Related Stories
Big Pharma Lost $24.6 Billion in 20 Minutes During Donald Trumps Press Conference
Key Excerpts from Article on Website of Fortune
Posted: March 6th, 2017
http://fortune.com/2017/01/11/donald-trump-press-conference-...
Pharmaceutical companies are "getting away with murder," President-elect Donald Trump said during his Wednesday press conference. 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. 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. For the most part, pharmaceutical executives were relieved when Trump won the election. That's because Hillary Clinton, the one-time Democratic presidential nominee, heavily criticized drug companies on the campaign trail. Big pharmaceutical executives hoped that Trump would not come down as hard on their industry. Even now, it seems investors aren't all that worried about Trump's press conference criticisms: The SPDR S&P Biotech ETF is still up nearly 9% since election day. Merck's stock has managed to stay in the green despite losses during Trump's speech, thanks to news that the Food and Drug Administration had decided to speed up the review of a one of its lung-cancer treatments.
Note: Yet less than a month later, Trump completely changed his tune to support big Pharma, as shown in this Chicago Tribune article. For more along these lines, see concise summaries of deeply revealing Big Pharma corruption news articles from reliable major media sources.
Related Stories
Latest News
Key News Articles from Years Past
