PFE · Earnings call · 2026Q3T · Full report

Drug Pricing Policy

PFIZER INC · 2026-11-03 · Importance 32 · Surprise 24

Management said it expects no major legislative movement in 2027 and does not expect changes to the U.S. most-favored-nation (MFN) agreements, which it said remain in place through the end of the current government’s term. Pfizer expects renewed congressional interest in investigating several matters, but management said it does not expect policy changes. The company’s 2027 guidance will reflect the Inflation Reduction Act negotiation program for two products, 340B-related changes including a credit-rebate model starting in January, and MFN impacts under its government agreements; management said its agreements have brought greater stability after prior concerns about tariffs and MFN.

Key facts

• Pfizer expects its 2027 guidance to reflect IRA negotiations for two products, 340B dynamics including a credit-rebate model starting in January, and MFN impacts from government agreements.
• Pfizer's CEO said he did not expect MFN changes and expected the agreements to remain in effect through the end of the current government's term.
• Pfizer said Q3 2026 U.S. pricing had no material gross-to-net change except for Eliquis, which was affected by the January WAC price decrease beginning in Q3.