But estimates from health economists who have analyzed Medicare’s actual spending indicate that many of the new prices are lower than what the government has paid in recent years, with some drugs more discounted than others.
“These are impressive results,” said Jack Hoadley, a Medicare expert and research professor emeritus at Georgetown University.
Wall Street analysts, however, told investors they thought the drug companies made out relatively unscathed, with discounts not much greater than what they already concede. “Sigh of relief,” analysts at the investment bank Leerink Partners wrote to investors. None of the big companies whose drugs were subject to negotiation had major swings in their stock prices on Thursday.
2026 Prices for Drugs Subject to Negotiations
Prices are the maximum Medicare Part D plans and the patient will pay for a one-month supply.
1. Eliquis, for preventing strokes and blood clots, from Bristol Myers Squibb and Pfizer, $231
2. Jardiance, for diabetes and heart failure, from Boehringer Ingelheim and Eli Lilly, $197
3. Xarelto, for preventing strokes and blood clots, from Johnson & Johnson, $197
4. Januvia, for diabetes, from Merck, $113
5. Farxiga, for diabetes, heart failure and chronic kidney disease, from AstraZeneca $178
6. Entresto, for heart failure, from Novartis, $295
7. Enbrel, for autoimmune conditions, from Amgen, $2,355
8. Imbruvica, for blood cancers, from AbbVie and Johnson & Johnson, $9,319
9. Stelara, for autoimmune conditions, from Johnson & Johnson, $4,695
10. Fiasp and NovoLog insulin products, for diabetes, from Novo Nordisk, $119