Pharmacy benefit managers fall as Trump aims to lower US drug prices

Shares of companies owning pharmacy benefit managers fall between 1% and 3% after U.S. President Donald Trump says he will sign an executive order to cut prescription drug prices to match those in other high-income nations

Shares of Cigna CI.N down 1.1% and CVS Health CVS.N down 2.3%

However, shares of UnitedHealth UNH.N are up 1.4%

PBMs act as middlemen between drug companies and consumers

Up to last close, CI up 20.8% and CVS up 49.2% YTD