Wall Street Shrugs Off Senate Drug-Price Hearing: Pharma Update
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Top executives from seven of the world’s biggest drug companies are testifying before Congress Tuesday to talk about drug costs, a long-awaited session that could kickstart legislation to rein in prices. Appearing before the Senate Finance Committee are representatives from Sanofi, AbbVie Inc., AstraZeneca Plc, Bristol-Myers Squibb Co., Johnson & Johnson, Merck & Co. and Pfizer Inc.
Investors in large-cap drugmakers were largely unfazed by remarks from senators including Iowa’s Charles Grassley and Oregon’s Ron Wyden, with a basket of the most notable companies performing in line with the broader market.