GSK announced it raked in $8.98 billion this quarter in sales and is on track for higher than expected operating profit growth of 11 to 13 percent. While they make billions, Americans pay exorbitantly high prices for prescription drugs. GSK opposed the Biden administration reforms that lower prescription drug prices.
- During the call, CEO Emma Walmsley bragged about the company’s rapid revenue growth saying “For 2023, we now expect to deliver sales growth of 8% to 10% and adjusted operating profit growth of 11% to 13%”
- GSK’s drug Trelegy has seen its sales increase by over 30 percent this quarter, almost single handedly growing their General Medicines portfolio by 10 percent. Trelegy is among the top drugs with the highest Medicare spending, and is likely to be selected for negotiation in the coming years. GSK charges Americans over $3,800 annually for Trelegy – over 2.5 times what Canadians have to pay – to have this life saving medicine.
- 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 here.