04:17 AM EST, 01/03/2025 (MT Newswires) -- (Updates with response from Bristol-Myers Squibb ( BMY ) in the fourth and fifth paragraphs.

Drugmakers including Pfizer ( PFE ) , Bristol-Myers Squibb ( BMY ) and Sanofi ( SNY ) plan to raise US list prices on at least 250 branded medications, including COVID-19 treatments, cancer cell therapies and vaccines, at the start of 2025, Reuters reported Tuesday, citing data from the healthcare research firm 3 Axis Advisors.

Most of the price hikes are below 10% and are to list prices, which do not include rebates and discounts, the report said. The median price increase is 4.5%, according to the report.

Some drug list prices will decrease, including Merck's ( MRK ) diabetes drugs Januvia and Janumet, the report said.

A Bristol-Myers Squibb ( BMY ) spokesperson said by email that the company was "committed to achieving unfettered patient access to our potentially life-saving medicines and our approach to pricing prioritizes the value our medicines deliver for patients, healthcare systems, and society."

The company also said "most patients will not pay the list price for their medication," adding that the list price "does not reflect the meaningful discounts provided to insurance companies, pharmacy benefit managers, and other purchasers."

Pfizer ( PFE ), Merck ( MRK ), and Sanofi ( SNY ) did not immediately reply to MT Newswires' requests for comment.

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