J&J Stays Within Price Pledge, But Average Doesn't Tell The Whole Story, Analyst Says

 
• By Brenda Sandburg
  
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Bernstein analyst looks into J&J's average net price decline in 2017 and notes average sales price hikes for growth products Darzalex and Imbruvica are offset by price cuts for drugs facing competition. All products had single digit increases, though.

Hand man doing finances and calculate on desk about cost at home office.

Johnson & Johnson's Janssen unit issued a US Transparency Report earlier this month that touted a 4. 6% year-over-year decline in average net price of its drugs in 2017 due to discounts and rebates to payers and providers. While Janssen's report did not include price changes for individual drugs, Bernstein analysts looked at figures on specific products and concluded that the average was pulled down by drugs affected by generic and biosimilar competition, not just discounts forced by pharmacy benefit managers.

"Our cursory look suggests the price decline has nothing to do with PBMs [pharmacy benefit managers] and more to do...

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