AbbVie, Merck, Other Top Drugmakers To Lower Prices Of US Drugs In MFN Deal With Trump Administration: Report

This comes after President Donald Trump urged drugmakers in July to lower drug prices for the U.S. government’s Medicaid program.

Several top drugmakers, including AbbVie Inc. (ABBV) and Merck & Co. Inc. (MRK), are reportedly expected to announce agreements with the Trump administration on Friday to lower prices of certain drugs in the U.S.

According to a Reuters report citing people familiar with the matter, Novartis AG (NVS), Roche Holdings AG (RHHBY), Gilead Sciences Inc. (GLD), Glaxosmithkline Plc. (GSK), Regeneron Pharmaceuticals Inc. (REGN), among others, is expected to announce deals.

This comes after President Donald Trump urged drugmakers in July to lower prices of their drugs for the U.S. government’s Medicaid program. The President had also asked drugmakers to guarantee that they would not launch new drugs at prices higher than those in other high-income countries.

AbbVie shares were down 0.2% in Friday’s pre-market trade, while Merck shares were down 0.1%. Retail sentiment on Stocktwits around ABBV was in the ‘bullish’ territory, while users felt ‘bearish’ about MRK. At the time of writing, Merck was among the top ten trending tickers on Stocktwits.

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