During the closely contested U.S. Senate race in New Hampshire, Democratic Representative Chris Pappas has repeatedly criticized his Republican rival, former Senator John E. Sununu, alleging that he accumulated immense wealth through ties to the pharmaceutical sector.
During an October 13 debate, Pappas asserted, “Now, Sen. Sununu voted with Big Pharma when he was in office. He voted to keep prescription drug prices high, and then, after he was defeated, he went and cashed in, working for these same corporate special interests, earning up to $35 million dollars.”
Official financial disclosures indicate Sununu’s current net worth falls between $7.9 million and $36.3 million, representing a substantial increase since his departure from the Senate in January 2009. Records reveal that approximately $5 million of this total originated from a prominent medical technology firm. Yet, even if one classifies medical device manufacturers under the umbrella of “Big Pharma,” Pappas’ claim that Sununu raked in “up to $35 million” from the industry relies on a selectively maximized figure.
Sununu’s campaign declined requests for comment regarding this matter.
The Origin of the $35 Million Figure
As part of his ongoing Senate campaign, Sununu submitted two required financial disclosure reports, one covering 2025 and another for 2026.
While these documents show a maximum potential net worth of roughly $35 million, Pappas presents this metric without necessary context.
Federal disclosure rules require candidates to report earned income, investment portfolios, and real estate holdings—adjusted for liabilities—by placing them into broad monetary ranges rather than exact sums.
Following a review of these filings, WMUR-TV noted that Sununu’s total assets span anywhere from $7.9 million to $36.3 million. By utilizing only the absolute peak of that spectrum, Pappas selected a figure more than four times larger than the minimum estimate.
Back in 2009, prior to leaving Capitol Hill, Sununu reported assets valued between $297,000 and $855,000. Pappas calculated his $35 million claim simply by subtracting the highest-end estimate from 2009 ($855,000) from the highest-end estimate in the 2026 filings ($36.3 million).
This financial expansion highlights that Sununu has prospered since leaving elective office, engaging in lucrative post-Senate work as a corporate director, an advisor at a major law firm (despite not being an attorney), and a consultant across various profitable industries.
It is commonplace for former lawmakers to leverage their legislative expertise in the private sector. Former senators naturally possess valuable institutional knowledge sought after by firms navigating federal policymaking.
Additionally, Sununu held a long-standing position on the board of Boston Scientific, a major medical device manufacturer, alongside advisory roles with financial entities like TAP Advisors dating back to 2016.
Sununu’s Actual Earnings From Health Care and Pharma Interests
Between 2009 and 2024, Sununu served on Boston Scientific’s board. Public corporate filings show he collected approximately $1.8 million in board fees over those 15 years, supplemented by nearly $3 million in stock grants, totaling roughly $4.8 million.
While opinions may vary on whether a medical technology company strictly belongs to the pharmaceutical category, the $4.8 million generated here illustrates the pitfalls of treating the maximum end of financial disclosure brackets as a definitive $35 million windfall.
Senate disclosure documents place Sununu’s holdings in Boston Scientific stock between $5 million and $25 million. It is possible Sununu acquired additional shares independently, bridging the gap between the $3 million reported in corporate filings and the $5 million baseline listed in the Senate report.
Nevertheless, Pappas’ narrative relies entirely on the ceiling of that Senate disclosure bracket—$25 million—rather than the $5 million floor. Because Boston Scientific represents the single largest asset on that form, this $25 million estimate serves as the primary pillar for Pappas’ $35 million claim. However, standard regulatory paperwork indicates his actual equity stake may lean much closer to the lower boundary.
On a separate note, his disclosures reveal direct investments in traditional pharmaceutical stocks valued between $110,012 and $425,000, featuring companies such as Pfizer, Merck, AbbVie, Johnson & Johnson, AstraZeneca, and Bristol Myers Squibb.
The Role of His Law Firm Association
In 2010, the prominent law firm Akin Gump Strauss Hauer & Feld LLP announced Sununu’s appointment as an adjunct senior policy adviser. Available records contain no evidence that he ever registered as a federal lobbyist, a legal requirement for individuals directly lobbying lawmakers or congressional staff. Large law firms frequently employ non-lawyers and non-lobbyists to guide corporate clients on strategic matters. Sununu maintained an association with the firm for roughly a decade.
The progressive digital platform Meidas Touch highlighted that between 2010 and 2019, Akin Gump brought in $10.3 million in lobbying revenue from pharmaceutical interests, including major players like Pfizer, Gilead Sciences, Bayer, and the industry trade group PhRMA. While striking at first glance, this figure lacks perspective given the breadth of the firm’s broader clientele.
A look at the firm’s diverse lobbying roster reveals a vast array of organizations—ranging from the AARP and Accenture to Adobe, Amazon, American Airlines, and various corporate and municipal entities—demonstrating that pharmaceuticals represent only a fraction of their overall practice.
Our Evaluation
Pappas claimed that Sununu profited heavily off “Big Pharma,” amassing “up to $35 million.”
While Sununu’s congressional tenure undoubtedly paved the way for lucrative advisory roles, corporate board seats, and consulting agreements—generating at least $5 million from Boston Scientific alone—the method used to reach the $35 million figure is misleading.
Pappas based his upper-limit calculation on the absolute peak of Sununu’s financial disclosure range while ignoring the minimum threshold of $7.9 million. Even though his documented earnings of roughly $5 million from medical devices form a notable share of his post-Senate portfolio, it falls far short of the $35 million assertion. Because the statement contains a kernel of truth while omitting vital context that alters the overall picture, we rate it Mostly False.