Brand Name Big Pharma Giants Surpass Expectations After Hiking Prices

New second quarter earnings reports released yesterday from Big Pharma giants Pfizer and Amgen demonstrate yet again that price hikes continue to support big time profits for brand name drug companies. Both pharmaceutical manufacturers beat Wall Street expectations for the second quarter of 2020.

Pfizer reported stronger-than-expected Q2 earnings.

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.

Amgen also announced it had topped Wall Street expectations on its earnings in the second quarter.

The strong earnings reports come as both companies have continued to hike prices on their prescription drugs.



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

Stay tuned this week as we continue to monitor Q2 earnings announcements from brand name drug companies.

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