Big Pharma Lost $24.6 Billion in 20 Minutes During Donald Trump’s Press Conference.
Trump Breaking News Network - Big Pharma Lost $24.6 Billion in 20 Minutes During Donald Trump’s Press Conference.
Pharmaceutical companies are "getting away with murder," President-elect Donald Trump said during his Wednesday press conference — and the sector didn't get away unscathed.
After Trump mentioned drug prices and pharmaceutical companies' tax inversions, the nine biggest pharmaceutical companies by market cap on the S&P 500 shed roughly $24.6 billion in 20 minutes. That includes the market caps of Johnson and Johnson, Pfizer, Merck, Amgen, AbbVie, Bristol-Myers Squibb, Gilead, Celgene, and Eli Lilly.
The SPDR S&P Biotech exchange-traded fund, which tracks pharmaceutical stocks, fell nearly 4% in that time, while the iShares Nasdaq Biotechnology Index fell 3% in the same period. Granted, the loss in market cap for big pharma is small relative to companies' overall market cap — a 3% decrease from their combined $906.8 billion before Trump's speech.
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