Bad news, ‘Pharma Bro’: Shkreli’s company loses nearly $15 million after price-gouge debacle
Martin Shkreli’s company lost nearly $15 million during the three months in which he was roundly criticized for attempting to jack up the price of an anti-parasitic drug, Business Insider reported.
Turing Pharmaceuticals posted a loss of $14.6 million during the third quarter of 2015, which ended on Sept. 30. That was a month after the ex-hedge fund manager’s firm acquired the right to sell Daraprim in the US, then announced it would raise the price from from $13.50 to $750 a pill.
Shkreli defended the move at the time by saying, “If there was a company that was selling an Aston Martin at the price of a bicycle, and we buy that company and we ask to charge Toyota prices, I don’t think that that should be a crime.”
The “self-trained biologist” backed down amid the criticism, announcing on Sept. 22 that he would not go through with the price increase. However, he has not escaped political scrutiny: a congressional committee has called on Shkreli to testify regarding his pricing policies.