BIG PHARMA EARNINGS WATCH: MERCK, NOVARTIS & PFIZER

Brand Name Drug Companies Beat Wall Street Expectations After Repeatedly Hiking Prices

New earnings reports for the third quarter of 2020 show that Big Pharma giants are continuing to rake in profits while hiking prescription drug prices. On Tuesday, Big Pharma drug companies Merck, Novartis and Pfizer announced earnings for the third quarter that bested Wall Street expectations after hiking prices this year.

Merck

Novartis
Pfizer
And while price-gouging American patients is keeping profits high for Pfizer, the introduction of a generic version to the company’s blockbuster pain medication Lyrica demonstrates how increased competition in the marketplace is working elsewhere to lower prices.

Sales of Lyrica continued to dip this quarter after the drug began facing generic competition last year — providing patients with more affordable alternatives.

These earnings reports come as all three companies continues to hike prices on their prescription drugs despite a growing crisis of affordability.

Merck

Novartis
And a recent report from the U.S. House Committee On Oversight and Reform reveals the lengths the brand name giant went to maximize profits on its blockbuster drug Gleevec.
Pfizer

See how brand name drug company Johnson & Johnson beat Wall Street expectations after hiking prices on American patients HERE.

Stay tuned this week as we continue to monitor Q3 earnings announcements from brand name drug companies.

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