2025 Drugs to Watch: Key Medications Shaping Pharmacy Benefits 

Pharmacy benefits are at an inflection point. While GLP-1 medications continue to dominate the headlines, 2025 is introducing new challenges and opportunities for plan sponsors, particularly in inflammatory conditions, oncology, pain management, and biosimilar adoption. 

Several high-impact drugs will reshape cost dynamics, utilization trends, and formulary decision-making in the coming year. Benefits advisors and employers must stay ahead of these trends to manage rising costs, formulary placement decisions, and long-term pharmacy benefit sustainability. 

Drugs to Watch in 2025

1. Stelara® (ustekinumab) and Biosimilars 

Stelara – widely used for Crohn’s disease, ulcerative colitis, and plaque psoriasis – lost U.S. patent exclusivity in 2023, but biosimilar competition was delayed due to legal settlements. Now, seven FDA-approved biosimilars are set to enter the market in 2025.  

As of Feb. 28, Wezlana (Amgen), Selarsdi (Alvotech and Teva), Yesintek (Biocon Biologics), and Pyzchiva (Sandoz) have all launched already. 

What You Need to Know 

• Biosimilar discounts could reach up to 80%, potentially leading some pharmacy benefits managers (PBMs) to exclude the originator product from formularies. 
• Stelara was selected for the first round of Medicare price negotiations, which could put pressure on commercial plans to follow suit. 
• Formulary status, interchangeability, and provider awareness will influence the real-world uptake of Stelara biosimilars. 

2. Bimzelx® (bimekizumab-bkzx) 

Approved in late 2024, Bimzelx expands the IL-17A and IL-17F inhibitor class, treating psoriasis, psoriatic arthritis, and hidradenitis suppurativa (HS) – a condition with few existing therapeutic options beyond Humira and Cosentyx. 

What You Need to Know 

• With an average wholesale price (AWP) of more than $117,000 per year, formulary strategies will be critical to containing costs. 
• Biosimilar-first approaches may reduce utilization if PBMs favor lower-cost Humira biosimilars over new branded competitors.
• Plan sponsors must evaluate whether Bimzelx replaces or competes with existing preferred agents in inflammatory disease formularies.  

3. Rezdiffra® (resmetirom) 

Rezdiffra was the first FDA-approved treatment for noncirrhotic non-alcoholic steatohepatitis (NASH) with liver fibrosis, a rapidly growing condition linked to metabolic syndrome. 

What You Need to Know 

• With an AWP of more than $57,000 per year, it enters a market with no previous direct competitors, meaning demand could be high.
• PBM classification varies, as ESI is the only PBM to classify this as a specialty drug. CVS and Optum both consider it non-specialty. 
• Employers should monitor limited distribution challenges, as specialty designation could create accessibility issues. 

4. Prolia®/Xgeva® (denosumab) and Biosimilars 

With combined U.S. sales exceeding $9 billion in 2023, these bone-targeting therapies have been significant cost drivers in oncology and osteoporosis treatment. 

What You Need to Know 

• The first biosimilars – Wyost and Jubbonti – have been FDA-approved, and more are expected to launch later in the year. 
• Biosimilars could drive cost savings, particularly within Medicare Part B, but formulary placement will dictate real-world impact.
• Employers must evaluate whether biosimilars will be covered at parity with the originator drug to fully realize cost savings.

5. Suzetrigine (approved Jan. 30, 2025) 

Suzetrigine is the first new non-opioid analgesic class for acute pain in more than 20 years. However, as with any newly approved medication, long-term efficacy and safety data are still emerging, and its real-world impact remains to be seen. 

What You Need to Know 

• This has the potential to reduce opioid utilization, particularly in post-surgical and injury-related pain management.
• Affordability may encourage rapid uptake, but plan sponsors must monitor prescribing patterns and utilization trends. 

What’s Next

While these individual drugs will shape cost and utilization trends, the bigger picture involves shifts across entire drug classes. Biosimilars, novel therapies, and evolving PBM strategies will impact multiple treatment areas, from inflammatory conditions to weight loss medications.  

In Part Two, we’ll explore how these broader therapeutic categories will define the pharmacy benefits landscape in 2025. 

For a deeper dive into pharmacy benefits optimization strategies, explore The Definitive Guide to Optimizing Pharmacy Benefits.