Merck announced it raked in $16 billion this quarter – a $1.04 billion increase over last year – during their earnings report. While they make billions, Americans pay exorbitantly high prices for prescription drugs. Merck opposes the Biden administration reforms that lower prescription drug prices.
- During the call, CEO Rob Davis bragged about the company’s “We remain committed to our dividend and plan to increase it over time. Business development continues to be a high priority. Our track record demonstrates our ability to identify compelling science and technologies that have the potential… to rapidly progress the opportunities for the benefit of… our shareholders.”
- Merck announced it is rewarding its shareholders with $338 million in stock buybacks over just this past quarter.
- Merck is suing the Biden administration to stop Medicare from negotiating lower drug prices for patients because it would endanger their 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 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.