2024 net income today months after completing its $43 billion acquisition of Seagen in December 2023. The pharmaceutical giant’s blood clot medication, Eliquis—which saw its U.S. revenue increase 10% for the quarter—is one of the first 10 medications subject to the Biden-Harris historic Medicare negotiation program. Between 2018 and 2022, the average annual Medicare spending for Eliquis increased by 43%.
Big Pharma will use any excuse to keep their prices high. The shocking cost of Eliquis makes it clear why the Biden-Harris Medicare negotiation program is so critical. Only an industry gripped by greed could look at already exorbitantly expensive treatments and see no need to lower costs for Americans. The Biden-Harris administration is doing the work to make sure life-saving medicine is affordable to all.”
Accountable.US Executive Director Tony Carrk
As of 2022, 3.5 million Medicare Part D beneficiaries have prescriptions for Eliquis, with Pfizer and co-owner Bristol Myers Squibb bringing in $56.3 billion from Medicare payments. The companies have increased the price of Eliquis by 124% since the drug’s launch in 2012.
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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- Watchdog: For Fifth Time, Federal Judge Rejects Big Drug Industry Challenge to Biden Rx Medicare Negotiation Action
- New poll shows strong support for President Biden’s agenda lowering prescription drug prices and standing up to big drug companies