Trump’s Vow to Cut US Drug Prices Drags Pharma Stocks Lower

President Donald Trump said he plans to order a cut in US prescription drug costs to bring them in line with other countries, spurring a drop in pharmaceutical shares worldwide.

Trump said drug prices will be cut by “59%, PLUS!” in a social media post on Monday.

Over the weekend, Trump vowed to sign an executive order in Washington to institute what he called a most-favored nation policy, mandating that Americans pay no more than people in countries that have the lowest price and promising a 30% to 80% cut in drug prices.

While he didn’t provide details on how ...