WASHINGTON, D.C. — Senate Democrats released a report Thursday finding that pharmaceutical companies that signed drug pricing deals with President Donald Trump have raised the cost of hundreds of medications and launched new drugs at an average annual price of $353,000. The report was released by Sen. Bernie Sanders, I-Vt., the ranking member on the Senate Health, Education, Labor and Pensions Committee, ahead of a hearing focused on drug prices.

Trump has repeatedly said his deals with drugmakers would bring down prescription drug prices in the United States. Trump said the administration's "most favored nation" deals would lower U.S. drug prices to match those in other wealthy countries where drugs are often far less expensive. The White House publicized the deals but provided few details.

The report found that prescription drug prices have continued to climb, with increases covering gene therapies, cancer medications and multiple sclerosis drugs. Some blockbuster drugs saw list price hikes even as companies were negotiating or signing deals with the administration. The list price of Keytruda, a cancer treatment, rose by 6% to about $210,000 per year in the U.S., far higher than its price in countries like Japan.

As part of the deals, drugmakers agreed to offer some products at a discounted price for people paying with cash, not insurance, on TrumpRx.gov. The discounts offered on the site are separate from the drugs' list prices, and many of them are the same as those available on GoodRx.

White House spokesperson Kush Desai said Sanders' report fixates on prescription drug list prices, which he called meaningless because they do not reflect the actual purchase prices that patients pay at the pharmacy counter. The companies that signed pricing deals with Trump made a combined $107 billion in profits in 2024 and $177 billion in 2025, according to the report.

"One of the more frustrating aspects of recent drug pricing announcements has been the lack of transparency into the so-called deals that are being made by the administration," said Stacie Dusetzina, a health policy professor at Vanderbilt University. "In fact, once you dig into the details, it appears that the administration's efforts to date have mostly served to help drug companies," she added.