Big Pharma Giant Sees Profits Jump After July Price Hikes

Big Pharma giant Sanofi topped earnings expectations while continuing to hike prices, new second-quarter earnings show.

Sanofi’s high earnings come after the company participated in a series of price hikes earlier this year:

Earlier this year, Sanofi was also caught exploiting charities to boost the company’s bottom line at the expense of taxpayers. In a settlement, Sanofi was ordered to pay the U.S. government nearly $12 million after the company “used a charity that helps cover Medicare patients’ out-of-pocket drug costs as a means to pay them kickbacks to use a high-priced multiple sclerosis drug,” Reuters reports. “Sanofi used a supposed charity as a conduit to funnel money to patients taking Sanofi’s very expensive drug, all at the expense of the Medicare program,” said U.S. Attorney Andrew Lelling. Read more HERE.

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

Check back this week as we continue to monitor Q2 earnings announcements from Big Pharma.

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