Brand Name Drug Makers Continue to Surpass Q2 Forecasts After Hiking Prices
Pharmaceutical giants AbbVie and Sanofi kept the good times rolling for Big Pharma on Friday and Monday, with both besting earnings forecasts and raising outlooks for the remainder of the year.
AbbVie reported $8.2 billion in sales, beating estimates of $8.1 billion as the company continues to hike prices on its products. Best-selling drug Humira sales reached $4.9 billion in Q2 with U.S. sales increasing 7.7 percent.
And while price-gouging American patients is keeping the gravy train going for AbbVie, international sales numbers demonstrate how increased competition in the marketplace is working elsewhere to lower prices.
International sales of Humira dipped 32.5 percent due to biosimilar competition after AbbVie’s patent in Europe expired last year.
Meanwhile, Sanofi, one of the three biggest global manufacturers of insulin, reported a nearly four percent increase in sales, raking in $9.66 billion.
French-based Sanofi is also no stranger to price-gouging patients:
AbbVie and Sanofi beating their earnings forecasts in the second quarter continues a trend across the industry. Other pharmaceutical giants who have beat earnings expectations in the second quarter of 2019 include Bristol-Myers Squibb, AstraZeneca, Roche, GlaxoSmithKline, Novartis and Johnson & Johnson.
Earnings from Pfizer, Amgen, Eli Lilly and Merck will be released tomorrow.