Skip to main content

GREED WATCH: Eli Lilly Rakes In $8.3 billion in Second Quarter Revenue, an Eye-Popping 28% Increase Over Last Year

By August 8, 2023No Comments

Eli Lilly announced it raked in $8.3 billion this quarter – nearly $2 billion more than the second quarter of 2022, a 28% increase – during their earnings report today. Accordingly, Eli Lilly told investors they expect to make $2.2 billion more this year than they previously estimated. 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 that the company’s performance was “…led by Mounjaro sales and a strong performance from Growth Products” such as Verzenio, Jardiance and Taltz. 
  • Eli Lilly’s blockbuster drugs Humalog KwikPen and Jardiance are expected to be eligible for negotiation in the coming years. 
  • David Ricks, Eli Lilly’s CEO, serves on the board of directors of the Pharmaceutical Research and Manufacturers of America (PhRMA), which is suing the Biden administration to stop Medicare from negotiating lower drug prices for patients because it would endanger big drug companies’ 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 here.