WASHINGTON, DC — On the heels of a PhRMA-led lawsuit to block implementation of Medicare’s new power to lower prescription drug prices, GlaxoSmithKline (GSK) reported $38.5 billion in 2023 revenue today, beating fourth quarter expectations and setting up 12 major launches for 2025. GSK CEO Emma Walmsley, a member of the PhRMA board of directors, used the call as an opportunity to boast about the company’s year-end results, even as 3-in-10 Americans say they cannot afford life-saving medicine.
The earnings data comes as GSK has been criticized for blocking cheaper generic inhalers from entering the marketplace while charging U.S. customers over twelve times more for its inhaler brand Advair HFA than patients in the United Kingdom.
The same big drug company reporting billions of dollars in earnings claims they have no choice but to monopolize the inhaler market and keep price-gouging U.S. patients in need. The only choice GSK’s executives made was greed."
Accountable.US’ Tony Carrk
“GSK’s inflated pricing is emblematic of the pharmaceutical’s focus on profit over people’s health. It’s another reminder why Republicans in Congress should not stand in the way of the Biden administration’s efforts to lower costs for struggling Americans by reining in pharma profiteering.”
In the face of industry objections, the Inflation Reduction Act is expected to save nearly 19 million seniors and other Medicare Part D enrollees $400 a year by 2025.