PFE · 10-Q · 2026Q3 · Full report

Drug Pricing Policy

PFIZER INC · 2026-11-03 · Importance 46 · Surprise 42 · In source text

Pfizer expects continued U.S. government and state attention to drug pricing and access, including international reference pricing and Most-Favored-Nation pricing. Under the Inflation Reduction Act’s Medicare Drug Price Negotiation Program, the negotiated Maximum Fair Price for Eliquis took effect January 1, 2026, and negotiated prices for Ibrance and Xtandi are scheduled to take effect in 2027. CMS determined that bona fide generic marketing exists for Xeljanz, so no negotiated price will be finalized or take effect for that drug. HHS’s 340B pilot, expected to begin in January 2027 and to include Eliquis, Ibrance and Xtandi, is subject to ongoing litigation; Pfizer is evaluating its potential impact.

Key facts

• Pfizer's voluntary agreements with the U.S. Government are designed to lower drug costs for U.S. patients and include certain Pfizer products on the TrumpRx.gov platform; Pfizer also identifies plans to further invest in U.S. manufacturing and potential tariff impacts as risks and uncertainties. source
• A U.S. 340B pilot program expected to begin in January 2027 is expected to include Eliquis, Ibrance, and Xtandi; the program is subject to ongoing litigation and Pfizer is evaluating its potential impact. source
• The U.S. MFP for Eliquis became effective January 1, 2026; negotiated prices for Ibrance and Xtandi take effect in 2027. source
• Xeljanz remains selected through 2028, but CMS determined bona fide generic marketing exists, so no MFP for Xeljanz will be finalized or take effect. source
• Pfizer does not expect a material incremental impact from the IRA Medicare Part D redesign in 2026 versus the 2025 baseline. source

Impact estimates