Unfazed by Trump’s pressure, 350 types of prescription drugs in the US will see price increases next year.

U.S. pharmaceutical companies plan to raise the prices of at least 350 brand-name drugs in 2026, despite pressure from the Trump administration to lower prices. The scale of this increase is larger than last year's more than 250 drugs, with a median increase of about 4%, the same as in 2025.

The drugs set for price hikes include vaccines for COVID-19, respiratory syncytial virus, and shingles, as well as the blockbuster cancer drug Ibrance. According to exclusive data from medical research firm 3 Axis Advisors, 14 drug companies—including Pfizer, Sanofi, Boehringer Ingelheim, Novartis, and GlaxoSmithKline—that have reached agreements with the Trump administration on the prices of certain drugs also plan to raise prices on some drugs on January 1.

American patients currently pay far more for prescription drugs than those in other developed nations, often nearly three times as much. Trump has continuously pressured pharmaceutical companies to lower prices to levels similar to those in other wealthy countries.

These price increases do not reflect rebates or other discounts offered to pharmacy benefit management companies. Dr. Benjamin Rome, a health policy researcher at Brigham and Women's Hospital in Boston, said, these agreements "are touted as transformative, but in reality only operate at the margins and have not truly addressed the root cause of high prescription drug prices in the U.S."

Pfizer Leads with Some Price Hikes Over Fourfold

Pfizer has announced the most drug price increases, with about 80 different drugs becoming more expensive, including the cancer drug Ibrance, the migraine medication Nurtec, COVID-19 treatment Paxlovid, and hospital drugs such as morphine and hydromorphone.

Most Pfizer drugs will see price increases of less than 10%, but the COVID-19 vaccine Comirnaty will increase by 15%. Some relatively inexpensive hospital drugs will see increases of more than fourfold. In a statement, Pfizer said that the average price adjustment for innovative drugs and vaccines in 2026 will be less than the overall inflation rate, "Moderate price increases are necessary to support our continuing investments in discovering and providing new medicines, and to cope with rising costs across the business."

European drugmaker GlaxoSmithKline plans to increase prices by 2% to 8.9% on about 20 drugs and vaccines. The company said it is committed to reasonable pricing and that increases are necessary to support scientific innovation. Sanofi and Novartis did not respond to requests for comment.

A Few Drugs See Price Cuts Linked to Government Negotiations

Pharmaceutical companies also plan to reduce list prices for about nine drugs. Boehringer Ingelheim’s diabetes drug Jardiance and three related treatments will see price cuts of more than 40%.

Jardiance is one of 10 drugs targeted for price negotiation by the U.S. government for its 2026 Medicare program for people aged 65 and older. According to the negotiations, Boehringer Ingelheim and Lilly will cut the price of Jardiance by two-thirds. Boehringer Ingelheim and Lilly did not immediately respond to requests for comment about the reasons for the price cut.

Historically, January is the biggest month for price increases by pharmaceuticals companies, and more price hikes and cuts are expected at the start of January.

Government Deals Fail to Change the Path of Price Hikes

Although the Trump administration has reached agreements with 14 pharmaceutical companies on the prices of certain drugs in government Medicaid programs and for cash payers, this has not stopped the wave of price increases. Pfizer, Sanofi, Boehringer Ingelheim, Novartis, and GlaxoSmithKline, among other signatories, still plan to raise prices for some of their drugs.

Dr. Rome pointed out that, these companies appear to be maximizing list prices while negotiating behind the scenes with health insurers and pharmacy benefit managers for discounts, then setting a different price for direct consumer cash sales. A spokesperson for the U.S. Department of Health and Human Services declined to comment.

In recent years, after facing criticism over large price hikes in the mid-2010s, pharmaceutical companies have scaled back their increases. New government policies have also played a role, such as penalties for companies charging Medicare more than inflation. Large increases in U.S. drug prices were once commonplace, but thanks to pressure from lawmakers and policy changes, companies have become more restrained.

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