Brand drug list prices rose 3.7% in 2025, but net prices fell 1.8%. The GTN bubble is estimated to be $416 billion for 2025. --- We’re revisiting Adam Fein's analysis this week as we put the finishing touches on the 2026-27 Economic Report on Pharmaceutical Wholesalers and Specialty Distributors. Grab your copy here! drugch.nl/wholesale --- Adam breaks down gross-to-net pricing trends across eight large brand-name manufacturers for 2025 in the blog rerun this morning. Nearly every manufacturer in this analysis had net price growth at or below U.S. consumer inflation of 2.6%. Among the three manufacturers that disclosed average discount data, the average reduction from list price was 51.7%. The gross-to-net bubble is still expanding, but at its slowest rate on record. Sanofi's numbers are particularly insightful as the most detailed and show the beginning of the Net Pricing Drug Channel (#NPDC). Read the full analysis here 👉🏻 drugch.nl/3TIjC0n