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GREED WATCH: Novo Nordisk Announces it Exceeded Profit Expectations in 2023

By January 31, 2024No Comments

Novo Nordisk announced it raked in $33.9 billion in 2023 – a $8.1 billion increase over 2022 – during their earnings report today. While they make billions, Americans pay exorbitantly high prices for prescription drugs. Novo Nordisk opposed the Biden administration reforms that lower prescription drug prices. 

  • During the call, CEO Lars Fruergaard Jørgensen bragged about the company’s unexpected success in 2023 saying, “We are very pleased with the strong performance in 2023… Our focus in 2024 will be on reaching more [customers]… as well as the continued significant expansion of our production capacity.” 
  • Novo Nordisk announced in February of 2023 it was rewarding its shareholders with $4.1 billion in stock buybacks over the coming 12 months and it has moved forward on this project, handing out over $600 million in November alone. 
  • Novo Nordisk is suing the Biden administration to stop Medicare from negotiating lower drug prices for patients because it would endanger their massive profits. 
  • Novo Nordisk charges U.S. customers up to eight times more for the NovoLog FlexPen 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