News (USA)

Company that raised AIDS drug price by 5,000% reports $14.6 million loss in just 3 months

Company that raised AIDS drug price by 5,000% reports $14.6 million loss in just 3 months

CEO Martin Shkreli earned the world’s wrath when his company Turing Pharmaceuticals purchased the rights to AIDS drug Daraprim and raised the price by over 5,000 percent.

Overnight, the cost of each pill skyrocketed from $13.50 to an unreal $750.

The drug is used to fight the Toxoplasma gondii parasite, which over 60 million Americans carry. Without treatment, people with a compromised immune system can suffer seizures, blindness, and neurological damage.

Now, Turing Pharmaceuticals has reported a $14.6 million net loss in their third-quarter (July to September of this year).

The company justified the losses by claiming they’re spending 60% of their revenue on drug research.

Right now, they’re looking into an intranasal formulation of ketamine, which they hope will treat depression and post-traumatic stress disorder.

h/t: IFL Science

Don't forget to share:

Support vital LGBTQ+ journalism

Reader contributions help keep LGBTQ Nation free, so that queer people get the news they need, with stories that mainstream media often leaves out. Can you contribute today?

Cancel anytime · Proudly LGBTQ+ owned and operated

Russian man marries pizza pie

Previous article

Review: With precision and power, Todd Haynes captures ‘Carol’

Next article