Benzinga - Sanofi SA (NASDAQ: SNY) is buzzing in Thursday's after-hours session after the company said it will cut the list price of its most widely prescribed insulin in the United States by 78% next year.
What To Know: Sanofi plans to cut prices of Lantus (insulin glargine injection) 100 Units/mL, and establish a $35 cap on out-of-pocket costs for all patients with commercial insurance.
Sanofi also plans to lower the list price of its short-acting Apidra (insulin glulisine injection) 100 Units/mL by 70%. The new price changes are set to become effective Jan. 1, 2024.
"We launched our unbranded biologic for Lantus at 60 percent less than the Lantus list price in June 2022 but, despite this pioneering low-price approach, the health system was unable to take advantage of it due to its inherent structural challenges," said Olivier Bogillot, U.S. head of general medicines at Sanofi.
"Our decision to cut the list price of our lead insulin needs to be coupled with broader change to the overall system to actually drive savings for patients at the pharmacy counter."
Sanofi develops and markets drugs with a concentration in oncology, immunology, cardiovascular disease and diabetes.
SNY Price Action: Sanofi has a 52-week high of $58.09 and a 52-week low of $36.92.
The stock closed Thursday up 1.16% at $48.12, according to Benzinga Pro.
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