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GREED WATCH: Novartis Announces a 43 Percent Increase in Net Income Over 2022

By January 31, 2024No Comments

Novartis announced it raked in $8.6 billion in 2023 – a $2.6 billion increase over 2022 – during their earnings report today. While they make billions, Americans pay exorbitantly high prices for prescription drugs. Novartis opposed the Biden administration reforms that lower prescription drug prices. 

  • The first nine months of 2023 saw Novartis buyback over $7.2 billion in shares, completing a $15 billion share buyback announced in 2021 and starting a new $15 billion share buyback which began in July. 
  • Novartis is suing the Biden administration to stop Medicare from negotiating lower drug prices for patients because it would endanger their massive profits. 
  • Novartis charges U.S. customers over two times more for Entresto than customers in other high-income countries. 
  • 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