GREED WATCH: Trump’s GOP Gives Drug Companies a Payday While Americans Foot the Bill

Drugmakers Raked in Over $180 Billion in Revenue in Q3 And Revealed Trump’s “Deals” Are Immaterial To Their Profits 

Big drug companies are once again reporting eye-popping profits – thanks not to groundbreaking cures, but to punishing price hikes on medications that people depend on to stay healthy. In just the first nine months of 2025, the largest drug companies have made billions in earnings, while families across America are forced to ration doses, skip refills, and pile on debt to get their prescriptions. As patients suffer, drug company CEOs and shareholders are cashing in, pocketing billions in stock buybacks and executive bonuses.

While families struggle to afford their life-saving medication, these big drug companies have found a powerful ally: Donald Trump and Republicans in Congress. Instead of cracking down on price gouging, Republicans are giving the drug companies everything on their wishlist – rolling back consumer protections that hold drug companies accountable, blocking efforts to negotiate lower prices, and siding with industry lobbyists over patients. The GOP budget bill handed them a massive gift, allowing them to dodge Medicare negotiations and hike prices on medications that millions of older Americans rely on. 

The message from Donald Trump and Republicans couldn’t be clearer: when forced to choose between protecting big drug company profits or protecting the American people, they are all in for Big Pharma, no matter the price for everyday Americans. 

Data obtained from SEC filings, quarterly reports, and opensecrets.org.
*unreported
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Trump’s Scam Deals Fail To Lower Drug Prices At Home, Boost Pharmaceutical Company Stocks And Earnings, And Are “Immaterial” To Their Profits

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 pad their exorbitant profits without any regard for the American consumer and any effect on their bottom line. In the hours and days following the Oval Office press conference with Pfizer CEO Albert Bourla, Pfizer’s stock price bounced, indicating the deal was favorable for the company’s profitability, not for patients. BMO Capital Markets analyst Evan David Seigerman said [of the deal]: “much of that spending might already have been planned, but it should help to ingratiate the company with the administration.” The deals do nothing to address the root cause of high drug prices: pharmaceutical greed. Pharmaceutical company forecasts have remained positive since Trump took office, even rejoicing over their latest legislative win. In the third quarter of 2025, 13 top drugmakers made over $36 billion in net profits and spent over $26 billion rewarding shareholders with stock buybacks and dividends. 

• “Our landmark agreement with the U.S. government was an important milestone because it removed uncertainty on 2 critical policy fronts. We successfully addressed the administration’s call to lower prescription drug costs and align prices with those in other developed countries, and we will have a 3-year grace period from certain U.S. tariffs with our commitment to further invest in manufacturing in the U.S.” “The [international] price differential is not sustainable. And with these countries, we are hoping that they will understand that they need to change the way that they price their products going forward. Of course, a little bit help from the U.S. government and USTR through trade negotiations also can make that happen. And my assessment is that Howard Lutnick and the U.S. trade representatives are highly, highly committed to make this go away. So we will see how that plays.” – Albert Bourla, CEO of Pfizer, on 11/4/2025
• “MFN for Medicaid is immaterial for Pfizer, because Medicaid represents less than 5% of US sales and even smaller percentage of global sales.” “[Net prices will be] roughly in line (and not below) [current U.S. net prices].” – David Risinger, Analyst at Leerink Partners, on 9/30/2025
• “The U.S. remains our largest market and is projected to account for around 50% of our total revenue by 2030. We announced a landmark agreement with the U.S. government which provides greater clarity around pricing and a 3-year exemption from tariffs. With the administration support, we are now working with others to deliver price equalization across wealthier markets, an approach that offers a more sustainable future for governments, industry and patients.” “Some people may be wondering about the impact of the agreement with the U.S. government. We’re confident we can absorb it in ’26 and beyond and really doesn’t affect our 2030 ambition and doesn’t affect our midterm ambition.” – Pascal Soriot, CEO of AstraZeneca, on 11/6/2025

*Jardiance and Tradjenta which are co-manufactured by Boehringer Ingelheim, a privately-held company were not included in this analysis. Xtandi revenues only include those reported by Eli Lilly. 

Big Drug Companies Spent Millions on Lobbying Republicans To Land A Huge Win In The Big, Ugly Bill And Blow A Hole In Drug Price Negotiations

Since drug companies’ assault of lawsuits to ban Medicare from negotiating lower prescription drug prices didn’t go their way, drug companies turned to their best allies for help: Donald Trump and Republicans in Congress. 13 of the biggest drug companies have spent $27 million on lobbying in the third quarter and have spent an additional $9 million lobbying through their trade group, PhRMA. Their efforts have 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 will raise 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. While President Trump moves mountains for drug companies, he distracts the public with hollow promises that drugmakers know are not serious – they remain confident about their financial outlooks, fat bottom lines, and ability to keep their wealthy shareholders very happy as their greed goes unchecked.

• “AbbVie’s business continues to perform above our expectations. We delivered another excellent quarter, including strong financial results, pipeline advancement across all stages of development and strategic investments to drive sustainable long-term growth. Given our positive momentum, we are raising our 2025 outlook for the third time this year.” – Robert Michael, CEO of AbbVie, on 10/31/2025
• “In the first 9 months of this year, we returned $7.3 billion to shareholders via our quarterly dividend, invested $7.2 billion in internal R&D and invested approximately $1.6 billion in business development transactions, primarily reflecting the 3SBio licensing deal.” – David Denton, CFO of Pfizer, on 11/4/2025
• “Q3 was another strong quarter for Lilly. We made progress across all our strategic deliverables. We delivered compelling financial results, advanced our pipeline and achieved key milestones to expand our manufacturing footprint. In Q3, revenue grew 54% compared to the same period last year. Revenue from key products more than doubled as our medicines continued to increase their global impact. As a result of our strong financial performance, we raised our revenue and earnings per share guidance. During the quarter, we distributed $1.3 billion in dividends and executed approximately $700 million in share repurchases.” – David Ricks, CEO of Eli Lilly on 10/30/25