Gilead Sciences (GILD) saw its stock plummet 5.02% in intraday trading on Tuesday, as President Donald Trump signaled he would make an announcement next week on the cost of medicines. The biotech giant's shares fell alongside other major drugmakers amid renewed concerns about potential pharmaceutical tariffs and pricing pressures.

Trump told reporters at the White House that the U.S. was being "ripped off on medicine costs" compared to the rest of the world. He also mentioned plans to announce pharmaceutical tariffs over the next two weeks, raising investor anxiety about the potential impact on drug companies' profits.

The news sent shockwaves through the healthcare sector, with the S&P 500 healthcare index falling 1.5%. Other major pharmaceutical companies also saw significant declines, with Eli Lilly and AbbVie down 3% each, Merck falling 2.5%, and Amgen dropping 2.2%.

While the specific details of Trump's upcoming announcement remain unclear, the market reaction reflects ongoing concerns about potential government intervention in drug pricing. Investors will be closely watching for further developments, as any significant changes to pricing policies could have far-reaching implications for Gilead Sciences and the broader pharmaceutical industry.