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GREED WATCH: Bristol-Myers Squibb Announces $11.2 Billion in Revenue and $4 Billion in Stock Buybacks

By July 27, 2023No Comments

Bristol-Myers Squibb announced during their earnings report today that it raked in $11.2 billion this quarter. While they make billions, Americans pay exorbitantly high prices for prescription drugs. Bristol-Myers Squibb opposed the Biden administration reforms that lower prescription drug prices. 

  • During the call, CEO Giovanni Caforio bragged that “given our confidence in our future, this morning we also announced our intention to execute a $4 billion accelerated share repurchase in the third quarter.” 
  • Bristol-Myers Squibb announced it is rewarding its shareholders with $4 billion in stock buybacks over the next quarter. 
  • Bristol-Myers Squibb is suing the Biden administration to stop Medicare from negotiating lower drug prices for patients because it would endanger their massive profits. 
  • 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, giving Medicare the power to negotiate lower drug prices, and limiting the amount people have to pay each year for prescription drugs.  

Read more about why Medicare needs the power to negotiate lower drug costs and the five drugs that tell the story.