Judge tosses Medicare drug negotiation challenges from Bristol Myers Squibb, Johnson & Johnson [Yahoo! Finance]
Bristol-Myers Squibb Company (BMY)
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Source: Yahoo! Finance
In their two separate lawsuits, both Bristol Myers Squibb and Johnson & Johnson allege that the Medicare negotiation program created through the Inflation Reduction Act violated their constitutional rights. Specifically, they claimed the program was in violation of the First and Fifth amendments by forcing companies to submit to agreements, amounting to compelled speech, and having their products taken by the government without just compensation. Bristol Myers Squibb's products Eliquis and Farxiga were both named among the first 10 drugs eligible for Medicare negotiation, as were Xarelto, Imbruvica and Stelara from Johnson & Johnson. The federal government has continually argued these arguments are moot by the fact that participation in Medicare and negotiations is entirely voluntary, even if choosing not to take part may result in financial consequences for drugmakers. U.S. District Judge Zahid Quraishi seemed to agree with the government's argument in his opinion. Respond
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BMY
Earnings
- 4/25/24 - Miss
BMY
Sec Filings
- 5/9/24 - Form 8-K
- 5/3/24 - Form 4
- 4/25/24 - Form 10-Q
- BMY's page on the SEC website