Texas Attorney General Sues Insulin Manufacturers and Pharmacy Benefit Managers Over Price-Fixing Conspiracy That Increased Prices by 1,000% [Yahoo! Finance]
The Cigna Group (CI)
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Source: Yahoo! Finance
manufacturers and pharmacy benefit managers (PBMs), alleging a conspiracy to inflate insulin prices The lawsuit targets pharmaceutical companies such as Eli Lilly And Co (NYSE: LLY ) and PBMs, including Cigna Corp's (NYSE: CI Express Scripts and CVS Health Inc's (NYSE: CVS CVS Pharmacy , accusing them of engaging in an unlawful scheme to raise insulin prices. According to the lawsuit, insulin manufacturers artificially raised the prices of their drugs while paying PBMs a significant, undisclosed portion in return for preferred placement in PBM offerings. The PBMs allegedly rewarded the manufacturers with the highest list prices by giving their products preferred status while excluding more affordable alternatives. These insulin drugs, which cost manufacturers less than $2 to produce, were introduced in the late 1990s at $20 per vial. However, prices have now soared to between $300 and $700 per vial. Over the past decade, some manufacturers have raised insulin prices by as mu
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CI
Earnings
- 10/31/24 - Beat
CI
Sec Filings
- 11/12/24 - Form SC
- 10/31/24 - Form 10-Q
- 10/31/24 - Form 8-K
- CI's page on the SEC website