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GREED WATCH: Pfizer Announces Double Digit Revenue Growth in Non-COVID Products

By November 1, 2023No Comments

Pfizer announced it raked in $13.23 billion this quarter, growing their non-COVID operational revenues by 10%, during their earnings report today. While they make billions, Americans pay exorbitantly high prices for prescription drugs. Pfizer opposes the Biden administration reforms that lower prescription drug prices. 

  • During the call, CFO Dave Denton bragged about the company’s success in its diversification away from COVID medicines saying, “We are extremely pleased by the strong 10% operational revenue growth of Pfizer’s non-COVID products in the third quarter of 2023… Combined with the momentum of our non-COVID product portfolio and U.S. commercialization of Paxlovid, we expect the program to yield improved operating margins this year and help drive Pfizer’s growth through the end of the decade and beyond.” 
  • Pfizer is a member of PhRMA, which 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