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GREED WATCH: Eli Lilly Announces Staggering 20 Percent Revenue Increase

By February 6, 2024No Comments

Eli Lilly announced it raked in $34.1 billion in 2023 – a shocking $5.6 billion increase over 2022 – during their earnings report today. While they make billions, Americans pay exorbitantly high prices for prescription drugs. Eli Lilly opposed the Biden administration reforms that lower prescription drug prices. 

  • During the call, CEO David A. Ricks bragged about the company’s astronomical revenue increase in 2023 saying,”2023 was a year of tremendous achievement for Lilly… resulting in strong revenue growth” 
  • Over the course of 2023, Eli Lilly rewarded its shareholders with $750 million in stock buybacks. In the fourth quarter alone, over $1 billion in dividends were distributed to shareholders as well
  • A Wall Street Journal report found that in 2022 alone, Eli Lilly CEO David A. Ricks received $64.1 million in total compensation, while the company hiked prices on lifesaving medication. 
  • Eli Lilly is suing the Biden administration to stop Medicare from negotiating lower drug prices for patients because it would endanger their massive profits. 
  • Eli Lilly charges U.S. customers up to seven times more for Jardiance than customers in other high-income countries. 
  • 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