…the IRA’s impact on competition and commercialization remains largely uncertain.
All entries for: Biologic
February 18, 2026
Charles River Laboratories International
Negative Outlook
Netherlands
10,000+ employees
The IRA is anticipated to have significant effects on the pharmaceutical industry and may reduce the prices we can charge and reimbursement we can receive for our products, among other effects.
Disease Area: Immune Diseases, Infectious Diseases, Neurological Diseases, Oncology, Rare Diseases, Respiratory Diseases
Drug Type: Biologic, Small Molecule
February 18, 2026
Bausch and Lomb Corp
Neutral Outlook
Ontario, Canada
10,000+ employees
The Inflation Reduction Act (“IRA”) made significant changes to how drugs are covered and paid for under the Medicare program, including imposing financial penalties if drug prices are increased at a rate faster than inflation, redesigning Medicare Part D benefits to shift a greater portion of the costs to manufacturers and allowing the U.S. government to set prices for certain drugs in Medicare.
Disease Area: Multiple, Other
Drug Type: Biologic, Small Molecule
February 17, 2026
Halozyme Therapeutics, Inc.
Neutral Outlook
San Diego, CA
201-500 employees
For example, in August 2022, The Inflation Reduction Act of 2022 (the “IRA”) was enacted which will, among other things, allow and require the federal government to negotiate prices for some drugs covered under Medicare Part B and Part D, require drug companies to pay rebates to Medicare if prices rise faster than inflation for drugs used by Medicare beneficiaries and cap out-of-pocket spending for individuals enrolled in Medicare Part D.
Disease Area: Chronic Disease, Immune Diseases, Oncology, Rare Diseases
Drug Type: Biologic
February 13, 2026
Vertex Pharmaceuticals Inc
Neutral Outlook
Boston, MA
1,001-5,000 employees
Additionally, in August 2022, the Inflation Reduction Act (“IRA”) was enacted, establishing a Medicare Drug Price Negotiation Program, a Medicare inflationary rebate, and a redesign of the Part D benefit structure.
Disease Area: Chronic Disease, Immune Diseases, Neurological Diseases, Rare Diseases
Drug Type: Biologic, Small Molecule
February 13, 2026
Ultragenyx Pharmaceutical
Layoffs
Novato, CA
1,001-5,000 employees
Ultragenyx Pharmaceutical is reducing its workforce by 10%, or approximately 130 employees, as part of a strategic restructuring to lower cash burn and work toward profitability in 2027. The cuts follow the Phase 3 failure of its investigational antibody setrusumab for osteogenesis imperfecta.
Disease Area: Rare Diseases
Drug Type: Biologic, Small Molecule
February 12, 2026
Alnylam Pharmaceuticals, Inc.
Neutral Outlook
Cambridge, MA
1,001-5,000 employees
Manufacturers that fail to comply with the IRA may be subject to various penalties, including civil monetary penalties or a potential excise tax. The impact of the IRA on the pharmaceutical industry is significant and ongoing.
Disease Area: Cardiology, Metabolic Diseases, Neurological Diseases, Rare Diseases
Drug Type: Biologic
February 12, 2026
Vanda Pharmaceuticals
Neutral Outlook
Washington DC
201-500 employees
For these and other reasons, it is currently unclear how the IRA will be effectuated, and while the impact of the IRA on the pharmaceutical industry cannot yet be fully determined, it is likely to be significant.
Disease Area: Dermatology, Gastrointestinal, Multiple, Neurological Diseases, Psychiatry
Drug Type: Biologic, Small Molecule
February 12, 2026
Eli Lilly & Co
Negative Outlook
Indianapolis, IN
10,000+ employees
The IRA has, and will continue to, meaningfully influence our business strategies and those of our competitors. In particular, the nine-year timeline to set prices for medicines approved under a New Drug Application reduces the attractiveness of investment in small molecule innovation. The IRA can cause changes to development approach and timing and investments at-risk. The full impact of the IRA on our business and the pharmaceutical industry, including the implications to us of a competitor’s product being selected for price setting, remains uncertain.
Disease Area: Cardiology, Chronic Disease, Immune Diseases, Metabolic Diseases, Multiple, Neurological Diseases, Oncology
Drug Type: Biologic, Small Molecule