Trump’s Maximum Reported Pharma Holdings Reached $56.206 Million in 2025

Donald Trump’s maximum reported pharmaceutical stock holdings rose to $56.206 million in 2025 as an expanded Medicare exception for certain rare-disease drugs is set to apply to price years beginning in 2028.

The equivalent maximum for 2024 was $1.72 million, making the year-over-year increase 3,168%. Companies with drugs affected by the exception accounted for as much as $39.1 million of the 2025 total. The affected list includes 19 Medicare Part B and Part D drugs.

Annual financial disclosures list asset values in ranges, so these totals use the top of each band and are not precise portfolio valuations. Johnson & Johnson had the largest listed position, with a maximum value of $12.852 million, followed by Merck at $11.8 million, Eli Lilly at $11.2 million and AbbVie at $7.8 million.

The One Big Beautiful Bill Act, which Trump signed July 4, 2025, broadened Medicare’s existing orphan-drug exclusion for certain rare-disease treatments. The revised exception can cover drugs designated for one or more rare diseases and changes the timing rule for medicines that later receive a non-orphan indication. The changes apply to initial price applicability years beginning on or after Jan. 1, 2028, and do not affect the 2026 or 2027 price years. Medicare’s first negotiated drug prices took effect in 2026 under the program established by the 2022 Inflation Reduction Act.

A modeled comparison estimated $5,245 more in annual out-of-pocket costs for a person receiving Keytruda than under a hypothetical 33% Medicare price reduction. That assumed reduction reflects average savings in the first two negotiation rounds. The calculation used traditional Medicare Part B data and excluded Medicare Advantage, so the figure is an estimate rather than an observed bill.

Sen. Maggie Hassan, the committee’s ranking member, said, “It’s outrageous and yet typical from this President, who makes the American people foot the bill again and again for his own gains.”

The disclosures show holdings and transaction ranges, but do not establish whether Trump directed individual trades or realized gains as a result of the Medicare provision. The reported increase alone does not show that the law caused investment profits.