Richard Formica, MD
Nephrology · New Haven, CTNPI 1730163502
Payments from drug & device makers
What this record shows
The money is spread across several categories — consulting fees (48.2%), speaking fees and travel and lodging — rather than concentrated in one kind of arrangement. 10 manufacturers reported payments, led by AstraZeneca at 42.3% of the total. Reporting peaked in 2024 at $72,508 and has fallen 59.0% since, to $29,737 in 2025. Among nephrology clinicians in CT with any reported payments, this total sits in the top 5% — high for the specialty, which is a reason to read the composition above rather than the number alone.
Across 131 payments — averaging $1512.52 each. Meals, travel, consulting and speaking fees, gifts and royalties reported by drug and device makers.
- AstraZeneca$84K
- Sanofi-aventis U.S. LLC$47K
- Novartis$36K
- Veloxis Pharmaceuticals, Inc.$15K
- Mallinckrodt Hospital Products Inc.$8K
- Genentech, Inc.$4K
- plus $4K from 4 others
Across 6 payments — averaging $10,908 each. Payments tied to a research study. These frequently flow through the physician to a hospital or research institution rather than to the physician personally.
- Veloxis Pharmaceuticals, Inc.$39K
- E.r. Squibb & Sons, L.L.C.$26K
What the payments were for
- Consulting fees$95,46948%
- Speaking & faculty fees$73,42337%
- Travel & lodging$26,07413%
- Food & beverage$3,1722%
- Education$30%
General payments by program year
Who reported the general payments
Companies are grouped under their corporate parent — a single manufacturer often files under several CMS reporting entities. Research and ownership payments are counted separately and are not in this table.
| Company | Payments | Total |
|---|---|---|
| AstraZeneca | 50 | $83,723 |
| Sanofi-aventis U.S. LLC | 22 | $47,168 |
| Novartis | 27 | $35,657 |
| Veloxis Pharmaceuticals, Inc. | 15 | $14,819 |
| Mallinckrodt Hospital Products Inc. | 3 | $8,200 |
| Genentech, Inc. | 1 | $4,388 |
| E.r. Squibb & Sons, L.L.C. | 9 | $3,331 |
| Sanofi | 1 | $762 |
| Kamada Ltd. | 1 | $90 |
| Travere Therapeutics, Inc. | 2 | $3 |
What the payments were tied to
Products named in the reported payments. Only payments of $100 or more are attributed here — the typical reported payment nationally is a meal worth about $16, and listing those product-by-product would be noise.
- ULTOMIRIS$40,096
- THYMOGLOBULIN$36,991
- Envarsus$14,498
- ZORTRESS$244
How this compares
$198,140 in reported general payments places this provider in the 95th percentile of 144 nephrology providers in Connecticut.
Medicare billing
What this is not: this is the amount Original Medicare Part B allowed for services this provider billed in 2024. It is not their income. It excludes Medicare Advantage — now more than half of all Medicare enrollment — along with Medicaid and all commercial insurance, and it is gross practice revenue before staff, rent, supplies and malpractice premiums. CMS also suppresses any figure covering ten or fewer patients, so low-volume providers appear smaller than they are.
Most prescribed under Part D
| Drug | Claims | Cost to plans & patients |
|---|---|---|
| Envarsus XrTacrolimus | 50 | $62,647 |
| NulojixBelatacept | 31 | $60,200 |
| Atovaquone | 78 | $30,547 |
| Cinacalcet Hcl | 144 | $26,785 |
| EliquisApixaban | 19 | $25,756 |
| TradjentaLinagliptin | 29 | $24,093 |
| Lagevrio (Eua)Molnupiravir | 17 | $15,194 |
| LokelmaSodium Zirconium Cyclosilicate | 14 | $13,923 |
| EntrestoSacubitril/Valsartan | 13 | $10,339 |
| Valganciclovir Hcl | 81 | $10,031 |
| Tacrolimus | 61 | $7,632 |
| Mycophenolate Mofetil | 59 | $5,346 |
| Insulin Lispro Kwikpen U-100Insulin Lispro | 27 | $4,905 |
| Lantus SolostarInsulin Glargine,hum.Rec.Anlog | 26 | $2,469 |
| Prednisone | 534 | $2,445 |
Paid to pharmacies, not to this prescriber.
Companies that both paid and supply prescribed drugs
These companies both reported payments to this provider and make drugs the provider prescribed under Medicare Part D in 2024. For most specialties this overlap is expected — a cardiologist who is paid by a cardiology drugmaker also treats heart disease. It is shown so the reader can see it, not because it implies anything on its own.
| Company | Paid to this provider | Part D cost of their drugs |
|---|---|---|
| E.r. Squibb & Sons, L.L.C.Nulojix | $3,331 | $60,20031 claims |
| AstraZenecaLokelma | $83,723 | $13,92314 claims |
| NovartisEntresto | $35,657 | $10,33913 claims |
Reading this fairly. The Part D column is what drug plans and patients paid pharmacies — this provider received none of it, and it reflects how many patients they treat and what those drugs cost. Against peers, this provider's reported payments sit in the 95th percentile of 144 nephrology providers in Connecticut.
Other nephrology in New Haven
- Robert AlpernNew Haven$4.9M
- Stefan SomloNew Haven$111K
- Fredric FinkelsteinNew Haven$70K
- Justin BelcherNew Haven$59K
- Ladan GolestanehNew Haven$54K
- Aldo PeixotoNew Haven$17K
- Ali Abu-AlfaNew Haven$16K
- Lloyd CantleyNew Haven$14K
- Sue ChangNew Haven$9K
- Margaret BiaNew Haven$8K
Where these figures come from
- Payments: CMS Open Payments, program years 2019–2025 (publication P06302026_06032026).
- Billing: Medicare Physician & Other Practitioners, data year 2024. Original Medicare Part B only.
- Identity: NPPES NPI Registry, July 2026.