An analysis by the advocacy group Protect Our Care reveals that industry heavyweights—including Pfizer, Merck, and Johnson & Johnson—distributed $63 billion to shareholders through dividends and stock buybacks during this period. The findings arrive as public polling from KFF indicates that 60% of US adults now worry about their ability to afford essential prescriptions, the highest level of concern recorded since 2018.
Pharma Giants Report Record Profits as US Patients Struggle to Afford Meds
The world's ten largest pharmaceutical companies generated nearly $300 billion in revenue during the first half of 2026, even as millions of Americans report rationing or skipping doses to manage costs. Despite President Donald Trump’s frequent promises to lower drug prices, industry profits have surged by $24 billion compared to last year.
Critics argue that the administration’s strategy of voluntary, private negotiations with manufacturers has failed to curb the trend. Vaishu Jawahar of Protect Our Care described the approach as a series of backroom deals that prioritize industry gains over consumer relief. Meanwhile, the administration's TrumpRX initiative has faced widespread criticism for its lack of impact on actual retail prices, while efforts to weaken Medicare’s drug price negotiation powers remain a focal point of contention. Data from Patients for Affordable Drugs further highlights the trend, noting that pharmaceutical firms hiked prices on 64 oncology drugs in early 2026, with the majority of those increases outpacing inflation.
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