Yesterday, President-elect Donald Trump held a press conference that had everyone talking. During the conference, Trump spoke about pharmaceutical companies and said that they were “getting away with murder” when it came to high drug prices and the companies’ tax inversions. As a result, this didn’t fare too well with the companies.
After Trump’s criticism, nine of the biggest pharmaceutical companies by market cap on the S&P 500 lost about $24.6 billion in a mere 20 minutes as reported by Fortune. The list includes Johnson & Johnson, Pfizer, Merck, Amgen, AbbVie, Bristol-Meyes Squibb, Gilead, Celgene, and Eli Lilly.
It’s reported that shares of Celgene have dropped 3.5% since Wednesday afternoon; Johnson & Johnson fell 1.61%; Bristol-Meyers fell 5.5%; Pfizer went down 2.75%; Merck went up 1.67%; Amgen fell 2.27%; AbbVie went down 4.2%; Gilead went down 2.3% and Eli Lilly dropped 2.6%.
One thing to note is that Merck’s stock has managed to rise despite the effect of Trump’s speech because the FDA announced it was speeding up the review of a lung-cancer treatment.