financetom
Business
financetom
/
Business
/
US Justice department files complaint against Regeneron, alleges fraudulent drug pricing
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
US Justice department files complaint against Regeneron, alleges fraudulent drug pricing
Apr 10, 2024 2:33 PM

(Reuters) - The U.S. Justice Department said on Wednesday it had filed a false claims act complaint against Regeneron Pharmaceuticals ( REGN ), claiming the company filed false average sales price reports.

The complaint, filed under the U.S. False Claims Act, accuses the New-York based company of failing to report price concessions on its drug Eylea, which is used to treat neovascular Age-Related Macular Degeneration.

"The government alleges that Regeneron manipulated Medicare's drug pricing process, by knowingly failing to report its payment of credit card processing fees as price concessions to its customers," said Acting U.S. Attorney Joshua Levy said in a written statement.

"By doing so, Regeneron greatly inflated the costs of its drug to Medicare over many years and enhanced its revenues," Levy said.

A spokeswoman for Regeneron did not immediately respond to a request by Reuters for comment.

(Reporting by Dan Whitcomb; editing by Costas Pitas)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
This sustainable jewellery brand is luring some women away from gold
This sustainable jewellery brand is luring some women away from gold
Oct 30, 2023
Aulerth's offerings range from ₹5,000 to as high as ₹2.8 lakh. Are women willing to spend this much on jewellery made from scrap? Founder and CEO Vivek Ramabhadran definitely believes so. Aulerth produces couture-inspired pieces in association with designers like JJ Valaya, Suneet Varma, among others. It has reported 33% repeat customers in the past year and expects a spike to 40% soon.
Tata Power Renewable Energy wins 200-MW project in collaboration with SJVN
Tata Power Renewable Energy wins 200-MW project in collaboration with SJVN
Nov 28, 2023
The firm and dispatchable renewable energy (FDRE) project, designed with a hybrid of solar, wind, and battery storage, is aimed at providing a stable and dispatchable energy supply during peak hours. Shares of Tata Power Company Ltd ended at ₹270.75, up by ₹12.60, or 4.88%, on the BSE.
SJVN secures 200-MW wind power project at ₹3.24 per unit
SJVN secures 200-MW wind power project at ₹3.24 per unit
Nov 16, 2023
Projected to generate 482 million units in its inaugural year post-commissioning, the cumulative energy generation over a 25-year span is anticipated to reach 12,050 million units. Shares of SJVN Ltd ended at ₹75.17, down by ₹0.50, or 0.66%, on the BSE.
Suzlon's S144–3 MW wind turbines get big boost from Indian government
Suzlon's S144–3 MW wind turbines get big boost from Indian government
Nov 15, 2023
Th Suzlon wind turbines received the RLMM (Revised List of Models & Manufacturers) listing from the Ministry of New and Renewable Energy, marking an important milestone for the successful commercialisation of the product. Shares of Suzlon Energy Ltd ended at ₹40.49, up by ₹1.85, or 4.79%, on the BSE.
Copyright 2023-2026 - www.financetom.com All Rights Reserved