• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

The U.S. spent $30 billion to ditch textbooks for laptops and tablets: The result is the first generation less cognitively capable than their parents

2

Current price of oil as of July 13, 2026

3

Current price of silver as of Monday, July 13, 2026

1

The U.S. spent $30 billion to ditch textbooks for laptops and tablets: The result is the first generation less cognitively capable than their parents

2

Current price of oil as of July 13, 2026

3

Current price of silver as of Monday, July 13, 2026
Health

These Pharma Stocks Plunged on Reports of Pending Price Collusion Charges

By
Reuters
Reuters
Down Arrow Button Icon
By
Reuters
Reuters
Down Arrow Button Icon
November 4, 2016, 5:27 AM ET
Photograph by Bloomberg via Getty Images
Add Fortune on Google for similar content.

Two prominent U.S. lawmakers on Thursday called on federal antitrust regulators to probe whether Sanofi, Eli Lilly and Co, Merck & Co and Novo Nordisk colluded to set prices for insulin and other diabetes drugs.

The request by U.S. Senator Bernie Sanders and Representative Elijah Cummings follows a similar letter they sent last fall calling for an investigation into 14 drug companies over price increases of generic drugs.

U.S. prosecutors could file the first charges by the end of the year in their subsequent criminal investigation of generic drugmakers over suspected price collusion, Bloomberg reported on Thursday.

A Justice Department spokesman declined to comment.

In their latest letter to the Justice Department and Federal Trade Commission, Sanders, an independent, and Cummings, a Democrat, raised questions about skyrocketing prices for insulin, and included a chart showing that many of the price spikes appeared to occur in tandem.

They noted that the original patent on insulin, a hormone used by diabetics to control blood sugar levels, expired 75 years ago.

Sanofi (SNYNF) spokeswoman Ashleigh Koss said in an emailed statement that “Sanofi sets the prices of our treatments independently.”

Novo Nordisk (NVO) also said it sets prices “independently” and said it stands by its business practices. A spokeswoman for Merck said the company does not make insulin.

Merck (MRK) makes other products to treat diabetes.

Eli Lilly (LLY), in an email, said it strongly disagrees with the accusations in the letter. “The insulin market in the U.S. is highly competitive,” the pharmaceutical company said.

Shares of several generic drugmakers fell on Thursday after the report of pending Justice Department charges. Mylan (MYL) closed down 6.9%, Allergan (AGN) fell 4.5% and Endo International (ENDP) dropped 19.5%. Teva Pharmaceuticals (TEVJF), which recently acquired Allergan’s generics business, fell 9.5%.

“We do not think the major generic companies have likely participated in significant pricing collusion,” A/B Bernstein analyst Ronny Gal said in a research note.

 

Several generic drugmakers, including Mylan, Allergan, Endo and Taro Pharmaceutical Industries (TARO), had previously disclosed that they were subpoenaed in connection with the antitrust investigation by the Justice Department. Bloomberg said the probe spans more than a dozen companies and about two dozen drugs, citing people familiar with the matter.

Impax Laboratories (IPXL) said earlier this year that the Justice Department had requested information on four drugs: blood pressure pill digoxin, asthma drug terbutaline sulfate, prilocaine/lidocaine cream and calcipotriene solution, which is used to treat psoriasis.

A spokesman from Teva said the company “is not aware of any facts that would give rise to an exposure to the company with respect to these subpoenas.”

Officials at Endo and Lannett Company (LCI) did not immediately respond to requests for comment.

Aggressive drug pricing has come under intense scrutiny after Democratic presidential candidate Hillary Clinton tweeted her intent to tackle high prices last year.

An August report from the Government Accountability Office found that more than 300 of 1,441 generic drugs analyzed had at least one price increase of 100% or more between the first quarter of 2010 and the first quarter of 2015.

In February, Sanders and Cummings asked the U.S. Department of Health and Human Services’ enforcement arm to investigate generic drug price increases.

Recent price hikes that have drawn fire included Turing Pharmaceuticals’ decision in 2015 to raise by 5,000% the price of a decades-old treatment for a dangerous parasitic infection.

Generic drugmakers, possibly reacting to the political headwinds, reined in price hikes this year.

Guggenheim Securities, citing polling of generic drugmakers, last month estimated that overall U.S. generic drug prices would dip by a percentage in the mid-single digits this year.

The price erosion has been felt by drug wholesalers like McKesson (MCK) and Amerisource Bergen (ABC), which rely on price fluctuations for part of their profit margins.

About the Author
By Reuters
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Health

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Health

Best Recumbent Bikes (2026): Athlete Approved
HealthDietary Supplements
Best Recumbent Bikes (2026): Athlete Approved
By Christina SnyderJuly 13, 2026
18 hours ago
GOP Sen. Mitch McConnell ends frenzied speculation about his health, revealing a fall led to his hospitalization and he’s now in a rehab center
PoliticsU.S. Senate
GOP Sen. Mitch McConnell ends frenzied speculation about his health, revealing a fall led to his hospitalization and he’s now in a rehab center
By The Associated PressJuly 12, 2026
2 days ago
Manufacturing worker on factory floor
SuccessFlexible work
Fortune 500 Land O’Lakes is letting workers choose what days and times they work—and the flex jobs are getting 25% more applicants than full-time gigs
By Emma BurleighJuly 12, 2026
2 days ago
Other diet fads championed by MAHA are questionable. But some science and thousands of years of human history are behind fermented foods
HealthFood and drink
Other diet fads championed by MAHA are questionable. But some science and thousands of years of human history are behind fermented foods
By Devi Shastri, Mary Conlon and The Associated PressJuly 11, 2026
3 days ago
The 3 Best IgG Food Panel Tests of 2026: Reviewed by Experts
HealthDietary Supplements
The 3 Best IgG Food Panel Tests of 2026: Reviewed by Experts
By Emily PharesJuly 10, 2026
4 days ago
The Best Vitamin D Tests (2026): How to Use at Home and the Lab
HealthDietary Supplements
The Best Vitamin D Tests (2026): How to Use at Home and the Lab
By Christina SnyderJuly 10, 2026
4 days ago

Most Popular

The U.S. spent $30 billion to ditch textbooks for laptops and tablets: The result is the first generation less cognitively capable than their parents
Innovation
The U.S. spent $30 billion to ditch textbooks for laptops and tablets: The result is the first generation less cognitively capable than their parents
By Sasha RogelbergJuly 12, 2026
2 days ago
Current price of oil as of July 13, 2026
Personal Finance
Current price of oil as of July 13, 2026
By Joseph HostetlerJuly 13, 2026
1 day ago
Current price of silver as of Monday, July 13, 2026
Personal Finance
Current price of silver as of Monday, July 13, 2026
By Joseph HostetlerJuly 13, 2026
1 day ago
How Pete Hegseth's DEI order just put Scouting America's future at stake
North America
How Pete Hegseth's DEI order just put Scouting America's future at stake
By Seth T. Kannarr, Derek H. Alderman and The ConversationJuly 13, 2026
20 hours ago
Current price of gold as of July 13, 2026
Personal Finance
Current price of gold as of July 13, 2026
By Danny BakstJuly 13, 2026
1 day ago
The U.S. and Iran can't agree on fully reopening the Strait of Hormuz. The solution could be straight out of the Old Testament
Middle East
The U.S. and Iran can't agree on fully reopening the Strait of Hormuz. The solution could be straight out of the Old Testament
By Jason MaJuly 11, 2026
3 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.