Smirking pharma-bro Martin Shkreli first came to public attention when he hiked the price of a drug used by people with HIV from $13.50/pill to $750/pill.
When Shkreli's financial antics landed him in prison, he packed the board of his pharma company with cronies who maintained his 50% ownership stake in the company. But Shrkeli isn't getting rich while he rots in prison: instead, his company Vyera Pharma (formerly Turing Pharma, soon to be rebranded, again, as Phoenixus, no, really) is spurting uncontrollable gouts of money from every orifice.
That's because the population of patients who take Daraprim -- the drug Shkreli gouged on -- is dwindling, and the remaining patients can't get their insurers to pay $750/pill.
The company’s revenue, which is largely reliant on Daraprim sales, peaked in 2016, reaching more than $78.5 million on the year and helping the company to a profit of $1.3 million. Sales slipped to $67 million in 2017. The company managed a $13.9 million profit thanks to a few one-time benefits and double-digit cuts to expenses and R&D investment.
But Daraprim’s negative sales trends seem to be catching up to Vyera. In the first quarter of 2018, the company booked just $15.7 million in sales. And, for the first time since the price hike, the company’s expenses outpaced its revenue, resulting in a loss of $1.2 million on the quarter.
Three years after steep price hike, Martin Shkreli’s drug company is losing money, documents show [Damian Garde and Adam Feuerstein/Stat]
(via Naked Capitalism)
Sony -- whose most notorious DRM foray infected millions of computers with malware -- has announced an incoherent plan to use blockchain to make DRM work, somehow.
More on the story of how Epson tricked its customers into installing a fake "update" to their printers so that they would stop accepting third-party and refilled ink cartridges: not only does this force Epson customers to pay more for ink, but it puts everyone on the internet at risk, by teaching people not to […]
The combination of Chinese anti-corruption reforms and currency controls has China's storied "middle class" (a nebulously defined category whose size and wealth are the subject of multiple, conflicting accounts) scrambling for ways to get their money out of the country and to establish bolt holes to escape to, should the situation suddenly worsen.
Speed reading isn’t just an innate skill possessed by a lucky few. Anyone can learn to speed read, and the benefits are endless. The brain can process more information than most people have time to soak up, but you can make that time now with the 2018 Award-Winning Speed Reading Bundle. The first half of […]
Sure, you could use the same old PowerPoint templates for your next business presentation. It’s not like you have bosses or investors to impress. Oh wait, you do? Time to augment that slideshow with Slideshop – the presentation tool that can individualize your pitch while saving you time. Compatible with PowerPoint, Keynote and Google Slides, […]
Multinational companies have used the no-nonsense methodologies of Six Sigma and Lean Six Sigma to oil a smooth-running operation for years. What is it? Six Sigma (and its offshoot, Lean Six Sigma) apply the principles of science to business, teaching managers to methodically target waste, maximize output and streamline the flow from producer to consumer. […]