Since May, the Trump administration has used tariffs and Most Favored Nation (MFN) drug pricing threats as a means to pressure pharmaceutical manufacturers to lower drug prices in the U.S. This pressure culminated in a first-of-its-kind deal with Pfizer.
Since our last update, four other manufacturers have struck deals with the Trump administration aimed at expanding drug access and improving affordability, particularly targeting the GLP-1 and fertility pharmaceutical markets. These agreements reflect the growing consumer demand for GLP-1 drugs and IVF treatments while aligning industry leaders with the federal agenda on health care affordability. In this blog post, we’ll explore the key developments that have followed the Pfizer deal, including how other pharmaceutical companies are responding.
AstraZeneca Inks Drug Pricing Deal
On October 10, 2025, AstraZeneca followed in Pfizer’s footsteps by entering into an agreement with the Trump administration to provide Most-Favored Nation (MFN) prescription drug prices to every State Medicaid program. Starting in 2026, AstraZeneca will also use TrumpRx.gov to offer DTC discounts of up to 80% on prescription drugs for chronic disease patients.
Additionally, to secure immunity for 3 years from potential tariffs, AstraZeneca announced a $50 billion investment in U.S. medicine manufacturing, research, and development.
EMD Serono Agrees to Fertility Drug Deal
On October 16, 2025, the White House announced that EMD Serono became the third pharmaceutical manufacturer to strike an MFN drug pricing deal with the Trump Administration.
In the EMD Serono announcement, the company outlined its plans to expand access to fertility treatments in the U.S. Specifically, EMD Serono plans to offer its full portfolio of in vitro fertilization (IVF) therapies through direct-to-consumer (DTC) sales at “significantly reduced prices.” Qualifying patients with prescriptions will receive an 84% discount off list prices when all three therapies are used in IVF treatment. Additionally, EMD Serono will participate in the TrumpRx.gov direct purchasing platform at its inception in 2026.
EMD Serono also simultaneously announced an agreement with the U.S. Secretary of Commerce to exempt its pharmaceutical products and ingredients from potential tariffs. This agreement is contingent on EMD Serono’s future investment in U.S. biopharmaceutical manufacturing and research; however, the announcement did not reveal any specific commitment.
Drug Pricing Deals with Novo Nordisk and Eli Lilly for Weight Loss Medications
On November 6, 2025, Novo Nordisk and Eli Lilly joined other manufacturers in agreeing to MFN pricing for every State Medicaid program and all new-to-market medications, specifically targeting the cost of medications used to treat obesity and diabetes. Notably, the deals include significant discounts on four major Type 2 diabetes and obesity drugs, Novo’s Ozempic and Wegovy, and Lilly’s Zepbound and Orforglipron (currently pending FDA approval). Novo’s drugs will be offered through TrumpRx.gov, and Lilly’s drugs will be offered through both TrumpRx.gov and Lilly’s own DTC platform, LillyDirect. These agreements will expand coverage for these drugs under Medicaid and Medicare, with Medicare beneficiaries paying only a monthly $50 copay. This Medicare coverage comes after the Centers for Medicare & Medicaid Services (CMS) previously declined to finalize a Biden-era proposal to cover Anti-Obesity Medications in the April 2025 Medicare Part D Final Rule.
Under these agreements, Novo Nordisk and Eli Lilly also committed $10 billion and $27 billion, respectively, to expand their U.S. manufacturing efforts in exchange for a reprieve from potential tariffs.