Big Pharma Giant Sees Profits Soar After Price Hikes
Big Pharma giant Sanofi topped earnings expectations while continuing to hike prices on the products in its portfolio, new earnings show. The brand name drug company keeps a trend alive that’s been consistent for three of the world’s largest pharmaceutical manufacturers who have reported earnings so far this quarter.
Sanofi’s high earnings come after the company participated in a series of price hikes earlier this year:
Sanofi was also recently caught exploiting charities to boost the company’s bottom line at the expense of taxpayers. In a settlement announced earlier this year, Sanofi must 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.
Check back this week as we continue to monitor Q1 earnings announcements from brand name drug companies.