CEO Martin Shkreli’s Company Reports $14.6 Million Third-Quarter Loss
Third quarter was hard for the Pharma Bro.
Image via (cc) Flickr user Minister Erik McGregor
By now you’ve heard about Martin Shkreli, the former hedge fund manager whose company, Turing Pharmaceuticals, raised the price of a life-saving AIDS medicine, Daraprim, from $13.50 to $750 a pill in September. The CEO defended his actions, 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 last three months haven’t been so great for the “Pharma Bro.” He started a fight with Bernie Sanders, was undercut by Impiris, and financial reports show that his company lost big money in the third quarter of 2015. Although Turing reported a net gain of $5.6 million on Daraprim and blood pressure drug Vecamyl, overall the company was down $14.6 million for the quarter. The company defended its losses, attributing them to research-and-development efforts including an intranasal formulation of ketamine to help those with depression and PTSD. Ketamine is better known in hard-partying circles as the street drug Special K.
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(H/T IFL Science)