Bristol Myers rises as US announces new prices after Medicare drug negotiations
** Shares of drugmaker Bristol Myers Squibb BMY.N up 2.71%at $49.72 premarket
** The U.S. announced the final prices following its first ever negotiation over prescription drugs, which included BMY's blood thinner Eliquis
** Bristol Myers says the 56% price cut to its drug would not solve the "biggest problem in patient affordability" of out-of-pocket costs that are determined by health insurers and pharmacy benefit managers
** Adds the imposed price does not reflect "substantial clinical and economic value"
** Merck & Co's MRK.N diabetes drug Januvia faces the steepest percentage price cut of the drugs on the list, decreasing 79%, and the prices of Novo Nordisk's NOVOb.CO insulin aspart products will be slashed by 76%
** U.S.-listed Novo shares up 1.83% at $136.88 premarket
** Eli Lilly's LLY.N and Boehringer Ingelheim's diabetes drug Jardiance faces a 66% cut; LLY shares up 1%
** Up to last close, BMY down ~6%, while LLY up ~60% YTD
Reporting by Sriparna Roy in Bengaluru
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
