Healthcare Stocks Outlook (Dec. 21, 2025): Drug-Price Deals, ACA Premium Shock, and 2026 Catalysts Investors Are Watching
Merck, Bristol Myers Squibb, and Amgen agreed to major drug price cuts under White House deals, with discounts up to 70%. Insurers face ACA subsidy uncertainty heading into 2026. Biotech dealmaking and capital-markets activity picked up as investors rotate out of tech. The S&P 500 remains up over 15% for 2025 despite a weaker December.