Three Is Company - Sanofi Follows Lilly, Novo Nordisk, Slashes Insulin Product Price By 78% - Sanofi (NASDAQ:SNY)

Sanofi SA SNY jumped the bandwagon with the other two insulin U.S. giants to lower the price of its best-selling insulin product, Lantus (insulin glargine), by 78%.
Sanofi said it would cap a Lantus patient’s monthly out-of-pocket cost at $35 for all patients with commercial insurance.
The price shifts will begin in January 2024.
“We launched our unbranded biologic for Lantus at 60 percent less than the Lantus list price in June 2022 but, despite this pioneering low-price approach, the health system was unable to take advantage of it due to its inherent structural challenges,” Olivier Bogillot, head of Sanofi’s U.S. general medicines, said in a statement.
“No one should struggle to pay for their insulin,” said Bogillot.
Sanofi is one of the largest insulin makers, along with Eli Lilly And Co LLY and Novo Nordisk A/S NVO, who recently said they would slash insulin prices.
Earlier this month, Lilly announced its plans to reduce list prices for its most commonly prescribed insulin products by 70%, starting Q4 of 2023, and expand a $35 monthly cap on patients’ out-of-pocket costs.
Novo Nordisk also said it would cut the list prices of its NovoLog insulin by 75% and Novolin and Levemir by 65%, starting in January 2024, as well as cut prices for its unbranded insulin products.
In a Wall Street Journal report, a Sanofi spokesman said the financial impact of the price cuts would depend on negotiations with the companies that pay for medicines, among other factors.
Manufacturers raised list prices for their insulins significantly during the 2010s. The companies said they didn’t collect all of the increases because they had to pay more significant rebates to the companies that manage drug benefits.
Price Action: SNY shares are up 0.19% at $48.21 during the premarket session on the last check Friday.

Market News and Data brought to you by Benzinga APIs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Three Is Company - Sanofi Follows Lilly, Novo Nordisk, Slashes Insulin Product Price By 78%

Comments