Several major pharmaceutical companies, including Pfizer, Bristol Myers Squibb and Sanofi, are set to raise prices on more than 250 branded medications in the U.S. starting Jan. 1, 2025, according to a Reuter's exclusive report.
Data analyzed by healthcare research firm 3 Axis Advisors showed the price increases will affect a range of drugs, including Pfizer's COVID-19 treatment Paxlovid, Bristol Myer Squibb's cancer therapies and vaccines from Sanofi.
Most of the price hikes are below 10%, with the median increase across affected drugs at 4.5%. This aligns with the median price increase for 2024, as drugmakers have scaled back large price hikes over the years following public scrutiny.
The price adjustments apply to list prices, which do not include rebates or discounts negotiated with pharmacy benefit managers.
Pfizer, which raised prices on over 60 drugs, will increase the price of Paxlovid by 3% and raise prices on other medications, including migraine treatments and cancer drugs by 3% to 5%. A Pfizer spokesperson told the news outlet that the increases are below the inflation rate and are intended to support ongoing drug development efforts.
Bristol Myers Squibb, known for its expensive cancer therapies, will raise the prices of its cell-based treatments by 6% and 9%. Sanofi will raise prices on about a dozen vaccines, ranging from 2.9% to 9%.
2025's 250-plus price hikes mark a significant increase from the 140 price hikes announced in December 2024.