Valeant Pharma (VRX), Other Pharma Stocks Weaker as Clinton Op-Ed Discusses Measures on Drug Prices
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Valeant Pharma (NYSE: VRX), Mallinckrodt (NYSE: MNK), Horizon Pharma (NASDAQ: HZNP), Mylan (NYSE: MYL) and other pharma stocks are weaker possibly as investors read into Hillary Clinton's comments in a NEJM op-ed overnight.
According to Evecore ISI's Umer Raffat, they key paragraph that all biopharma folks would care about:
Second, to directly address rising prescription drug costs, I will work to remove barriers to competition by streamlining approval of high-quality biosimilar and generic drugs. That includes proposals to ensure that drug companies justify their prices, eliminate "pay to delay" practices, and allow Medicare to directly negotiate for better prices. I will also create a new Federal consumer response team charged with identifying excessive price spikes in long-standing, life-saving treatments, and give them effective new tools to respond.
VRX is down 3.9%, MNK is down 3.8%, HZNP is down 2.9% and MYL is down 4.7%.
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