BIG PHARMA EARNINGS: SANOFI, ASTRAZENECA, ROCHE AND ABBVIE

Jul 26, 2024

More Brand Name Drug Makers Beat Wall Street Earnings After Hiking Prices This Year

This week, several brand name drug giants reported second quarter earnings that bested Wall Street analysts’ expectations, with three companies increasing their guidance for the year. Sanofi, AstraZeneca, Roche and AbbVie all reported strong earnings after having engaged in price hikes across their portfolios earlier this year.

Sanofi

Sanofi reported second quarter earnings that topped Wall Street expectations
The Big Pharma company reported sales of $11.57 billion.
Sanofi’s sales rose 10.2 percent in the quarter, leading the company to lift its earnings forecast for the year.
Sanofi’s earnings were driven by the sales of the company’s blockbuster eczema and asthma treatment Dupixent, which increased by 29.2 percent in the quarter, generating $3.57 billion.

AstraZeneca

AstraZeneca reported earnings and revenue that beat Wall Street expectations for the second quarter in a row.
Total revenue rose 17 percent to $12.94 billion, leading the company to raise its earnings guidance for the year.
The Big Pharma giant’s strong performance was fueled by strong sales of its oncology drug Enhertu, which brought in $893 million, as well as its Type 2 diabetes drug Farxiga, which 32 percent in the second quarter.
The company’s earnings were driven by strong performance from its oncology portfolio, which grew 15 percent in the quarter, to $5.33 billion.

Roche

Roche reported earnings for the first half of the year, topping Wall Street earnings estimates.
The company’s earnings were so strong, in fact, that Roche raised its earnings forecast for the full-year.
The Big Pharma company’s sales rose nine percent in the second quarter to $17.56 billion.
Sales of the company’s breast cancer drug Phesgo’s grew 60 percent to more than $900 million, beating expectations.
Roche’s popular eye medicine, Vabysmo, generated $1.8 billion in the first six months of this year up 93 percent.

AbbVie

AbbVie’s second quarter earnings exceeded Wall Street expectations.
The company reported revenue of $14.46 billion for the quarter.
Sales for the company’s arthritis drugs Skyrizi and Rinvoq earned a collective $4.16 billion – rising 45 percent and 56 percent respectively.
Despite declining sales due to the introduction of biosimilars, AbbVie’s blockbuster arthritis drug Humira still brought in a staggering $2.81 billion.

The strong earnings report from these four Big Pharma companies comes amidst a bevy of price hikes on blockbuster products across the companies’ portfolios.

Sanofi

Sanofi started the year by increasing prices on at least 10 prescription drugs, including blockbuster drug Dupixent by six percent.
Sanofi hiked prices on 24 prescription drugs 2023.
Sanofi hiked prices on more than 15 prescription drugs in January 2022 – and engaged in an additional round of price hikes that summer.
Sanofi is one of three Big Pharma companies that dominate the insulin market and worked in lockstep for decades to increase prices on the life-saving drug, through an egregious practice called “shadow pricing.”

AstraZeneca

AstraZeneca increased prices on at least 15 prescription drugs to start the year, including oncology drugs Tagrisso and Lynparza.
AstraZeneca hiked prices on at least 25 prescription drugs in 2023, including best-selling oncology drugs Tagrisso by three percent and Lynparza by 6.8 percent.
The brand-name drug maker hiked prices on 23 medications in 2022.
In 2021, AstraZeneca increased prices on 20 different drugs – including on blockbuster asthma medicine Symbicort.

Roche

As sales have climbed, Roche has repeatedly hiked prices on products in its portfolio.
Earlier this year, the Big Pharma companies increased prices on over 25 prescription drugs in its portfolio.
Last year, Roche increased prices on at least 23 prescription drugs in its portfolio.
In 2022, the brand name drug maker increased prices on over 30 prescription drugs.
In 2021, Roche increased prices on at least 19 prescription drugs.
In the first week of 2020, Roche hiked prices on 11 drugs.
A report released in late 2019 found that Roche’s price hikes on the popular drug Rituxan were not supported by innovation or improvements and cost U.S. taxpayers $806 million.

AbbVie

AbbVie increased prices on 16 prescription drugs to start the year, including a 5.8 percent price increase on Skyrizi and 5 percent price hike on Rinvoq.
AbbVie hiked prices on 40 prescription drugs in January 2023, including eight percent increases each on the company’s blockbuster autoimmune drugs Skyrizi and Rinvoq.
This past July, AbbVie again increased the price of plaque psoriasis drug Skyrizi by four percent.
In 2022, AbbVie increased prices on more than 40 prescription drugs.
In 2021, the company launched almost 50 price increases across its portfolio.

Read more about Johnson & Johnson & Novartis Wall Street topping Q2 earnings HERE.

Stay tuned as we continue to monitor second quarter earnings calls from brand name drug companies in the coming weeks.

Learn more about solutions to lower prescription drug prices and hold Big Pharma accountable HERE.