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GREED WATCH: AbbVie Announces Nearly $14 Billion In Q3 Revenue Report, Beating Estimates and Raising Future Growth Expectations

By October 27, 2023No Comments

This morning, AbbVie announced it raked in over $13.9 billion in the third quarter of 2023 – $24 million more than expected – during their earnings report. While they make billions, Americans pay exorbitantly high prices for prescription drugs. AbbVie opposes the Biden administration reforms that lower prescription drug prices.

  • During the call, CEO Rick Gonzales bragged about the company’s strong growth platform: “I’m extremely pleased with our continued strong momentum and execution across our business. Our growth platform is substantially outperforming our expectations.”
  • AbbVie announced it is rewarding its shareholders with a 4.7 percent dividend increase, payable in February 2024.
  • Imbruvica, AbbVie’s blockbuster leukemia drug that was selected among the first ten drugs to have lower prices negotiated by Medicare, brought in more than $900 million this quarter.
  • Drug companies charge Americans prices up to four times higher than prices in other countries, forcing patients to cut pills and skip doses to make ends meet. 
  • Over 80 percent of voters support giving Medicare the power to negotiate, making it the most popular provision in the Inflation Reduction Act. 

The Inflation Reduction Act brings down prescription drug costs for everyday Americans, especially seniors, by capping the price of insulin at $35 per month and providing free vaccines including shingles, giving Medicare the power to negotiate lower drug prices, and limiting the amount people have to pay each year for prescription drugs to $2,000 annually starting in 2025.  

Read more:

REPORT: Why Medicare Needs the Power to Negotiate for Lower Drug Costs: The Five Drugs That Tell the Story

FACT SHEET: Big Drug Companies Are in Court to Stop Medicare Negotiation and Protect Their Sky-High Profits