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GREED WATCH: Regeneron Announces Nearly a Billion Dollar Increase in Profits as They Try to Stifle Competition

By February 5, 2024No Comments

Regeneron announced it raked in $13.1 billion in 2023 – a $944 million increase over 2022 – during their earnings report. While they make billions, Americans pay exorbitantly high prices for prescription drugs. Regeneron opposed the Biden administration reforms that lower prescription drug prices. 

  • During the call, CEO Len Schleifer bragged about the company’s financial success saying, “2023 marked another year of exceptional accomplishments for Regeneron as we further diversified our revenue base… In 2024, we plan to build on this momentum with continued growth of our breakthrough products Dupixent and EYLEA HD while we bring additional new therapies to market and advance our growing pipeline.” 
  • In an effort to protect their growing profits, Regenron is attempting to block biosimilars of their product Eylea, which brought them $6.3 billion in sales last year alone, from entering the market. Biosimilars would increase competition and lower costs for Americans who rely on treatments for eye diseases like macular degeneration.
  • Regeneron rewarded its shareholders with $1.5 billion in stock buybacks over the course of 2023 out of the $3 billion the company announced it would purchase in January.
  • Although his salary is relatively meager at around $7 million annually, Regeneron’s CEO Len Schleifer received over $453 million in total compensation in 2021 alone, all while the company hiked prices on lifesaving medication. 
  • 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