BIG PHARMA EARNINGS WATCH: ABBVIE, AMGEN AND GSK

Big Pharma Giants Rolling in Strong Earnings While Continuing to Hike Drug Prices 

Last week, three brand name pharmaceutical giants, AbbVie, Amgen, and GSK, reported strong third quarter earnings, with all three either raising or maintaining their guidance for the year, after all three companies continued pricing hikes on their blockbuster drugs this year.

AbbVie

• AbbVie’s third quarter earnings exceeded Wall Street expectations.
• The company reported sales of $14.46 billion for the quarter, beating Wall Street analysts’ expectations of $14.28 billion.
• Sales for the company’s arthritis drugs Skyrizi and Rinvoq earned $3.21 billion and $1.61 billion, respectively, beating Wall Street Analysts’ expectations.
• AbbVie’s blockbuster arthritis drug Humira still brought in a staggering $2.23 billion.
• The Big Pharma giant raised its annual profit forecast following its strong Q3 performance.

Amgen

• Amgen reported bringing in $8.5 billion in revenue for the quarter, a 23 percent increase over the same period last year.
• The company’s blockbuster osteoporosis treatment Prolia brought in $1.05 billion in Q3.
• Additionally, Amgen’s cholesterol drug Repatha earned $567 million, a 40 percent increase year-over-year.
• Thanks to a strong quarter, the Big Pharma giant raised its revenue outlook for the year.

GSK

• GlaxoSmithKline reported revenue at $10.42 billion for the quarter, with its specialty medicines portfolio growing 19 percent year-over-year.  
• The Big Pharma giant’s blockbuster shingles vaccine Shingrix brought in $957 million.
• GSK maintained its earnings forecast for the year, expecting sales growth between seven to nine percent.

These strong Q3 earnings reflect Big Pharma’s continued practice of increasing prices on blockbuster drugs.

AbbVie

• AbbVie increased prices on 16 prescription drugs to start the year, including a 5.8 percent price increase on Skyrizi and 5 percent price hike on Rinvoq.
• AbbVie hiked prices on 40 prescription drugs in January 2023, including eight percent increases each on the company’s blockbuster autoimmune drugs Skyrizi and Rinvoq.
• This past July, AbbVie again increased the price of plaque psoriasis drug Skyrizi by four percent.
• In 2022, AbbVie increased prices on more than 40 prescription drugs.
• In 2021, the company launched almost 50 price increases across its portfolio.

Amgen

• Amgen has raised prices on at least 32 prescription drugs so far this year, including a 6.9 percent increase on osteoporosis treatment Prolia as well as five percent price increases on autoimmune drugs Enbrel and Otezla.
• Amgen started 2023 by raising prices on more than 20 prescription drugs, including on osteoporosis treatment Prolia by 5.9 percent as well as on autoimmune drug Otezla by 7.4 percent.
• Amgen hiked prices on 33 prescriptions in 2022, including a four percent increase on popular autoimmune drug Enbrel.
• A recent U.S. House Committee on Oversight report found that Amgen hiked prices of blockbuster drugs Enbrel and Sensipar to meet revenue targets.

GSK

• GSK has already hiked prices on more than 23 prescription drugs this year, including its blockbuster Shingrix vaccine product by almost eight percent.
• In 2023, GSK hiked prices on 39 products, and in 2022, increased prices on over 40 products.

Read more on Q3 earnings from Johnson & Johnson HERE.

Read more on Q3 earnings from Roche and Sanofi HERE.

Stay tuned as we continue to monitor third quarter earnings calls from brand name drug companies in the coming weeks.

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