The 5,000% increase in the price of an anti-parasitic drug hasn’t brought Turing Pharmaceuticals into the black just yet.
For the the third quarter ending Sept. 30, the company posted a $US14.6 million net loss.
That three months covers the time that Turing acquired the US marketing rights to Daraprim, a 62-year-old drug that’s used to treat malaria and parasitic infections in patients with weakened immune systems. Turing picked up the rights in August, and quickly raised the price from $US13.50 a pill to $US750.
By September, medical groups wrote a letter expressing their concern, and the news started getting picked up by national outlets. On Sept. 21, Hillary Clinton tweeted her disdain for price gouging, and the story of the price change went viral. Eventually, Turing CEO Martin Shkreli said he would lower the price, though that will likely be a “modest” decrease.
Turing reported today that its net revenues on its two drugs — Daraprim and Vecamyl (a drug used to treat high blood pressure) — was $US5.6 million.
This financial update doesn’t take into account the sales of Daraprim since September 30, which could likely boost the company’s revenues even more for the fourth quarter.
The company also highlighted its research and development efforts in rare diseases, which are all in preclinical or early stage development.
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