Advocates hold a vigil outside of Eli Lilly offices in New York City
Credit: Erik McGregor / LightRocket / Getty

“Seniors and families already struggling to afford lifesaving medicines are told to brace for further price hikes by the same industry that saw its profits and shareholder rewards skyrocket by billions in a year.”

An analysis published Tuesday shows that the five largest pharmaceutical companies in the United States raked in combined earnings of $82 billion last year and rewarded investors with billions of dollars in dividends and stock buybacks—all while hiking prices for prescription drugs and fighting federal efforts to curb costs.

The new analysis by the progressive watchdog group Accountable.US finds that Eli Lilly, Johnson & Johnson, Merck, AbbVie, and Pfizer increased their combined share repurchases and dividends by $4.4 billion and $2.5 billion respectively in 2022 as their profits grew by nearly $9 billion compared to 2021.

Last year, pharmaceutical companies raised the prices of more than 1,100 medicines, according to a tally by Patients for Affordable Drugs.

At the start of 2023, […]

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