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House panel says drugmakers inflated prices to boost profits and reap bonuses

The Democrat-led reports come just weeks before Election Day, and amid efforts by President Donald Trump to show progress on slashing drug costs, one of his 2016 campaign promises.

Neither company immediately responded to requests for comment.

Highlights: Celgene raised the price of cancer medicine Revlimid 22 times since it launched in 2005, more than tripling its price. Those hikes were not necessarily linked with rising costs or innovation: In 2014, for instance, former CEO Mark Alles ordered an emergency price increase so Celgene could meet its quarterly revenue targets.

“I have to consider every legitimate opportunity available to us to improve our Q1 performance,” Alles wrote in an email. He appears before the committee Wednesday along with Bristol CEO Giovanni Caforio.

Bristol continued with another increase after buying Celgene last year. Revlimid now costs more than $16,000 a month.

The panel’s report also details tactics that Teva Pharmaceuticals used

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