European pharma stocks down after Trump moves to cut prices; Novo slumps 7%

Shares in major European drugmakers slip on Monday after U.S. President Donald Trump said he would sign an executive order on reducing prescription drug and pharmaceutical prices

A basket of European healthcare stocks .SXDP falls 3.2%, the most on the STOXX 600 .STOXX index, which is up 1%

Shares in Novo Nordisk NOVOb.CO fall around 7%, also under pressure after latest data from U.S. competitor Eli Lilly LLY.N, which said on Sunday its drug Zepbound was superior to Novo's Wegovy across five weight-loss targets

Other healthcare heavyweights GSK GSK.L, Roche Holding ROG.S, Sanofi SASY.PA, AstraZeneca, AZN.L are down 2%-5.5%