Amgen and Pfizer Bring in Billions of Revenue in Q2 Following Continued Price
Hikes





 



BIG PHARMA EARNINGS WATCH: AMGEN AND PFIZER

Amgen and Pfizer Bring in Billions of Revenue in Q2 Following Continued Price
Hikes



In case you missed it, Amgen and Pfizer were the latest brand name drug
companies to continue the Big Pharma streak of beating Wall Street expectations
for second quarter earnings after continuing to hike prices on their
blockbuster products.



During Amgen’s earnings call
<[link removed]>
, a Goldman Sachs analyst inquired about the company’s approach to the Trump
administration goal of lowering drug prices. CEO Bob Bradway said Amgen
supported the goal of making medications more affordable, but caveated, “while
preserving the innovative ecosystem that has enabled this country to be the
world leader in biopharmaceutical medicines.”



The pharmaceutical industry routinely opposes solutions that would lower
prescription drug prices for patients by relying on debunked arguments these
solutions would undermine the future of research and development (R&D). Big
Pharma’s innovation rhetoric is a key component of a strategy designed to
maintain the status quo, where brand name drug companies can continue gaming
the system to block competition and keep drug prices high.



Multiple studies, including analyses published in JAMA Network Open
<[link removed]> and
JAMA Internal Medicine
<[link removed]>,
have found Big Pharma’s pricing decisions have no connection to the cost of R&D
or improvements to a drug’s efficacy. The reality is brand name drug companies
set the prices of their products, and hike prices, to maximize their profits —
not because there is any true connection to innovation.



Get the full recap of these Big Pharma giants’ strong earnings, driven by
continued price hikes:



Amgen

* Amgen beat analysts’ estimates
<[link removed]>
with double-digit sales growth.
* The company’s Q2 revenue rose nine percent to $9.18 billion
<[link removed]>
.
* Osteoporosis drug and Amgen’s biggest blockbuster, Prolia, brought in $1.12
billion
<[link removed]>.
* The Big Pharma giant raised their full-year revenue guidance to $35-$36
billion
<[link removed]>
.
Pfizer

* Pfizer beat Wall Street analysts’ expectations
<[link removed]>
for the second quarter.
* The Big Pharma company’s revenue rose to $14.65 billion
<[link removed]>
.
* The company’s antiviral COVID-19 pill, Paxlovid, posted $427 million in
sales <[link removed]>
for Q2, up 70 percent from the same period a year ago.
* Pfizer hiked its profit guidance
<[link removed]> due
to its strong quarterly results.
The substantial earnings reports from these two companies reflect their
ongoing history of price hikes on their brand name drugs.



Amgen

* This year, Amgen has hiked prices for 24 prescription drugs
<[link removed]> by an average of five percent.
* Last year, Amgen raised prices on 36 prescription drugs
<[link removed]>, including a 6.9 percent
increase on osteoporosis treatment Prolia as well as five percent price
increases on autoimmune drugs Enbrel and Otezla.
* In 2023, Amgen raised prices on more than 20
<[link removed]> prescription drugs, including
on osteoporosis treatment Prolia and autoimmune drug Otezla by5.9 percent
<[link removed]> each.
Pfizer

* Since January 2025, Pfizer has hiked prices on 91 prescription drugs.
<[link removed]>
* Pfizer hiked prices on more than 100 prescription drugs
<[link removed]> in 2024.
* In 2024, price hikes included a six percent
<[link removed]> increase on breast cancer drug
IBRANCE, aseven percent <[link removed]>
increase on cardiomyopathy drug Vyndaqel, and a4.9 percent
<[link removed]> increase on arthritis drug
Xeljanz.
* In 2023, Pfizer hiked drug prices on more than 120 medications
<[link removed]>, and in 2022, the company hiked
prices on more than160 prescriptions
<[link removed]>in their portfolio.
Read more on how Big Pharma’s innovation arguments don’t hold up to scrutiny
HERE <[link removed]> and HERE
<[link removed]>
.



Read more on Q2 earnings from AbbVie and Bristol Myers Squibb HERE
<[link removed]>
.



Read more on Q2 earnings from AstraZeneca and GSK HERE
<[link removed]>.



Read more on Q2 earnings from Roche HERE
<[link removed]>.



Read more on Q2 earnings from Johnson & Johnson HERE
<[link removed]>.



Learn more about solutions to lower prescription drug prices and hold Big
Pharma accountableHERE <[link removed]>.



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