Pfizer (PFE), AstraZeneca (AZN), Johnson & Johnson (JNJ), and other drug company shares fell in Monday's premarket activity after US President Donald Trump vowed to sign an executive order to reduce prescription drug prices for Americans.
"We are going to do the right thing," Trump wrote Sunday on his Truth Social account. "I will be signing one of the most consequential Executive Orders in our Country's history. Prescription Drug and Pharmaceutical prices will be REDUCED, almost immediately, by 30% to 80%."
Novo Nordisk (NVO) shares were down around 3.8% pre-bell, while Pfizer shares were down nearly 3.5%, AstraZeneca shares dropped 2.7%, and Johnson & Johnson declined 2.6%.
Bristol-Myers Squibb (BMY) and Merck (MRK) both fell 2.4%, Eli Lilly (LLY) was down 2.2%, and GSK (GSK) around 2%.
Trump said he will institute a policy whereby the US will pay the same price for prescription drugs as the lowest price anywhere in the world.
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