Donald Trump raised stakes in drug companies gaining from medicare exemptions, say Democrats

Investments in pharmaceutical companies made on behalf of President Donald Trump increased significantly after he returned to the White House last year, with his portfolio adding millions of dollars in stock in firms that benefited from a Republican-backed law that shields certain medications from Medicare price negotiations, according to a report from congressional Democrats.

The report, released Friday by the Joint Economic Committee's minority arm, found that Trump's pharmaceutical stock holdings grew from a maximum reported value of $1.7 million in 2024 to as much as $56.2 million at the end of 2025. The report said that included up to $39.1 million worth of stock held in companies that benefited from exemptions to Medicare's drug price negotiation program, which came through a provision in Republicans' 2025 tax and spending law.

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Additional analysis of Trump's financial disclosures provided by committee Democrats showed that his investment portfolio bought as much as $2.55 million in shares of pharmaceutical companies benefiting from the exemptions on three dates before he signed the legislation in July 2025. That included up to $950,000 in purchases on July 1, 2025, the day Senate passed the bill. His portfolio also bought as much as $1 million in AbbVie stock in August 2025, after the bill became law.

The president's wealth has grown since he took office last year through a web of business interests, many of which have benefited from the policy moves of his administration.