Walmart says MFN drug‑pricing policy shaved about 80 basis points from U.S. comps; larger hit expected next year

Walmart told investors at a Bank of America meeting that U.S. pharmacy price cuts tied to the MFN policy are a measurable headwind to comparable‑store sales now and will deepen next year as additional drugs are covered.

In this brief: 2 sections 1 min read

- Walmart confirmed MFN removed about 80 basis points from U.S. same‑store sales growth in the quarter.
- Company expects an ~80‑basis‑point hit in H2 2026 and about a 125‑basis‑point hit in 2027 as more GLP‑1 drugs come under the policy.
- Management said the health and wellness (pharmacy) headwind will affect overall sales for the next six quarters.
- Walmart runs one of the largest pharmacy networks, so mandated price cuts depress sales even if prescription volumes remain stable.
- Management highlighted the pharmacy impact alongside other near‑term pressures such as fuel and operating costs.
- BofA noted the pharmacy issue will persist through 2027 and could weigh on comparable‑sales trends.

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