Comments From Trump, Pfizer CEO Hit UnitedHealth, CVS Stock -- WSJ

Dow Jones01:30

By Jared S. Hopkins

Shares of the parent companies of pharmacy benefit managers fell Tuesday after President-elect Donald Trump and others indicated that the new administration planned to crack down on the business.

Shares of UnitedHealth Group were down 3.3% while Cigna and CVS Health shares fell 2.8% and 3.5% respectively. The stocks declined after dropping on Monday, following comments Trump made about their pharmacy-benefit units.

"We're going to knock out the middleman. We're going to get drug costs down at levels that nobody has ever seen before," Trump said Monday. He said the companies "don't do anything except they're a middleman."

PBMs manage billions of dollars in drug benefits for employers, unions and other organizations, negotiating how much they will pay for prescriptions and deciding which drugs will get covered by insurance.

Pfizer Chief Executive Albert Bourla, who recently dined with Trump at Mar-a-Lago and other industry officials, said Tuesday on a call with analysts that Trump seems determined to change how the PBMs do business, wanting them to operate with more transparency and to pass along savings to patients.

"It seems to me that he's very committed to make this happen," Bourla said.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

December 17, 2024 12:30 ET (17:30 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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