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GREED WATCH: Gilead Announces $6.6 Billion in Second Quarter Revenue

By August 7, 2023No Comments

Gilead announced it raked in $6.6 billion this quarter – a $330 million increase over last year – during their earnings report today. While they make billions, Americans pay exorbitantly high prices for prescription drugs. Gilead opposed the Biden administration reforms that lower prescription drug prices. 

  • During the call, CEO Dan O’Day bragged that “the business is performing well and on a consistent basis. This is our seventh consecutive quarter of year-on-year growth for our business.” 
  • Gilead announced that in just the last three months its shareholders were rewarded with $150 million in stock buybacks. 
  • Gilead is being sued by the Department of Justice for allegedly violating the CDC’s patent on a two-drug PrEP regimen which has allowed the company to illegally pocket over $2 billion in sales.
  • 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.