Bristol Myers Squibb announced it raked in $11 billion this quarter during their earnings report today. While they make billions, Americans pay exorbitantly high prices for prescription drugs. Bristol Myers Squibb opposes Biden administration reforms that lower prescription drug prices.
- Eliquis, Bristol Myers Squibb’s blockbuster blood clot drug that was selected among the first ten drugs to have lower prices negotiated by Medicare, brought in $2.7 billion this quarter – a 2 percent increase over last year.
- Bristol Myers Squibb CEO Giovanni Caforio bragged about “the diversification of our business, the breadth of our new product portfolio and the strength of our pipeline” while his company is simultaneously suing the Biden administration to stop Medicare from negotiating lower drug prices for patients because it would endanger their massive profits.
- In August, Bristol Myers Squibb announced it is rewarding its shareholders with $4 billion in stock buybacks, which they expect to complete by the end of 2023.
- 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.