Drugmakers fall as Trump signals announcement on medicine costs

Shares of U.S drugmakers fall after President Trump signaled he would make an announcement next week on the cost of medicines

Shares of Eli Lilly LLY.N and Abbvie ABBV.N fall 3% each, Merck MRK.N down 2.5%, Gilead GILD.O slip 2.4%, Amgen AMGN.O down 2.2%, Pfizer PFE.N fall 1.7%

The S&P 500 healthcare sector .SPXHC falls 1.5%

Trump said to reporters gathered at the White House the U.S. was being ripped off on medicine costs when compared to the rest of the world

He also said that he plans to announce pharmaceutical tariffs over the next two weeks

Trump's recent comments imply that pharma-specific tariff proposals are coming, but may not be as bad as expected, Jefferies says