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GREED WATCH: Astellas Announces Increase in Revenue After Nearly a Billion in Stock Buybacks and Dividends

By February 5, 2024No Comments

Astellas announced it raked in $8 billion between April 1 and December 31 2023 – a $166.3 million increase over that same period in 2022 – during their earnings report today. While they make billions, Americans pay exorbitantly high prices for prescription drugs. Astellas opposed the Biden administration reforms that lower prescription drug prices. 

  • Over 2023, Astellas rewarded its shareholders with $72 million in stock buybacks and over $785 million in dividends. 
  • Astellas filed a lawsuit against the Biden administration to stop Medicare from negotiating lower drug prices for patients because it would endanger their massive profits, but dropped it once it became clear they didn’t have standing. Astellas withdrawing their lawsuit doesn’t change that they still vocally oppose price negotiations of any form.
  • On aggregate, drug companies charge Americans prices up to four times higher than prices in other countries, forcing patients to cut pills and skip doses.
  • 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