Pharmaceutical Stocks Tumble on Trump Plan to Cut US Drug Prices
This article is for subscribers only.
Shares of pharmaceutical companies fell across the world after US President Donald Trump said he planned to order a cut in US prescription drug costs to bring them in line with other countries, prompting concern that profits will take a hit.
European drugmakers including Novo Nordisk A/S, AstraZeneca Plc and Roche Holding AG slid, missing out on a broader rally, while in Asia, the pharmaceuticals subgroup in Japan’s Topix Index posted its biggest one-day loss since August. Shares in US drugmakers were also weaker, with Eli Lilly & Co., Pfizer Inc., Bristol-Myers Squibb Co. and Merck & Co. Inc. all down in premarket trading in New York.