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Earnings reports show Big Pharma continues to enjoy record profits

Patents make big profits for Big PharmaIf you’re at all concerned about how Big Pharma is faring financially – don’t worry. Third-quarter earnings reports show that pharmaceutical companies continue to see record profits while prescription drug prices keep rising.

The Campaign for Sustainable Rx Pricing (CSRxP) recently summarized third-quarter earnings and found that drug giant AbbVie announced better than expected earnings, rounding out a trend set by all 12 of the world’s largest brand name drug makers that have raised prices.

  • AbbVie reported revenue of $8.48 billion, beating Wall Street expectations.
  • The company lifted its profit forecast this quarter thanks to strong demand for cancer drug Imbruvica.
  • Arthritis drug Humira brought in $4.9 billion for the company.
  • Over the past year, AbbVie has beat estimates three times.

CSRxP also detailed AbbVie’s earlier price increases:

  • This year alone, AbbVie has raisedprices 48 times.
  • AbbVie’s Humira is the world’s top-selling drug by sales. The company has hikedits price by an average of 6.2 percent this year. Last year, sales topped $20 billion – more than the entire National Football League (NFL) made last season. Between 2012 and 2018, the price of Humira has increased nearly 100 percent from $19,000 to $38,000.
  • An analysis from the Institute for Clinical and Economic Review (ICER) showed that AbbVie increasedthe price of its best-selling rheumatoid arthritis drug Humira by 15.9 percent from 2017 to 2018 with no evidence the drug was improved.
  • AbbVie announcedmore price hikes in July 2019.

Have you seen your prescription drug prices increase this year? Share your voice.