On November 2, Regeneron announced it raked in $3.4 billion in the third quarter, a 15% increase over Q3 2022. In the third quarter, Regeneron rewarded shareholders with $507 million in stock buybacks, bringing their total buybacks for 2023 to $1.9 billion. While they make billions and reward shareholders, Americans pay exorbitantly high prices for prescription drugs. Regeneron opposes the Biden administration reforms that lower prescription drug prices.
- During the call, CEO Leonard S. Schleifer bragged about the company’s performance: “Regeneron performed well in the third quarter, with execution across the business continuing to drive strong top and bottom line growth. Third quarter 2023 total revenues increased 15% year-over-year to $3.4 billion.”
- 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.