Following through on its commitment to promote lower drug costs, the Trump administration announces that pharmaceutical and biotech companies will be required to disclose prices in television commercials for medications covered by Medicare that cost more than $35 for a month's supply (meaning all new drugs).
HHS Secretary Alex Azar says the new standard will go into effect in 60 days.
No word yet from biopharma firms, but investors should expect a lack of enthusiasm from the group.
Selected tickers: Amgen (AMGN), Biogen (BIIB +0.5%), Gilead Sciences (GILD -1.1%), AbbVie (ABBV +0.2%), Merck (MRK +0.3%), Pfizer (PFE -0.3%), Bristol-Myers Squibb (BMY -0.1%), Novartis (NVS +0.5%), GlaxoSmithKline (GSK +0.4%), AstraZeneca (AZN +1.4%), Teva Pharmaceutical Industries (TEVA -2%), Johnson & Johnson (JNJ +0.1%), Eli Lilly (LLY +1.1%)
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