Martin Shkreli’s former company is losing money, watching sales of its famously costly medicine slip while considering yet another name change.
Vyera Pharmaceuticals, formerly called Turing Pharmaceuticals, lost more than $1 million in the first quarter of 2018, according to financial documents obtained by STAT. Sales, driven by the $750-a-pill Daraprim, have been on the wane over the past two years, falling more than 14 percent in 2017 and on pace to drop another 7 percent in 2018.
The company gained notoriety in 2015 after Shkreli, then CEO, acquired Daraprim, which treats a rare infection called toxoplasmosis, and raised the price more than 5,000 percent. Despite a public outcry, Shkreli claimed the move would bring in hundreds of millions of dollars a year in profits for the company’s shareholders and fund the development of new, better treatments for toxoplasmosis and other rare diseases.
The words “lipstick” and “pig” spring to mind…
The problem with this article is that you don’t separate R&D. This is voluntarily high and not a mandatory expense. I could be wrong but this is the company’s objective. Unlike large pharma they reinvest almost every $ to develop new and better drugs
If you believe Dave, I have a lovely Island in the Caribbean to sell you!