GREED WATCH: Drug Company Profits Skyrocket As Trump Cuts Back Room Deals That Screw Over Working Families

Top Ten Drugmakers Raked In Over $130 Billion In Profits In 2025 And Industry-Fueled Myths Fell Flat As Seniors Save Billions From Democrats’ Drug Price Negotiation Program

Yesterday, the House Energy and Commerce Committee held a hearing to “examine health care affordability” at the same time that Republicans have caused an affordability crisis by ending the Affordable Care Act tax credits, slashing Medicaid funding, and padding the pockets of big drug companies. Under the Trump-GOP war on health care, big drug companies are reporting eye-popping profits while working families struggle just to afford the medications that keep them alive. The largest drug companies made over $130 billion in earnings in 2025, while families across America rationed doses, skipped refills, and dove deeper into their savings to afford prescriptions. That’s because Trump and Republicans are looking out for their ultra-wealthy Big Pharma allies. When Democrats were in charge, they fought lobbyists tooth and nail to save seniors $1.5 billion in out of pocket costs just this year by letting Medicare negotiate lower drug prices. But now that Trump and congressional Republicans are in power, they’re giving Big Pharma everything on their wishlist — blocking efforts to negotiate lower prices on medications that millions of older Americans rely on, showering big drug companies in tax breaks, and siding with industry lobbyists over patients. As patients suffer, drug company CEOs and shareholders are cashing in, pocketing billions in stock buybacks and executive bonuses. The message from Trump and Republicans couldn’t be clearer: when faced with a choice between protecting big drug company profits and protecting the American people, the GOP is all in for Big Pharma, no matter the price for everyday Americans.

Data obtained from SEC filings and quarterly reports. (9M = through 3rd quarter, Q4 data unavailable)
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Manufacturers Celebrate Trump’s Scam Deals, Which Fail To Deliver Lower Drug Prices To Working Families.

Trump’s deals with drug companies are nothing but gimmicks. The proof is in the pudding: drug companies are celebrating Trump’s scam deals, which have allowed them to save face, dodge tariffs, and escape future drug pricing efforts without any regard for the American consumer. TrumpRx deals benefit big drug companies way more than everyday Americans. Trump “negotiated” some of the worst discounts on the internet and is scamming Americans into paying more for drugs than they likely would through their insurers. “If this is all that President Trump does on drug pricing, it is likely a win for the pharmaceutical industry and should serve as a clearing event,” said industry analyst and former Trump administration health official Chris Meekins. The majority of top drugmakers projected increases in revenue in 2026 when including their deals with the Trump administration. J&J even projected that in 2026, it would become the first health care company in history to deliver more than $100 billion in annual revenue. To celebrate, drugmakers showered their shareholders with over $80 billion in stock buybacks and dividends.

• “We’re pleased that we were able to reach an agreement with the Trump administration that, again, balances affordability and access and protects the US innovation ecosystem going forward. And so, we’re pleased where that’s landed. As you noted, similar to many of our peers who did also execute agreements, we are exempt during the term from tariffs, as well as the pricing mandates inclusive of demonstration projects.” – Robert Michael, CEO of AbbVie, confirming that AbbVie got the better end of Trump’s “deals” on 2/4/26
• “Relative to current analyst expectations, our EPS and margin outlooks absorb the previously referenced incremental tariffs the impact of the voluntary U.S. Government agreement and a higher share count.”- Joe Wolk, CFO of Johnson and Johnson, admitting Trump’s “deals” will not impact their bottom line on 1/21/26
• “On 19 December 2025, GSK entered into an agreement with the US Administration to lower the cost of prescription medicines for American patients. The agreement entered into covers both GSK and ViiV Healthcare and, assuming expected implementation, excludes both companies from s232 tariffs for 3 years. Detailed terms of the agreement remain confidential. Our full year guidance is inclusive of the expected impact of the agreement.” – GSK forecasting a 7-9% increase in core operating profit in 2026, including the impact of their “deal” with the Trump administration

Drugmakers Doubled Down On Innovation And Projected Record-Breaking Revenues in 2026, Countering False Claims That Medicare Negotiation Undermines R&D.

