Health-care companies rose sharply after President Trump signed an executive order designed to lower what Americans pay for prescription drugs that offered pharmaceutical companies room for negotiation, quelling fears about price caps.
Moderna, Merck, Pfizer, Bristol-Myers Squibb, Eli Lilly and Novo Nordisk were among the gainers.
Lilly said its Zepbound obesity drug helped patients reduce their waist size by an extra two inches compared to those on Novo Nordisk's Wegovy in a head-to-head study of the two drugs.
German pharmaceutical company Bayer plans discontinue the production of active ingredients of crop protection products at its Dormagen site, which are available at lower prices on the global market, resulting in 200 job cuts.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
May 12, 2025 17:20 ET (21:20 GMT)
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