Trump's pharma portfolio explodes in value

President Donald Trump's pharmaceutical stock holdings grew from a maximum reported value of $1.7 million in 2024 to as much as $56.

Most gains tied to Medicare exemptions

The report found that up to $39.1 million of Trump's pharmaceutical gains came from companies that benefited from exemptions to Medicare's drug price negotiation program, which came through a provision in Republicans' 2025 tax and…

Purchases timed around Senate passage

Trump's portfolio bought as much as $2.55 million in pharmaceutical company shares benefiting from exemptions on three dates before he signed the legislation in July 2025, including up to $950,000 on July 1, 2025, the…

White House denies conflict of interest

White House spokesperson Davis Ingle said Trump's stock and bond portfolio is independently managed by third-party financial institutions. Neither Trump nor any family member has ability to direct or influence investments, Ingle said.

“Neither President Trump nor any member of his family has any ability to direct, influence, or provide input regarding how the portfolio is invested or when investments are bought or sold.”

Exemptions could cost Medicare patients

The report estimated that Medicare beneficiaries receiving cancer drugs Keytruda, manufactured by Merck, and Opdivo, by Bristol Myers Squibb, could pay roughly $5,000 more annually than if Medicare negotiated prices.

Democrats call findings outrageous

Democratic Senator Maggie Hassan, who leads the Joint Economic Committee's minority arm, called the report's findings outrageous and typical of a president who makes Americans foot the bill for his own gains.

“outrageous and yet typical from this president, who makes the American people foot the bill again and again for his own gains.”

Portfolio continues buying pharma stocks

Trump's portfolio continued to buy and sell pharmaceutical company stocks throughout the first eight months of 2026, adding as much as $3.5 million in stock wealth in the sector.