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News
A new congressional report reveals Trump's pharmaceutical stock holdings grew from $1.7M to $56.2M after he returned to office — with tens of millions tied to drugmakers shielded from Medicare price negotiations by a Republican-backed law he signed. Democrats are calling it a conflict of interest, while the White House insists the portfolio is independently managed.
A report from the Joint Economic Committee's Democratic minority arm is raising conflict-of-interest concerns over President Trump's pharmaceutical investments. According to the findings, Trump's pharma stock holdings grew from a maximum of $1.7 million in 2024 to as much as $56.2 million by the end of 2025 — with up to $39.1 million in companies that directly benefited from Medicare drug negotiation exemptions included in Republicans' 2025 tax and spending law.
The report found that Trump's portfolio purchased up to $2.55 million in shares of exemption-benefiting pharma companies on three dates before he signed the legislation — including up to $950,000 on the very day the Senate passed the bill. His holdings include stock in Merck and Bristol Myers Squibb, makers of cancer drugs Keytruda and Opdivo, respectively. The White House maintains the portfolio is independently managed by third-party financial institutions with no input from Trump or his family.
By the Numbers:
Why it matters: The orphan drug exemption expansion could mean higher out-of-pocket costs for Medicare beneficiaries on some of the most expensive cancer drugs — while critics argue the policy conveniently benefits companies in which Trump holds significant financial stakes.
