On October 15, 2026, the Democratic minority of Congress's Joint Economic Committee, led by Sen. Maggie Hassan, released a report built from Trump's annual financial disclosures. It found that his pharmaceutical holdings went “from as much as $1.7 million in 2024 to as much as $56.2 million in 2025.” The disclosures report values in ranges, so the figures are the top of each range. Johnson & Johnson was the largest holding, at a maximum of a little over $12 million, Fierce Pharma reported.
The report ties the purchases to the 2025 One Big Beautiful Bill Act, which included a provision known as the Orphan Cures Act that exempts drugs with multiple rare-disease uses from Medicare price negotiation. “In 2025, Trump held as much as $39.1 million in stock in the same Big Pharma companies that directly benefited from the giveaway,” the committee said, and it estimated the carveout will cost seniors thousands of dollars more for certain cancer drugs. The report says he has added as much as $3.5 million more in the first eight months of 2026. Hassan said, “It's outrageous and yet typical from this President, who makes the American people foot the bill again and again for his own gains.”
The White House says Trump does not pick the stocks. Spokesman Davis Ingle said the portfolio is “independently managed by third-party financial institutions,” and, “Neither President Trump nor any member of his family has any ability to direct, influence, or provide input regarding how the portfolio is invested or when investments are bought or sold.” Newsweek noted that the timing of the purchases “alone does not establish that Trump directed the purchases because of the legislation or traded on nonpublic information.” The report is a partisan analysis of disclosure ranges; what it documents is that a president who signed a law benefiting an industry held as much as tens of millions of dollars of that industry's stock.