BIG PHARMA EARNINGS WATCH: GLAXOSMITHKLINE
Brand Name Big Pharma Giant Surpasses Expectations After Hiking Prices
A new third quarter earnings report released today from Big Pharma giant GlaxoSmithKline (GSK) demonstrates yet again that price hikes continue to support big time profits for brand name drug companies. The pharmaceutical manufacturer beat Wall Street expectations for the third quarter of 2020.
The strong earnings report comes as the company has continued to hike prices on prescription drugs.
- GSK participated in this summer’s biennial price hikes even as Americans struggled with the economic consequences of the pandemic.
- This year, the company has already hiked prices over 40 times, including on its newly acquired cancer drug Zejula.
- And In 2019, GSK jacked-up prices 61 times, including on top-selling respiratory drug Trelegy Ellipta. These price hikes come after The Wall Street Journal reported last January that the company would raise prices on dozens of the drugs in its portfolio.
See how other brand name drug Merck, Novartis, Pfizer and Johnson & Johnson beat Wall Street expectations after hiking prices on American patients HERE and HERE.
Stay tuned as we continue to monitor Q3 earnings announcements from brand name drug companies.