US Drug Pricing Monitor "UBS Evidence Lab inside: Generic Sell-Side Prices..."

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US Drug Pricing Monitor "UBS Evidence Lab inside: Generic Sell-Side Prices..."

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US Drug Pricing Monitor Equities

AmericasUBS Evidence Lab inside: Generic Sell-Side Prices

Decline ~13% Y/Y in 2Q26 Healthcare

Kevin Caliendo

Analyst

kevin.caliendo@ubs.com

Generic Sell-Side Px Deflates Further in 2Q26 vs. C1Q26 +1-212-713 3630

Andrea Alfonso

The average generic drug in the dataset (> Access Dataset) as of June 30th saw its sale Analyst

price (distributor sell-side price to retailers) decline -13.4% y/y in 2Q26 vs. -10.2% y/y in andrea.alfonso@ubs.com

1Q26, falling faster than the -9.1% in 4Q25 and the -7.8% in 3Q25. Importantly, our +1-212-713 1342

data provider observed that overall generic deflation has been consistent with prior Ashwani Verma

years when considering a typical pharmacy chain's or PBM's mix. In a given month, data Analyst

can be skewed by timing of generic introductions. In the 3rd UBS Virtual Generics & ash.verma@ubs.com

Biosimilar day Glass Box CEO pointed to over 12% deflation in the first months of 2026. +1-212-713 4059

Key drivers in the price reduction are generics like Farxiga, and Promacta (excluding Brett Gasaway

these two drugs the deflation rate is around 6%; please read note here). Additionally, Analyst

during our expert call with Saul Factor, it was highlighted that certain manufacturers are brett.gasaway@ubs.com

actively reducing Wholesale Acquisition Cost (WAC) pricing. This reflects a dynamic +1-212-713 4820

where fees linked to WAC have, in some cases, exceeded the true economic value of the

products, making pricing structures an increasingly competitive lever (please read note

here). Through June, we expect overall GRx pricing will be impacted by cuts to Revlimid,