Johnson & Johnson announced it raked in $21 billion in revenue this quarter – a $1.35 billion increase over last year – during their earnings report today. This brings their total revenue this year to $63 billion. While they make billions, Americans pay exorbitantly high prices for prescription drugs. Johnson & Johnson opposes the Biden administration reforms that lower prescription drug prices.
- During the call, CFO Joe Wolk stated clearly Johnson & Johnson’s priority of making money for shareholders, “Our capital commitments remain unchanged, we will continue to… prioritize continued investment in our business [by] increasing dividends on an annual basis… and executing share repurchases…”
- Johnson & Johnson is suing the Biden administration to stop Medicare from negotiating lower drug prices for patients because it would endanger their massive profits. Its drugs Stelara and Xarelto were selected among the first ten drugs that will have lower prices negotiated. It also co-markets Imbruvica, which was selected for negotiation.
- 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.