Drugmakers have already pocketed over $1 trillion in revenue from the drugs selected for negotiation, more than recouping their investments in development. Contrary to the industry talking points parroted by Republicans in today’s Energy and Commerce hearing, investment in research and development has only increased each consecutive year since the passage of the Inflation Reduction Act. This year, the top ten drugmakers increased their cumulative spending on research and development and acquired nine companies that focused on the development of small-molecule drugs. The majority of top drugmakers projected their revenues to grow in 2026, the first year negotiated prices are in effect:

• “Turning to 2026, we expect AbbVie to once again deliver top-tier performance. We anticipate total sales growth of 9.5%, reflecting another year of robust sales results despite headwinds from continued HUMIRA erosion and IMBRUVICA IRA pricing.” – Robert Michael, CEO of AbbVie, on 2/4/26, admitting that AbbVie will make more than enough revenue to offset lower drug prices for seniors in 2026
• “We expect this growth in 2026 to more than offset anticipated declines from increased denote biosimilar competition, price declines for certain other products in 2026, and continued increases in 340B program utilization.” – Peter Griffith, CFO of Amgen, on 2/3/26, admitting that Amgen will make more than enough revenue to offset the lower Medicare price for Enbrel in 2026
• “We did plan conservatively that it could be selected based on CMS spend, so its selection does not impact our long-term growth guidance at all.” –Robert Michael, CEO of AbbVie, on 2/4/26, admitting that the recent selection of Botox for Medicare drug price negotiation will not impact their bottom line
• “We started 14 new phase three programs over the past few months, including Oloralintide and Brenepatide, and we have one of the largest clinical stage pipelines in our company’s history.” –David Ricks, CEO of Eli Lilly, on 2/4/26, boasting that four years after the passage of the Inflation Reduction Act, the company now has one of the strongest drug development pipelines in their history 

Big Drug Companies Spent Record-Breaking Amounts Lobbying Republicans To Land A Huge Win, A Profit Boost That Allows Them To Price Gouge Seniors Fighting Cancer.

10 of the biggest drug companies spent over $130 million on lobbying in 2025, combined with industry group PhRMA. The industry broke its record this year on lobbying spend, and its efforts paid off. Thanks to Trump and Republicans in Congress, Big Pharma landed a huge win in the Big, Ugly Bill that will allow them to bypass Medicare drug price negotiations and raise prices on drugs that millions of vulnerable Americans rely on. In granting this multibillion-dollar giveaway to drug companies, Republicans raised out-of-pocket costs for critical drugs that treat conditions such as cancer and hypertension. Many of the drugs that would be exempted under the new loophole are some of the most profitable drugs on the market and bestsellers for big drug companies. While President Trump moves mountains for drug companies, he distracts the public with hollow promises that drugmakers know are not serious. Here is how much drug companies are profiting from Trump’s blockbuster giveaway:

• “DARZALEX is the largest medicine by sales in our pharmaceutical portfolio and is considered the foundational gold standard treatment in multiple myeloma. With annual sales over $14 billion, DARZALEX grew an impressive 22% across the full year.” – Joaquin Duato, CEO of Johnson and Johnson, bragging about revenue from Darzalex – a lifesaving cancer drug that seniors will no longer see financial relief for – because Republicans carved it out from Medicare negotiations as a favor to big drug companies in their big, ugly bill on 1/21/26
• “We now have line of sight to over $70 billion of potential commercial opportunity by the mid-2030s, $20 billion more than just a year ago and more than double consensus 2028 peak KEYTRUDA revenue of $35 billion.” –Robert Davis, CEO of Merck, on 2/3/2026, boasting how much his company will profit from Keytruda’s exclusion from selection for IPAY 2028 negotiation
• “OPDIVO again delivered solid growth in the fourth quarter, with revenue up 7% to nearly $2.7 billion. This was driven by new indications and continued share growth within the first-line non-small cell lung cancer setting.” – David Elkins, CEO of Bristol Myers Squibb, on 2/5/2026, highlighting the growth in profits from their bestseller Opdivo – another lifesaving cancer drug that seniors won’t see lower prices for in 2028

  Data obtained from opensecrets.org