While the full impact of the IRA on our business and the pharmaceutical industry remains uncertain at this time, we anticipate that the IRA will increase our payment obligations under the redesigned Part D discount program, limit the prices we can charge for our products, and increase the rebates we must provide government programs for our products, thereby reducing our profitability and negatively impacting our financial results.
All entries for: Biologic
February 23, 2026
Summit Therapeutics Inc.
Negative Outlook
Miami, FL
201-500 employees
The extent and scope of impacts the IRA may have will continue to evolve as the current administration advances implementation of the IRA’s pharmaceutical pricing provisions. Several changes included in the IRA may impact pricing, disrupt current pharmaceutical supply chain operations, and alter stakeholder behavior in a manner that ultimately reshapes the industry and impacts areas beyond the Medicare program.
Disease Area: Oncology
Drug Type: Biologic, Small Molecule
February 23, 2026
Vir Biotechnology, Inc.
Neutral Outlook
San Francisco, CA
201-500 employees
Among other things, the IRA contains many provisions aimed at reducing this financial burden on individuals by reducing the co-insurance and co-payment costs, expanding eligibility for lower income subsidy plans, and price caps on annual out-of-pocket expenses, each of which could have potential pricing and reporting implications.
Disease Area: Antiviral, Chronic Disease, Immune Diseases, Infectious Diseases, Oncology
Drug Type: Biologic
February 23, 2026
Bristol Myers Squibb
Layoffs
Lawrence Township, NJ
10,000+ employees
Bristol Myers Squibb plans to reduce its Lawrenceville, New Jersey headcount by 247 employees, with layoffs running from May 21 through the end of the year, continuing a series of workforce reductions at its New Jersey operations over the past year.
Disease Area: Cardiology, Hematology, Immune Diseases, Multiple, Oncology
Drug Type: Biologic, Small Molecule
February 20, 2026
Moderna, Inc.
Neutral Outlook
Cambridge, MA
1,001-5,000 employees
Beginning in 2026, the Medicare Drug Price Negotiation Program established under the Inflation Reduction Act of 2022 requires CMS to implement negotiated prices for certain high-expenditure Medicare Part D drugs. CMS has issued guidance for multiple cycles of the negotiation program, and additional negotiated pricing rounds are expected in future years. The scope, timing, and impact of this program, including its potential application to additional drugs or coverage categories, remain subject to change and could affect pricing benchmarks, reimbursement levels, and net realized prices for our products.
Disease Area: Antiviral, Immune Diseases, Multiple, Oncology, Rare Diseases
Drug Type: Biologic
February 20, 2026
AbbVie Inc.
Neutral Outlook
North Chicago, IL
10,000+ employees
The IRA has and will continue to meaningfully impact AbbVie’s business strategies and those of others in the pharmaceutical industry. The full impact of the IRA on AbbVie’s business and the pharmaceutical industry, including the implications to us of our or a competitor’s product being selected for price setting, remains uncertain.
Disease Area: Oncology
Drug Type: Biologic
February 19, 2026
Bausch Health Companies Inc.
Neutral Outlook
British Columbia, Canada
5,001-10,000 employees
These negotiations could, among other things, accelerate revenue erosion prior to the expiration of intellectual property protections. The effect of reducing prices and reimbursement for certain of our products could significantly impact our business and consolidated results of operations.
Disease Area: Multiple
Drug Type: Biologic, Small Molecule
February 19, 2026
Insmed INC
Neutral Outlook
Bridgewater, NJ
1,001-5,000 employees
We cannot predict other potential implications the IRA provisions will have on our business or the pricing of our product candidates, if approved.
Disease Area: Chronic Disease, Immune Diseases, Neurological Diseases, Other, Respiratory Diseases
Drug Type: Biologic, Small Molecule