NEW YORK, NY—In an announcement that has sent shockwaves through the pharmaceutical industry, Bristol-Myers Squibb CEO Peter Dolan said in a press conference Friday that his company could not afford to lower prices on its drugs.

"We're not in the business of losing money," said Dolan, whose company posted record profits last year.

"We're looking at ways to make our drugs more affordable for patients, but we can't do it at the expense of our shareholders."

Dolan's statement comes one day after Pfizer CEO Hank McKinnell told stockholders that his company would continue to raise prices on its drugs, adding that "we have to make a profit."

This episode is also available as a blog post: http://thecrookedwheel.com/2022/08/23/we-cant-afford-to-lower-prices-says-drug-company-that-posted-record-profits-last-year/