NEW YORK, December 31, 2025, 18:50 ET — After-hours
- Pfizer shares slipped in extended trading as investors weighed fresh U.S. drug-pricing headlines.
- The company is at the center of a new round of list-price changes scheduled for 2026.
- Traders are watching for January pricing updates and Pfizer’s next results briefing.
Pfizer Inc. shares fell about 0.4% to $24.90 in after-hours trading on Wednesday, after a report said the drugmaker is leading a wave of U.S. list-price increases set for 2026. The data, compiled by healthcare research firm 3 Axis Advisors, showed drugmakers plan hikes on at least 350 branded medicines, with Pfizer accounting for around 80 increases, including a 15% rise for its COVID vaccine Comirnaty. “They really just nibble around the margins,” said Dr. Benjamin Rome, a health policy researcher at Brigham and Women’s Hospital in Boston. 1
The timing matters because the annual January “price reset” is one of the few predictable moments when drugmakers’ pricing strategies come into public view, and it is landing under renewed political pressure in Washington.
For investors, the headline numbers are not the whole story. A “list price” is the sticker price before rebates and other discounts, and those behind-the-scenes payments often determine what insurers ultimately pay and what patients face at the pharmacy counter.
Still, list-price moves can influence negotiations across the supply chain and can shape out-of-pocket costs for people paying cash. They also feed into scrutiny of drugmakers’ pricing practices as Medicare expands price negotiations and penalties tied to inflation.
One of the most visible price cuts in the new data is diabetes drug Jardiance, which is among the first set of medicines with negotiated prices scheduled to apply in Medicare starting in 2026. 2
Pfizer’s pricing headlines also intersect with a broader investor focus on how the company offsets pressure from fading COVID-era sales and looming patent expirations. Earlier this month, Pfizer forecast 2026 adjusted profit below Wall Street estimates and said it does not expect to return to revenue growth until later in the decade, while targeting more than $7 billion in annual cost savings through 2027. 3
That backdrop helps explain why traders tend to react quickly to pricing signals, even when the immediate revenue impact is hard to model from list prices alone.
What investors are watching next is whether additional January price changes across the industry prompt a sharper political response, and whether insurers and pharmacy middlemen press for larger offsets through rebates that blunt any headline price increase.
Pfizer’s next scheduled checkpoint is its February results update, when the company is expected to discuss fourth-quarter and full-year performance and provide updated commentary on its outlook. Pfizer has said it will host a conference call with analysts on Feb. 3, 2026. 4
In the near term, Pfizer shares remain pinned around the $25 level, a sign that traders are treating the latest pricing story as incremental rather than a thesis-changer.
For now, the stock’s next move likely hinges less on the optics of list prices and more on what February’s update says about net pricing, volumes and how quickly Pfizer can stabilize earnings into 2026.
