Good morning. Elizabeth Cooney here in Boston, filling in for Ed Silverman while he’s reporting from the J.P. Morgan Healthcare Conference in San Francisco. You can follow STAT’s team coverage of the gathering in the Readout @ JPM. Here’s what we’re watching in biopharma today:
Allergan (AGN) CEO Brent Saunders, who famously declared in 2016 that his company would keep a “social contract” by ensuring price hikes — after rebates and discounts — would remain below double digits and not exceed inflation, told STAT the company is staying true to its promise, with some hikes at 9.5 percent, some at zero, and an average of 3.5 percent across its portfolio. “I think we absolutely lived up to well beyond the spirit and heart of our social contract, because our net prices are below the cost of inflation, which means, economically, they’re in decline.”
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“Well take this, Secretary Azzar, we don’t report to you anymore.” That at least is my read – “Eli Lilly (LLY) won’t put the price of its prescription drugs in television ads, as the Trump administration has called for …”
And as of 9:27 EDT today, the link only shows the label for Trulicity, sans the Lily promised pricing data – but it is early yet at JPM so who knows?