UNH - ELi Lilly won't raise prices of its currently marketed insulins - Bloomberg

2023-05-10 17:47:30 ET

Eli Lilly ( NYSE: LLY ) CEO David Ricks on Thursday told a Senate committee that his company won't boost the prices of any of its insulin medicines currently on the market.

Ricks made the comments before the Senate Health, Education, Labor & Pensions committee. He was joined by the CEOs of other insulin makers, including Sanofi ( NASDAQ: SNY ) and Novo Nordisk ( NVO ), as well as executives of pharmacy benefit managers including OptumRx, which is part of UnitedHealth Group ( UNH ), Express Scripts, which is owned by Cigna Group ( CI ), and CVS Health ( NYSE: CVS ).

Bloomberg reported that Ricks was the only pharma exec to agree to not raise prices for its current insulin products. However, Ricks, along with Sanofi ( SNY ) CEO Paul Hudson and Novo ( NVO ) CEO Lars Jorgensen, declined to lower prices on other diabetes drugs they market.

In March, Lilly agreed to cap the monthly price of its insulin products to $35 per month. Novo ( NVO ) then reduced the list prices of NovoLog and NovoLog Mix 70/30 by 75%, and Sanofi ( SNY ) later cut the price of Lantus by 78% .

Earlier this month, Lilly ( LLY ) and Sanofi agreed to cap insulin costs at $35 per month for uninsured New Yorkers .

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