Bristol-Myers, Gilead, and Biogen Hikes US Drug Prices | Financial Buzz

Bristol-Myers, Gilead, and Biogen Hikes US Drug Prices

Drugmakers including Bristol-Myers Squibb (NYSE: BMY), Gilead Sciences (NASDAQ: GILD), and Biogen (NASDAQ: BIIB) hiked U.S. list prices on more than 50 drugs on Wednesday, bringing total New Year’s Day drug price increases to more than 250, reported CNBC, citing data analyzed by research firm 3 Axis Advisors.

Reuters also reported on Tuesday that drugmakers including Pfizer (NYSE: PFE), GlaxoSmithKline (NYSE: GSK), and Sanofi (NASDAQ: SNY) were also planning to increase prices on more than 200 drugs in the U.S. on January 1.

3 Axis highlighted that nearly all of the price increases are below 10% and the media price increase is around 5%.

Many drugmakers have pledged to keep their U.S. list price increases below 10% a year due to pressure from politicians and patients. However, the U.S. has higher prices than in other countries where governments directly or indirectly control the costs.

Bristol-Myers said in a statement it will not raise list prices on its drugs by more than 6% this year. The Company raised prices on 10 drugs on Wednesday, including 1.5% price hike on cancer immunotherapies such as Opdivo and Yervoy and a 6% on its blood thinner Eliquis.

The Company also raised prices on Celgene’s multiple myeloma drug, Revlimid by 6%.

Gilead hiked prices on more than 15 drugs including HIV treatments Biktarvy and Truvada by less than 5%, according to 3 Axis.

Biogen price rise includes a 6% hike on multiple sclerosis treatment Tecfidera, said 3 Axis.