Wednesday 28 September 2016

Pharmaceutical company owned by 'most hated man on the internet' reports $15 million loss

Martin Shkreli caused outrage after he increased the price of a HIV drug by 5,000 per cent

Olivia Blair

Published 20/11/2015 | 07:45

Pharma CEO Martin Shkreli bows to international outrage and vows to lower cost of aids pills he increased by 5,000%
Pharma CEO Martin Shkreli bows to international outrage and vows to lower cost of aids pills he increased by 5,000%

The pharmaceutical company owned by Martin Shkreli, once dubbed ‘the most hated man on the internet’, has reported a quarterly loss of almost $15 million.

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Mr Shkreli made headlines in September when his firm hiked up prices of a drug used to treat those with weakened immune systems caused by illnesses like HIV by 5,000 per cent, raising costs from around $13.50 per pill to $750.

He was condemned by US-president hopefuls Hillary Clinton and Donald Trump, medical groups and health experts worldwide.

But now it seems his actions may have come back to haunt him. According to Business Insider, Turing Pharmaceuticals recorded a $14.6million net loss in the quarter which culminated at the end of September.

The net revenue of the drug in question, Darapim, as well as Vecamyl – a drug to treat high blood pressure, was $5.6million.

However, revenue since the end of September wasn't included in the latest figures.

Following the controversy, Mr Shkreli voed to lower the price of Daraprim to a more affordable price which he claimed allowed the company to "make a profit - but a very small profit”.

Independent News Service

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