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GREED WATCH: Astellas Announces More Than $5 Billion In Revenue Growth Amid Historic Acquisition

By November 2, 2023No Comments

Astellas announced it raked in $5.07 billion this quarter – a $32 million increase over last year – during their earnings report today. While they make billions, Americans pay exorbitantly high prices for prescription drugs. Astellas opposes the Biden administration reforms that lower prescription drug prices. 

  • During the call, CEO Naoki Okamura bragged: “We will achieve significant growth in revenue and profits towards 2025. This initial plan hasn’t been changed and we will continue to aim to achieve our goals.”
  • Astellas announced it rewarded its shareholders by paying a dividend in September at a rate 15 percent higher than the previous year.
  • Astellas was a part of the lawsuit against the Biden administration to stop Medicare from negotiating lower drug prices for patients because it would endanger their massive profits, but voluntarily dismissed after their products were not among the first ten drugs selected for Medicare price negotiation. 
  • In July, Astellas also completed its acquisition of Iveric Bio, a drug manufacturer specializing in ophthalmology treatments. Drug companies erroneously claim Medicare negotiation will threaten investment in innovative drugs, but Astellas is betting an expanded drug portfolio will be good for their bottom line; Astellas paid $5.9 billion for Iveric.
  • 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