The U.S. Centers for Medicare & Medicaid Services released its second list of negotiated drug prices under the Inflation Reduction Act, laying out adjusted maximum fair prices for 15 medicines and signaling steeper discounts than earlier rounds. CMS said the adjustments would have reduced net spending by roughly 44% had they applied in 2024. Industry reaction is swift: some firms see material P&L impact while others may be spared. The pricing release intersects with ongoing payer negotiations and could reshape launch strategies and patient access.