While the impact of the IRA on us and the pharmaceutical industry cannot yet be fully determined, it is likely to be significant.
All entries for: Metabolic Diseases
April 15, 2026
CDT Equity Inc.
Neutral Outlook
Among other things, the IRA has multiple provisions that can impact the prices of drug products that are both sold into the Medicare program and throughout the United States.
Disease Area: Endocrinology, Immune Diseases, Metabolic Diseases
April 8, 2026
Inventiva S.A.
Negative Outlook
Mountain View, CA
51-200 employees
If coverage and adequate reimbursement are not available, or are available only to limited levels, we may not be able to successfully commercialize future product candidates that we develop, which could have an adverse effect on our operating results and our overall financial condition.
Disease Area: Metabolic Diseases, Rare Diseases
Drug Type: Small Molecule
April 2, 2026
Pharming Group N.V.
Neutral Outlook
New York, NY
1-50 employees
On August 16, 2022, President Biden signed the IRA into law. The IRA, among other things, (i) directs HHS to negotiate the price of certain high-expenditure, single-source drugs and biologics covered under Medicare, and subject drug manufacturers to civil monetary penalties and a potential excise tax by offering a price that is not equal to or less than the negotiated “maximum fair price” under the law, and (ii) imposes rebates under Medicare Part B and Medicare Part D to penalize price increases that outpace inflation.
Disease Area: Immune Diseases, Metabolic Diseases, Rare Diseases
Drug Type: Small Molecule
April 1, 2026
Novo Nordisk
Layoffs
Bagsværd
10,000+ employees
Novo Nordisk will part ways with around 400 employees at its manufacturing site in Bloomington, Indiana, as part of a broader restructuring initiative, Fierce Pharma revealed in a March 31 report, confirming the news with a company spokesperson.
The layoffs will take effect “at the beginning of May,” the spokesperson added, noting that after the cuts, the production plant will be down to approximately 1,400 employees.
The Bloomington facility came to Novo as part of a larger deal by the pharma’s parent company, Novo Holdings, to acquire the CDMO giant Catalent in early 2024 for $16.5 billion. The site, however, has since become a source of headache for Novo, with the FDA flagging persistent contaminations and infestations. These violations have resulted in the rejection of several drugs, including from Incyte, Scholar Rock and Regeneron.
Novo announced a sweeping reorganization effort in September 2025, involving 9,000 layoffs across its global operations. Headcount reduction cycles that followed in the U.S. include one affecting 263 people in New Jersey late last year and another impacting 47 employees in North Carolina in October 2025.
Disease Area: Cardiovascular, Endocrinology, Metabolic Diseases, Multiple
Drug Type: Biologic, Small Molecule
March 31, 2026
Galmed Pharmaceuticals
Neutral Outlook
Tel Aviv, Israel
1-50 employees
The Inflation Reduction Act of 2022 contains significant reforms affecting the pricing of drugs and biologics paid by Medicare. The new requirements establish a timeline for certain drugs to negotiate with the federal government a “maximum fair price” for certain selected drugs.
Disease Area: Metabolic Diseases
Drug Type: Small Molecule
March 30, 2026
Terns Pharmaceuticals, Inc.
Neutral Outlook
Foster City, CA
51-200 employees
Regulatory guidance under the IRA, the OBBBA, and other tax-related legislation is and continues to be forthcoming, and such guidance could ultimately increase or lessen the impact of these laws on our business and financial condition. In addition, it is uncertain if and to what extent various states will conform to changes to federal tax legislation.
Disease Area: Metabolic Diseases, Oncology
Drug Type: Small Molecule
March 27, 2026
Entera Bio Ltd
Neutral Outlook
Jerusalem, Israel
1-50 employees
Further, on August 16, 2022, Congress enacted the Inflation Reduction Act allowing CMS to negotiate directly with drug manufacturers to lower the price of some of the costliest drugs under the Medicare program, as well as requiring drug manufacturers to provide Medicare with a rebate if the price of drugs increases faster than the rate of inflation.
Disease Area: Endocrinology, Metabolic Diseases
Drug Type: Biologic
March 26, 2026
BioRestorative Therapies
Neutral Outlook
Melville, NY
1-50 employees
In August 2022, President Biden signed the Inflation Reduction Act, or the IRA, which provides for (i) the government to set or negotiate prices for select high-cost Medicare Part D (beginning in 2026) and Medicare Part B drugs (beginning in 2028) that are more than nine years (for small-molecule drugs) or 13 years (for biological products) from their FDA approval, (ii) manufacturers to pay a rebate for Medicare Part B and Part D drugs when prices increase faster than inflation beginning in 2022 for Medicare Part D and 2023 for Medicare Part B drugs, and (iii) Medicare Part D redesign which replaces the current coverage gap provisions and establishes a $2,000 cap for out-of-pocket limits costs for Medicare beneficiaries beginning in 2025, with manufacturers being responsible for 10% of costs up to the $2,000 cap and 20% after that cap is reached. Implementation of the IRA is expected to be carried out through upcoming actions by regulatory authorities, the outcome of which is uncertain.
Disease Area: Metabolic Diseases, Other
Drug Type: Biologic