Johnson & Johnson announced it raked in $25.53 billion this quarter – $900 million over its expected revenue – during their earnings report today. While they make billions, Americans pay exorbitantly high prices for prescription drugs. Johnson & Johnson opposed the reforms that lower prescription drug prices, which were recently enacted by the Biden administration and Democrats in Congress.
During the call, CEO Joaquin Duato bragged about the company’s “61st consecutive year of dividend increases” as well as stock buybacks totaling “$8.5 billion… in the first half of 2023.” Don’t forget: Johnson & Johnson is suing the federal government to stop Medicare from negotiating lower drug prices for patients because it would endanger their massive profits. Experts agree that this lawsuit is meritless as drug companies already negotiate with Medicaid and the VA. And nearly every other industry negotiates prices and discounts costs for large volumes – that’s how markets and competition work.
Once again, we see that big drug companies like Johnson & Johnson are desperate to maintain the status quo that puts the greed of Wall Street above the needs of American families. 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, giving Medicare the power to negotiate lower drug prices, and limiting the amount people have to pay each year for prescription drugs.
Read more about why Medicare needs the power to negotiate lower drug costs and the five drugs that tell the story, including Johnson & Johnson’s drug Xarelto, here.