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| Top UK and European pharmaceuticals lose £11.6bn after Donald Trump press conference | Top UK and European pharmaceuticals lose £11.6bn after Donald Trump press conference |
| (about 2 hours later) | |
| Donald Trump’s scathing comments about the pharmaceutical industry, that wiped billions of dollars off the US healthcare market on Wednesday, are sending shockwaves through the sector on this side of the pond on Thursday. | Donald Trump’s scathing comments about the pharmaceutical industry, that wiped billions of dollars off the US healthcare market on Wednesday, are sending shockwaves through the sector on this side of the pond on Thursday. |
| In his first media conference since November’s vote, the president-elect on Wednesday accused US firms of “getting away with murder”. | In his first media conference since November’s vote, the president-elect on Wednesday accused US firms of “getting away with murder”. |
| Almost $25 billion was wiped off the value of US pharma companies and close to £11.6bn was shaved off the value of their European counterparts in morning trade a day later. Investors are concerned that Mr Trump could introduce policies that will adversely affect the global healthcare market. | |
| In the UK, shares in AstraZeneca were recently down more than 1 per cent, while shares in GlaxoSmithKline fell by almost as much. Dublin-based Shire, which specialises in drugs for attention deficit disorders and rare diseases, saw its shares fall 3.5 per cent. | In the UK, shares in AstraZeneca were recently down more than 1 per cent, while shares in GlaxoSmithKline fell by almost as much. Dublin-based Shire, which specialises in drugs for attention deficit disorders and rare diseases, saw its shares fall 3.5 per cent. |
| In continental Europe, shares in Switzerland’s Novartis were down by nearly 3 per cent, while Tamiflu-maker Roche saw its shares fall around 2 per cent. That took the Stoxx Europe 600 Health Care index to a loss for the day of over 2%, extending its weekly decline to just over 3 per cent. | In continental Europe, shares in Switzerland’s Novartis were down by nearly 3 per cent, while Tamiflu-maker Roche saw its shares fall around 2 per cent. That took the Stoxx Europe 600 Health Care index to a loss for the day of over 2%, extending its weekly decline to just over 3 per cent. |
| Jake Robbins, global equity fund manager, said: "Healthcare has been regarded as a growth sector due to favourable demographics driving growing demand, but pricing pressure will hit revenues, margins and earnings making the sector less attractive than previously believed.” | |
| Shares in Johnson & Johnson, Pfizer, Merck, Amgen, AbbVie, Bristol-Myers Squibb, Gilead, Celgene and Eli Lilly, all fell between 1 and over 5 per cent on Wednesday. | Shares in Johnson & Johnson, Pfizer, Merck, Amgen, AbbVie, Bristol-Myers Squibb, Gilead, Celgene and Eli Lilly, all fell between 1 and over 5 per cent on Wednesday. |
| Speaking to members of the press for the first time since swinging to victory in hotly contested election battle in November, Mr Trump said: “We have to get our drug industry coming back. Our drug industry has been disastrous.” | Speaking to members of the press for the first time since swinging to victory in hotly contested election battle in November, Mr Trump said: “We have to get our drug industry coming back. Our drug industry has been disastrous.” |
| “They supply our drugs but they don't make them here, to a large extent. And the other thing we have to do is create new bidding procedures for the drug industry, because they're getting away with murder”. | “They supply our drugs but they don't make them here, to a large extent. And the other thing we have to do is create new bidding procedures for the drug industry, because they're getting away with murder”. |
| Mr Trump, who takes office in eight days, suggested during his press conference that there should be price controls. | Mr Trump, who takes office in eight days, suggested during his press conference that there should be price controls. |