Pharmacy-benefit manager stocks pressured as White House calls for lower biotech prices

02/09/18 03:51 PM EST

Shares of pharmacy-benefit managers fell Friday after the White House released a paper pushing for lower biotech drug prices. Shares of Express Scripts Holding Co. (ESRX) declined 2.8%, CVS Health Corp. (CVS) shares slipped 1.5%, while shares of UnitedHealth Group Inc. (UNH), with its OptumRx PBM business, swung from a slight loss to be up 0.5%. On Friday, the White House's Coucil of Economic Advisers released a white paper entitled "Reforming Biopharmaceutical Pricing at Home and Abroad" (https://www.whitehouse.gov/wp-content/uploads/2017/11/CEA-Rx-White-Paper-Final2.pdf) which called for reducing prices of biotech drugs while raising incentives for medical innovation to promote competition.

-Wallace Witkowski; 415-439-6400; AskNewswires@dowjones.com

 

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02-09-18 1551ET

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