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GREED WATCH: GSK Announces Unexpectedly Profitable Year and Updates Their Projections for the Next Decade

By January 31, 2024No Comments

GSK announced it raked in $38.5 billion in 2023 – a $2.2 billion increase over 2022 – during their earnings report today. While they make billions, Americans pay exorbitantly high prices for prescription drugs. GSK opposed the Biden administration reforms that lower prescription drug prices. 

  • During the call, CEO Emma Walmsley bragged about the company’s year-end results and outlook for the coming years saying, “We are now planning for at least 12 major launches from 2025… [and] are upgrading our growth outlooks for 2026 and 2031.”
  • GSK has been accused by Senator Tammy Baldwin of unfairly locking out generic inhalers from the market in order to keep prices artificially high and rake in more profits
  • GSK charges U.S. customers over twelve times more for its inhaler brand Advair HFA than customers in the United Kingdom. 
  • 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