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Pharma stocks drop on Trump quote to cut drug prices
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Many pharmaceutical stock prices dropped today after President-elect Donald Trump announced in an interview with Time magazine that he will attempt to bring down drug prices during his presidential term.
Trump noted in his interview with Time, which named him its Person of the Year for 2016, that he does not like what has happened with drug prices and would bring them down.
After his comments, the shares of drug stocks such as Valeant, AbbVie and Pfizer dropped between 3% and 5% as of Wednesday morning, Dec. 7, according to CNN.
As of this writing, Celgene was down 5.23%, Shire 4.4%, AbbVie 3.6%, Amgen 3.4% and Valeant 3.2%, to name a few.
While at the Forbes Healthcare summit last week, Brent Saunders, CEO of Allergan, said that “you’re fooling yourself” if you think Trump “isn’t a populist” and won’t “jump on the next EpiPen scandal.” The industry, Saunders said, has a “false sense of security” if it thinks Trump “won’t tweet against any company that does something like that,” according to Dow Jones Newswires. – by Robert Linnehan
References:
http://money.cnn.com/2016/12/07/investing/trump-drug-prices-time-man-year-biotech/index.html
http://time.com/time-person-of-the-year-2016-donald-trump/?iid=buttonrecirc