On May 12, 2025, President Trump signed an Executive Order titled “Delivering Most-Favored-Nation Prescription Drug Pricing to American Patients” (the “MFN EO”). The MFN EO directs multiple federal agencies, including the HHS, to take specific actions aimed at compelling drug manufacturers to lower drug prices in the United States in a manner comparable with other developed nations. The MFN EO states that the United States has less than five percent of the world’s population yet funds approximately three quarters of global pharmaceutical profits… We cannot predict the ultimate scope, timing, or impact of the MFN EO or related government actions, and such actions could have a material adverse effect on our business, financial condition, and results of operations. While some of these and other measures may require additional authorization to become effective, and the Trump administration may reverse or otherwise change these measures, Congress has indicated that it will continue to seek new legislative and/or administrative measures to control drug costs.
