Bernie Sanders tweets topple Eli Lilly and Co. share pricing

Tweets from Senator Bernie Sanders (I, Vermont) have caused shares for Eli Lilly and Co. to drop.
By Adam Widmer | Nov 03, 2016
Tweets from Senator Bernie Sanders (I, Vermont) have caused shares for Eli Lilly and Co. to drop.

"Eli Lilly and Novo Nordisk clearly care more about their profits than their patients. It's time to end their greed., " tweeted the Sanders Twitter profile. The tweets were not signed by Sanders so it is assumed that a staff member actually posted them.

The tweets, which were posted on Tuesday, linked to aWashington Post article that accused Eli Lilly and Co. of a decades long price increase of their insulin drug, Humalog. According to the article, prices of Humalog have increased from $21 per every vial to more than $250 per vial over the last two decades.

Bernie Sanders has approximately 2.7 million followers on Twitter who were made privy to the business practices of Eli Lilly and Co.It has been reported that the Sanders tweets are the major causeofEli Lilly and Co. shares dropping to their lowest point in seven months.

In their defense, Eli Lilly and Co. released a statement.

 

"A permanent solution that gives everyone who uses insulin reasonable access will require leadership and cooperation across many stakeholders, including manufacturers, (pharmacy benefit managers), payers, and policymakers," read the statement. "That's because the answer itself isn't simple. For instance, while the list price for Humalog has gone up, Lilly actually receives a lower average net price now than in 2009. When Lilly released third quarter earnings on October 25, the biggest miss noted was Humalog, whose US revenue fell 14 percent, driven by a 24 percent decline in net price."

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