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By Gabe Whisnant
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Drugmakers plan to raise U.S. prices on at least 350 branded medications in 2026, including vaccines for COVID-19 and shingles, migraine treatments, and blockbuster cancer drugs, according to data provided to Reuters by healthcare research firm 3 Axis Advisors.
The number of planned increases is up from the same point last year, when companies announced hikes on more than 250 drugs. The median increase for 2026 is about 4%, roughly in line with 2025. These figures reflect list prices before rebates or discounts negotiated with insurers and pharmacy benefit managers.
The price hikes come even as the Trump administration pressures pharmaceutical companies to lower costs for patients and government programs. President Donald Trump has touted deals with 14 drugmakers to reduce prices for Medicaid and cash-paying customers, but analysts say those agreements barely dent overall spending.
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Why It Matters
Americans pay nearly three times more for prescription drugs than patients in other wealthy nations. While recent policies penalize companies that raise Medicare prices faster than inflation, January remains the biggest month for price adjustments.
Despite political pressure and negotiated discounts, list prices for hundreds of widely used drugs will rise in 2026, affecting everything from cancer care to COVID prevention. While some cuts — like Jardiance’s steep drop — offer relief, experts say the overall impact on patient costs remains uncertain.
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Pfizer Leads the Pack
Pfizer announced the most increases, with hikes on about 80 drugs and vaccines, according to Reuters. Most are below 10%, but some stand out: Comirnaty, its COVID-19 vaccine, will rise by 15%. Paxlovid, the company’s COVID-19 antiviral, is also on the list, along with Ibrance, a breast cancer treatment, and Nurtec, a migraine pill. Hospital-administered drugs such as morphine and hydromorphone will see some of the steepest hikes, with certain formulations increasing more than four-fold.
Pfizer said in a statement that its adjustments keep average list prices below inflation and are necessary to fund research and offset rising costs.
“The modest increase is necessary to support investments that allow us to continue to discover and deliver new medicines,” the company said.
Other Major Players
European drugmaker GSK plans hikes of 2% to 8.9% on about 20 drugs and vaccines, citing the need to support scientific innovation. Sanofi and Novartis also have increases scheduled, though details were not disclosed.
Price Cuts Amid Pressure
Not all changes are upward, Reuters reported. Drugmakers will cut list prices on about nine medications, including a more than 40% reduction for Jardiance, a diabetes drug sold by Boehringer Ingelheim and Eli Lilly. Jardiance is among 10 drugs for which the U.S. government negotiated lower Medicare prices for 2026, forcing Boehringer and Lilly to slash its cost by two-thirds.
Most Prominent Drugs Facing Price Hikes in 2026
• Comirnaty — Pfizer’s COVID-19 vaccine (+15%)
• Paxlovid — Pfizer’s COVID-19 antiviral
• Ibrance — Pfizer’s breast cancer treatment
• Nurtec — Migraine medication
• Morphine — Hospital-administered pain relief
• Hydromorphone — Hospital-administered pain relief
• Various GSK vaccines — Including shingles and respiratory vaccines
• Sanofi and Novartis products — Details pending
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