Pfizer and the rest of the biopharmaceutical industry have faced significant uncertainty. This uncertainty is due to the Trump administration's threats of tariffs on pharmaceutical imports and plans to implement most-favored-nation (MFN) drug pricing, whereby patients in the U.S. would pay the same prices that are paid in other developed countries.

President Donald Trump announced a deal with Pfizer to lower drug prices for some Americans. The White House is also unveiling a TrumpRx website.

Pfizer's concessions look benign on its own earnings — but for peers, the deal is a red flag. UnitedHealth faces PBM margin risk, Eli Lilly gets a short-term pop with a long-term leash, and CVS may see its retail and PBM dominance chipped away.