Novo Nordisk announced it beat Wall Street expectations and raked in $8.58 billion this quarter – a 29% increase over last year – during their earnings report. While they make billions, Americans pay exorbitantly high prices for prescription drugs. Novo Nordisk opposes the Biden administration reforms that lower prescription drug prices.
- During the call, CEO Lars Fruergaard Jørgensen bragged about the company’s earnings surge amid the incredible popularity of diabetes and chronic weight management drugs Wegovy and Ozempic.
- Novo Nordisk 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.