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GREED WATCH: Novartis Announces Over Half a Billion More in Q3 Sales Than Expected, Raising Yearly Guidance for the Third Consecutive Time

By October 24, 2023No Comments

Novartis announced it raked in $11.78 billion this quarter – a $1.29 billion increase over last year – 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. 

  • During the call, CFO Harry Kirsch bragged about the company’s enormous growth saying, “core operating income is up 21 percent in quarter three… mainly driven by sales and savings from the ongoing [increasing] productivity.” 
  • Novartis announced that it has initiated the $15 billion stock buyback it announced in July 2023.
  • Novartis 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.  

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