Press Releases
Eli Lilly Brings in Billions While Trying to Block Biden Cost-Lowering Initiative
WASHINGTON, DC — Pharmaceutical giant Eli Lilly reported $2.24 billion in Q1 2024 earnings today, with revenue increasing by 26% from the previous year.
At the same time that they are raking in billions at the expense of American patients, Eli Lilly is clogging up Congress with their high-priced lobbyists in an effort to end President Biden’s cost-cutting Medicare negotiation program. These executives could have made their medications more affordable any time—like they did when under pressure to lower insulin costs—but instead they chose to pad their profits and enrich their wealthy investors. It’s unbelievable that they would play the victim before lawmakers now while simultaneously using their immense influence to try to keep a rigged system in place.”
Accountable.US Executive Director Tony Carrk
Last week, government watchdog Accountable.US put a spotlight on excessive spending and lobbying by Eli Lilly as the pharmaceutical industry pushes back against President Biden’s historic program granting Medicare authority to negotiate the price of prescription drugs and bring down costs for seniors and families.
Eli Lilly spent $1.73 million in Q1 2024 fighting against Medicare’s negotiation authority. Additionally, in March alone, the company contributed a staggering $15,000 to the National Republican Congressional Committee and $5,000 to the House Conservatives Fund, a leadership PAC that supports House Speaker Mike Johnson (R-LA04) and Rep. Jim Banks (R-IN03). Eli Lilly also contributed an additional $5,000 to Speaker Johnson’s campaign.
New reporting from Rolling Stone today revealed that Leonard Leo’s for-profit firm, CRC Advisors — which has pulled down over $100 million from his own nonprofit network — counts Eli Lilly as a client.
PhRMA—the largest pharmaceutical trade group representing Eli Lilly and its peers—sued to block implementation of the Inflation Reduction Act’s Medicare negotiation program last year. While their case was tossed out due to lack of standing, PhRMA is appealing the decision in the conservative Fifth Circuit Court of Appeals. They are set to present arguments May 1, 2024.
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