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From the corporate jets of Teterboro Airport to the crowded halls of the J.P. Morgan Healthcare Conference, it’s a good time to be a pharmaceutical executive.
After months of fear, anxiety, and frantic negotiation, the men and women who run the world’s largest drugmakers are striding into 2026 newly unencumbered as they descend on San Francisco next week for JPM, as it’s known. President Trump, who began his second term with sharp words and escalating demands for the industry to lower its prices, has become a vocal supporter. And thanks to a series of White House photo-ops, presidential handshakes, and agreements with drugmakers, the risk of destabilizing tariffs and painful pricing policies appears to be off the table, giving Big Pharma its warmest investor reception since the height of the Covid-19 pandemic.
“It seems like the relentless noise is over,” said Jared Holz, health care strategist at Mizuho Securities. “For the first time in maybe five years, drug pricing is going to be much more muted in the conversation.”
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