New York, Jan 8, 2026, 10:13 EST — Regular session
Pfizer Inc shares rose 0.3% to $25.36 on Thursday after a U.S. appeals court blocked a Trump administration pilot that would have changed how safety-net hospitals pay for some medicines. The program covered the first 10 drugs heading into Medicare price negotiations, including Pfizer and Bristol Myers Squibb’s blood thinner Eliquis, and the American Hospital Association said it would have a “devastating effect.” 1
Why it matters now is less about a single day’s trade and more about the plumbing of drug pricing. The 340B program requires manufacturers to sell at steep discounts to eligible hospitals; small shifts in timing or mechanics can move net prices, especially for high-volume drugs.
It also lands as investors head into the industry’s big January stage, when executives tend to sketch what’s working and what is not. After a year of policy deals and courtroom fights, pricing has become a live variable again, not background noise.
A separate pressure point is Europe. Drugmakers are bracing for tougher talks there after agreeing to cut some U.S. prices last year, and the debate is expected to surface at the J.P. Morgan Healthcare Conference that starts Jan. 12 in San Francisco, Reuters reported. Marshall Gordon, senior research analyst for healthcare at ClearBridge Investments, said, “You can’t force the Europeans to just all of a sudden spend more,” but argued the U.S. deals still hand companies leverage in negotiations. 2
Pfizer has set a speaking slot at that conference for CEO Albert Bourla at 9:45 a.m. PT on Jan. 12, according to the company’s investor website. Investors will be listening for any update on how Pfizer plans to offset patent losses, and for cues on pricing commitments in the U.S. and abroad. 3
The nearer company catalyst is earnings. Pfizer is expected to report results on Feb. 3 before the market opens, according to Nasdaq, a date that could bring fresh detail on COVID product demand, cost controls and how much of its pipeline can start to carry the load. 4
But the stock still has a long list of ways to disappoint. Pfizer last month forecast 2026 adjusted profit of $2.80 to $3.00 a share and revenue of $59.5 billion to $62.5 billion, with declines in COVID product sales and losses from drugs facing patent expiry each expected to clip about $1.5 billion from revenue, Reuters reported. 5
