Image: Pfizer CEO Albert Bourla joined President Trump at the White House on Sept. 30 to announce a voluntary effort to reduce some drug prices. Pfizer was the first of 16 companies to announce a deal with the Trump administration, but the details remain under wraps. Win McNamee/Getty Images

Since September, 16 major drug companies have inked deals with the Trump administration to lower prices. But in January — the time of year when pharmaceutical companies typically roll out price hikes — all 16 companies released higher list prices for some of their drugs.

The agreements, nicknamed “most favored nation” deals, were aimed at getting lower prices for American consumers and pushing other wealthy countries to pay higher prices for new drugs.

But drug companies, including the 16 that made deals, raised the prices of 872 brand-name drugs in the first two weeks of 2026, according to a new analysis by 46brooklyn, a drug price research firm.

The drugs with price hikes included medicines to treat cancer, heart failure and Type 2 diabetes. The price of some COVID shots also went up.

“The real truth serum is what’s happening in the marketplace after those deals occur,” says Antonio Ciaccia, CEO of 46brooklyn, a nonprofit that tracks the list prices of prescription medications. “January is prime time for list price changes on brand-name drugs. So in examining where we are today, we’re pretty much in line with the last few years.”

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