After Pfizer’s Price Deal, Analysts Point to Eli Lilly and AstraZeneca
Wall Street is turning its attention to Eli Lilly and AstraZeneca as the next major pharmaceutical companies likely to strike a drug pricing deal with the Trump administration, following Pfizer’s agreement last week to lower medicine costs.
According to Reuters, seven healthcare analysts and investors were interviewed. Four named Eli Lilly as the most likely candidate for the next deal, while three pointed to AstraZeneca. Other possible contenders mentioned included Merck, AbbVie, Regeneron, and Bristol Myers Squibb.
While Reuters could not independently verify any active negotiations, industry experts say several drugmakers are competing to follow Pfizer’s September 29 deal, which offered lower prices via Medicaid in exchange for tariff relief on imported medicines.
AstraZeneca and Eli Lilly Seen as Top Contenders
Lucy Coutts, investment director at UK-based firm JM Finn, said AstraZeneca may be next after it began construction on a $4.5 billion manufacturing plant in Virginia and announced plans for a U.S. share listing.
“I think AstraZeneca is well positioned,” Coutts said. “Its U.S. revenue base and recent investments show its strong commitment to the American market.”
Eli Lilly, meanwhile, said it had no new details to share regarding its discussions with the U.S. administration. AstraZeneca has not commented publicly on any potential talks.
Pharma Sector Awaits the Next Big Announcement
Predicting the next Trump administration deal is far from straightforward. The Pfizer agreement reportedly caught the industry off guard, though several companies are keen to secure favorable treatment amid ongoing tariff threats.
Following the Pfizer deal, pharmaceutical shares surged, with Eli Lilly seeing the largest gains and AstraZeneca close behind. Other firms such as Novo Nordisk, Pfizer, and Novartis lagged in performance.
Sources told Reuters that the U.S. government is pursuing agreements across multiple industries, including pharmaceuticals, and that senior officials are in frequent contact with top executives.
Gareth Powell, head of healthcare at Polar Capital, believes a Lilly announcement could come first, followed by AstraZeneca.
Last month, Eli Lilly confirmed plans to invest $5 billion in a new Virginia facility as part of a $27 billion U.S. expansion over the next five years. Several other pharmaceutical giants — including AstraZeneca, Pfizer, Novartis, and Johnson & Johnson — have also pledged new U.S. investments this year.
Both Lilly and AstraZeneca were among 17 major drugmakers who received letters from President Donald Trump in July, urging them to reduce drug prices to match international levels.
Powell noted that Trump maintains close ties with the CEOs of Lilly, Pfizer, and Regeneron, suggesting these companies may be favored in upcoming negotiations.
