DRAIN THE SWAMP
Close to $25bn was wiped off the value of the S&P 500’s top nine pharmaceutical companies in a matter of minutes on Wednesday, after President-elect Donald Trump accused them of “getting away with murder.”
Shares in Johnson & Johnson, Pfizer, Merck, Amgen, AbbVie, Bristol-Myers Squibb, Gilead, Celgene and Eli Lilly, all fell between 1 and over 5 per cent immediately after the comments before rebounding slightly. Shares in carmakers also sold off on separate comments from Mr Trumps.
The Nasdaq Biotechnology Index ended the trading session down almost 3 per cent cutting its gains for the year to under 5 per cent.
Shares in Viagra-maker Pfizer, one of the world’s largest pharmaceutical companies, ended the day almost 2 per cent lower, wiping nearly $5bn off the company’s market value. Hardest hit was Bristol-Myers Squibb. Shares in the maker of blood-thinning drug Coumadin fell 5.3 per cent on the day.
Speaking to members of the press for the first time since swinging to victory in hotly contested election battle in November, Mr Trump said: “We have to get our drug industry coming back. Our drug industry has been disastrous.”
Speaking about the individual companies, he said “they're leaving left and right.”
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