Big Pharma stock prices tumbled Wednesday morning after Donald Trump slammed drug companies for skyrocketing prices.
“I’m going to bring down drug prices,” Trump told Time magazine in the middle of an interview for its Person of the Year, which he won.
“I don’t like what has happened with drug prices.”
Biotech and pharmaceutical companies both lost ground, with Pfizer, Merck and Johnson & Johnson all dropping by more than 1 percent Wednesday morning.
Stocks overall were up, with the Dow Jones Industrial Index topping 19,300 for the first time.
Drug companies’ stock had rallied since Trump’s Election Day victory after falling at the prospect of a Hillary Clinton win.
The president-elect did not elaborate on his strategy to bring prices down in the Time article.
Trump’s comments Wednesday were the latest in a series of remarks or tweets that have affected Wall Street
Trump on Tuesday called for scrapping Boeing’s deal to deliver by 2024 a new pair of Air Force One jets because of what he said were excessive costs.
“Yesterday it was Boeing. Today it’s health care,” Art Hogan, chief market strategist at Wunderlich Securities, told the Wall Street Journal. “Rightly or wrongly the market will react to that.”