Press Releases
Pharma Giants Opposed to Cost-Lowering Biden Initiative Brag of Billions in Revenue
WASHINGTON, DC — Bristol Meyer Squibb, AstraZeneca, and Merck—three pharmaceutical giants suing to stop the Biden administration from lowering drug prices through the Inflation Reduction Act—posted $40.33 billion in combined Q1 2024 revenue today. Earlier this week government watchdog Accountable.US spotlighted excessive spending and lobbying by the pharmaceutical industry as it pushes back against President Biden’s historic program granting Medicare authority to negotiate the price of prescription drugs and bring down costs for seniors and families.
These pharmaceutical giants act as if lowering the cost of life-saving drugs would devastate the industry’s profits, yet today’s revenue prove that the big pharma’s opposition to negotiate with Medicare is a feature of their entitlement and greed, not any actual need. Big pharma CEOs and lobbyists are doing everything in their power to keep their price gouging scheme in place, but patients are ready for the relief that Medicare’s new negotiation authority offers.”
Accountable.US Executive Director Tony Carrk
BREAKING DOWN REVENUE
Bristol Myers Squibb reported $11.87 billion in Q1 2024 revenue—a total that comes as the company faces sharp criticism for charging U.S. patients a whopping $7,100 for its blood thinner, Eliquis, one of the first 10 drugs impacted by the Biden administration’s historic Medicare negotiation program. Bristol Myers Squibb revenue was boosted by Eliquis’ high sales growth,
As of 2022, 3.5 million Medicare Part D beneficiaries have prescriptions for Eliquis, with BMS and co-owner Pfizer bringing in $56.3 billion from Medicare payments. BMS and Pfizer have increased the price of Eliquis by 124% since the drug’s launch in 2012.
AstraZeneca brought in $12.68 billion in Q1 2024 revenue, up 19% year-over-year. Since 2022, Medicare has spent nearly $6 billion—an average of $4,046 per patient—on the company’s drug, Farxiga, which treats diabetes, heart failure, and chronic kidney disease. Despite AstraZeneca’s lawsuit, Farxiga is one of the first 10 drugs subject to negotiation under the Biden administration program.
Merck announced $15.78 billion in Q1 2024 revenue—up 9% from the same quarter last year—only a few months after receiving criticism for excessive price gouging for its drug Januvia, a type-2 diabetes treatment drug. Januvia is used by 885,000 Medicare Part D beneficiaries and one of the first drugs subject to Medicare’s new negotiation power. Merck has increased the price of Januvia by 275% since the drug’s launch in 2006.
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