9/28/2023 0 Comments Horizon therapeutics revenue 2020Horizon sold more than $57 million worth of Vimovo that year. It cost him nothing, but his insurer was billed $3,252 for pills that together cost about $40 for a month’s supply in generic form. In a 2017 article, a ProPublica reporter described being prescribed Vimovo for a shoulder injury. Its Vimovo combines generic Aleve and Nexium. Duexis, Horizon’s first drug, is a mixture of generic Motrin and Pepcid. Walbert launched Horizon in 2008 in the Chicago area by combining and refashioning generic drugs into single pills. Riedel said Horizon’s marketing and educational approaches were “necessarily unique” because of the challenges of treating rare and neglected diseases. By contrast, Seagen, a biotech company of roughly the same size, paid doctors a total of $116 million, with nearly $112 million of that pegged for research. Its payments to physicians for things like consulting, speeches, and meals totaled $8.7 million in 2021, compared with the $10 million it paid them for research, federal records show. To help sell its drugs, Horizon blankets specialist physicians with marketing and peer-to-peer appeals. Justice officials did not respond to requests for comment on the investigations. The company this year disclosed a third probe, concerning methods the company allegedly used to get prior authorization of its drugs. Those investigations appear to be no longer active, Horizon spokesperson Catherine Riedel said. A separate probe opened in 2019 over alleged kickbacks to pharmacy benefit managers, companies that negotiate to get Horizon’s drugs covered by insurers. Walbert’s company has been particularly adept at ensuring that insurers, rather than patients, bear the costly burdens of his drugs.Ī federal prosecutor in 2015 began examining allegations that Horizon’s patient assistance program had worked with specialty pharmacies to evade insurers’ efforts to shun Horizon’s expensive drugs. He’s done this with unusual finesse-courting patients with concierge-like attention and engaging specialist clinicians with lunches, conferences, and research projects, all while touting his own experience as a patient with a rare inflammatory disease. Two years later, a young company now called Horizon Therapeutics bought Crealta and its drug portfolio for $510 million. In 2013, Savient was sold at auction to Crealta, a private equity venture created for the purpose, for $120 million. But the small biotech company never recovered. That danger signal would disappear in later studies, and the FDA approved pegloticase, under the trade name Krystexxa, two years later. The day after Sundy’s talk, the stock price of Savient Pharmaceuticals, which developed the drug with Duke scientists, plunged 75%. In about half of those who had taken it, the drug melted away the crystalline uric acid deposits that encrusted their joints to cause years of pain, immobility, or disfigurement.īut Sundy also disclosed an unsettling detail: In one clinical trial, patients who got the drug were more likely to develop heart problems than those who didn’t. John Sundy proudly announced that pegloticase, a drug he’d helped develop, was astoundingly effective at treating severe gout, which affects perhaps 50,000 Americans. At the American College of Rheumatology’s annual meeting in 2008, Duke University’s Dr.
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