CMS Announces Selection of Drugs for Third Cycle of the Medicare Drug Price Negotiation Program

February 12, 2026

Medicare

On Jan. 27, CMS announced the 15 drugs selected for the third cycle of negotiations under the Medicare Drug Price Negotiation Program. This is the first negotiation cycle for which Part B drugs were eligible to be selected in addition to Part D drugs. The drugs selected treat conditions such as asthma, Type-2 diabetes, arthritis, and cancer: Anoro Ellipta, Biktarvy, Botox/Botox Cosmetic, Cimzia, Cosentyx, Entyvio, Erleada, Kisqali, Lenvima, Orencia, Rexulti, Trulicity, Verzenio, Xeljanz/Xeljanz XR, and Xolair.

According to CMS, these drugs accounted for $27 billion in total expenditures under Medicare Part B and Part D, or about 6% of total expenditures under Medicare Part B and Part D, between Nov. 1, 2024 and Oct. 31, 2025. The negotiation period will continue through Nov. 1, with CMS expected to publish any negotiated maximum fair prices (MFPs) by Nov. 30. The new MFPs will go into effect on Jan. 1, 2028.

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