NEW YORK, January 2, 2026, 13:56 ET — Regular session
- Pfizer shares were up about 0.8% at $25.09 in afternoon trading.
- Investors weighed fresh attention on U.S. drug pricing after reports on 2026 list-price increases.
- The next clear catalyst is Pfizer’s Feb. 3 quarterly update and analyst call.
Pfizer Inc shares rose 0.8% to $25.09 on Friday, as investors digested renewed attention on U.S. drug pricing and early-year list-price changes.
The timing matters. January is when drugmakers typically reset U.S. prices, and the moves can quickly become a political and regulatory flashpoint — especially as the Trump administration keeps pressing for lower costs.
For Pfizer, pricing headlines also land as the company tries to stabilize revenue after pandemic-era demand faded. Investors are sensitive to anything that could trigger tougher scrutiny or force steeper discounts.
List price is the sticker price before rebates — the behind-the-scenes discounts negotiated by insurers and pharmacy benefit managers (PBMs), the middlemen that run many U.S. drug benefits. Even when net prices fall, list prices can still influence some patient out-of-pocket costs and amplify policy pressure.
A Reuters report, citing data from healthcare research firm 3 Axis Advisors, said manufacturers plan to raise U.S. list prices on at least 350 branded medicines in 2026, with Pfizer leading the increases on about 80 drugs. “These deals are being announced as transformative when, in fact, 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 Reuters report said most of Pfizer’s increases were under 10%, but it flagged a 15% hike for the COVID-19 vaccine Comirnaty and larger jumps for some low-priced hospital medicines. Pfizer said its average list price adjustment for innovative medicines and vaccines in 2026 was below overall inflation.
Other drugmakers, including GSK and Sanofi, also planned January price increases, the report said, pointing to an industry-wide reset rather than a Pfizer-only move. The data did not reflect rebates and other discounts that can materially reduce what payers actually spend.
The same dataset showed some price cuts. Boehringer Ingelheim and Eli Lilly were set to reduce the list price of the diabetes drug Jardiance and related treatments by more than 40%, tied to Medicare’s negotiated pricing for 2026, the report said.
Pfizer traded between $24.83 and $25.30 on Friday, after opening at $24.95, and was up $0.19 from its prior close. Trading volume was about 20.7 million shares.
The next major check-in for investors is February 3, when Pfizer is scheduled to issue its fourth-quarter and full-year 2025 performance report and host a conference call with analysts. 2
In mid-December, Pfizer forecast 2026 adjusted profit of $2.80 to $3.00 per share on revenue of $59.5 billion to $62.5 billion, citing headwinds that included about a $1.5 billion drop in COVID product revenue and roughly a $1.5 billion hit from loss of exclusivity — when patents expire and generic competition can enter. 3
That backdrop helps explain the market’s focus on pricing signals. They feed into the bigger question for 2026: how much of Pfizer’s earnings power can be defended by its current portfolio and cost actions, without drawing a sharper policy response.
For now, traders are watching for further January pricing disclosures across pharma and any fallout in Washington from higher list prices. Pfizer’s February update remains the next defined catalyst for PFE.
