Regeneron announced it raked in $3.16 billion this quarter – an 11 percent increase over last year – during their earnings report today. 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 Leonard Schleifer, bragged about the company’s “strong financial results in the second quarter of 2023 through increasingly diversified revenue streams” and how they “remain well-positioned for long-term growth.”
- CFO Robert Landry revealed early in the earnings call that nearly two out of every three dollars spent on the drug Libtayo comes from the United States, boasting that U.S. “net sales were $130 million, up 43%.”
- 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.