U.S. drugmakers fall on Trump plan to cut drug prices

Shares of U.S. drugmakers fall between 2% and 3% premarket after President Donald Trump pledged to slash prescription prices by about 30%–80%, which aligns with price levels paid by other wealthy nations

President Trump said he would sign an executive order on Monday morning to pursue "most favored nation" pricing, or international reference pricing

Shares of Eli Lilly LLY.N fall 2%, Bristol Myers Squibb BMY.N fall 2.2%, Merck MRK.N fall 1.9%, Amgen AMGN.N fall 2.6%, Gilead GILD.O down 3% and Pfizer PFE.N fall 3% premarket

The drugmakers expect the order to apply to a universe of drugs beyond those currently subject to negotiation under former President Joe Biden's Inflation Reduction Act

"Actual details matter and given significant challenges to any actual implementation, we predict a buying opportunity" - brokerage Jefferies

Up to last close, LLY down 4.9%, BMY down 17.9%, MRK down 23.6%, AMGN up 2%, GILD up 4.9% and PFE down 16% YTD