Big Pharma Earnings Watch

Big Pharma Flying High: Sanofi & AstraZeneca Beat First Quarter Profit Forecasts, Continue Industry Trend

 Another day, another pair of price-gouging Big Pharma companies announcing they had surpassed profit expectations for the first quarter of 2019.

Drug makers AstraZeneca and Sanofi both announced this past Friday their earnings beat expectations for first quarter 2019.  The forecast topping announcements from the two companies make the largest Big Pharma players six for six in beating profit expectations for the first quarter – at the same time the industry has come under fire for putting profits before people by continuing to price gouge American patients.

Sanofi and AstraZeneca are no strangers to hiking prices on the prescription drugs needed by American patients.

Sanofi, a French company, is one of the world’s largest manufacturers of insulin.  In fact, Sanofi is one of only three companies that control 99 percent of the insulin market.  With this level of market control and virtually zero generic competition, these three companies have repeatedly hiked prices.

AstraZeneca is also culpable for rising prescription drug prices.  When the company learned a generic competitor to its high cholesterol drug Crestor was coming to market, it immediately jacked up the price.

Without accountability, Big Pharma will continue to hike prices in pursuit of greater profits and oppose market-based solutions to lower prescription drug prices and deliver relief for American patients.

Policymakers in Washington should take notice of Big Pharma’s continued cash bonanza fueled by price-gouging and take concrete action to advance bipartisan, market-based measures to increase competition and lower drug prices.

In addition to Sanofi and AstraZeneca, Big Pharma companies Bristol-Myers Squibb, AbbVie, Novartis and Johnson & Johnson have all also surpassed their first-quarter earnings forecasts.

Will Amgen, Eli Lilly, Merck and Pfizer complete the trend by beating their profit expectations?  Stay tuned next week to find out when those companies announce their first quarter earnings.


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