BIG PHARMA EARNINGS WATCH: AMGEN AND PFIZER

Amgen and Pfizer Bring in Billions of Revenue in Q2 Following Continued Price Hikes

In case you missed it, Amgen and Pfizer were the latest brand name drug companies to continue the Big Pharma streak of beating Wall Street expectations for second quarter earnings after continuing to hike prices on their blockbuster products.

During Amgen’s earnings call, a Goldman Sachs analyst inquired about the company’s approach to the Trump administration goal of lowering drug prices. CEO Bob Bradway said Amgen supported the goal of making medications more affordable, but caveated, “while preserving the innovative ecosystem that has enabled this country to be the world leader in biopharmaceutical medicines.”

The pharmaceutical industry routinely opposes solutions that would lower prescription drug prices for patients by relying on debunked arguments these solutions would undermine the future of research and development (R&D). Big Pharma’s innovation rhetoric is a key component of a strategy designed to maintain the status quo, where brand name drug companies can continue gaming the system to block competition and keep drug prices high.

Multiple studies, including analyses published in JAMA Network Open and JAMA Internal Medicine, have found Big Pharma’s pricing decisions have no connection to the cost of R&D or improvements to a drug’s efficacy. The reality is brand name drug companies set the prices of their products, and hike prices, to maximize their profits — not because there is any true connection to innovation.

Get the full recap of these Big Pharma giants’ strong earnings, driven by continued price hikes:

Amgen

• Amgen beat analysts’ estimates with double-digit sales growth.
• The company’s Q2 revenue rose nine percent to $9.18 billion.
• Osteoporosis drug and Amgen’s biggest blockbuster, Prolia, brought in $1.12 billion.
• The Big Pharma giant raised their full-year revenue guidance to $35-$36 billion.

Pfizer

• Pfizer beat Wall Street analysts’ expectations for the second quarter.
• The Big Pharma company’s revenue rose to $14.65 billion.
• The company’s antiviral COVID-19 pill, Paxlovid, posted $427 million in sales for Q2, up 70 percent from the same period a year ago.
• Pfizer hiked its profit guidance due to its strong quarterly results.

The substantial earnings reports from these two companies reflect their ongoing history of price hikes on their brand name drugs.

Amgen

• This year, Amgen has hiked prices for 24 prescription drugs by an average of five percent.
• Last year, Amgen raised prices on 36 prescription drugs, including a 6.9 percent increase on osteoporosis treatment Prolia as well as five percent price increases on autoimmune drugs Enbrel and Otezla.
• In 2023, Amgen raised prices on more than 20 prescription drugs, including on osteoporosis treatment Prolia and autoimmune drug Otezla by 5.9 percent each.

Pfizer

• Since January 2025, Pfizer has hiked prices on 91 prescription drugs.
• Pfizer hiked prices on more than 100 prescription drugs in 2024.
• In 2024, price hikes included a six percent increase on breast cancer drug IBRANCE, a seven percent increase on cardiomyopathy drug Vyndaqel, and a 4.9 percent increase on arthritis drug Xeljanz.
• In 2023, Pfizer hiked drug prices on more than 120 medications, and in 2022, the company hiked prices on more than 160 prescriptions in their portfolio.

Read more on how Big Pharma’s innovation arguments don’t hold up to scrutiny HERE and HERE.

Read more on Q2 earnings from AbbVie and Bristol Myers Squibb HERE.

Read more on Q2 earnings from AstraZeneca and GSK HERE.

Read more on Q2 earnings from Roche HERE.

Read more on Q2 earnings from Johnson & Johnson HERE.

Learn more about solutions to lower prescription drug prices and hold Big Pharma accountable HERE.