Pharma growth trumps uncertainty in early election reactions
Rather than uncertainty about what the Presidency of Donald Trump might mean for drug prices, many pharma and biotech stocks jumped considerably after the Republican nominee gained a shock election victory over Democrat Hillary Clinton.
Many US drugmakers leapt overnight, including pharma giants Merck & Co (NYSE: MRK), which was nearly 5% up on the previous evening after an hour’s trading on Tuesday, and Pfizer (NYSE: PFE), which was trading almost 8% higher at the same time. This was after they had settled down having initially opening at even higher rates.
US biotechs were also up, with Amgen (Nasdaq: AMGN) and Gilead more than 4% higher, and Regeneron rising 8%.
Internationally it was a similar story, with Swiss pharma giants Novartis (NOVN: VX) and Roche (ROG: SIX) climbing 5% and France’s Sanofi (Euronext: SAN) up 4%.
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