Big pharma valuations mostly held steady as CMS released its list of the first 10 drugs subject to Medicare negotiations under the Inflation Reduction Act, which held few surprises and included products nearing the end of their patent lives by the time negotiated pricing takes effect.

Highly anticipated list will determine the Medicare Part D drugs subject to negotiated prices in 2026. Under the law, the list cannot be subject to administrative or judicial review, so the stakes are high. As patent and sales statuses shift, the Pink Sheet offers a baker's dozen of possible drugs.

The final guidance on the Medicare drug price negotiation program also addresses complaints that the government may violate the uncompensated ‘takings’ clause of the Fifth Amendment of the US Constitution in the way it considers remaining patents and exclusivities for negotiated drugs.