J&J Stays Within Price Pledge, But Average Doesn't Tell The Whole Story, Analyst Says
Bernstein analyst looks into J&J's average net price decline in 2017 and notes average sales price hikes for growth products Darzalex and Imbruvica are offset by price cuts for drugs facing competition. All products had single digit increases, though.
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CEO Alex Gorsky highlighted growing public concern over US drug costs during J&J's Q4 earnings call, pressing for more transparency and value-based health care. The company's net drug prices declined more than 6% in 2018, he added.
Boasting of 14 current or near-term blockbusters and success staving off Remicade biosimilars, Johnson & Johnson says its growth derives 100% from sales volume, not price increases. All the same, it continues call for slow pricing reform.
A 60% price reduction on hepatitis C drug Zepatier sounds impressive, but the drug has been declining and the HCV space overall is shrinking. Another set of 10% reductions come on small-sellers that are now generic.