US drugmakers muted after Trump's election victory
Updates
** U.S. drugmakers' shares trading up between 0.5% and 1% after Donald Trump elected as U.S. president
** Gilead GILD.O gains 1.4%, while Abbvie ABBV.N, Amgen AMGN.O Merck MRK.N, Bristol Myers BMY.N and J&J JNJ.N rise marginally
** Leerink analysts said they view Trump's win as mixed for large-cap biopharma since it creates potential uncertainty regarding U.S. Food and Drug Administration's independence
** However, Trump's presidency would be positive for small and mid-cap biopharma companies as M&A prospects expected to increase under a "more accommodating" Federal Trade Commission - Leerink
** Trump suggested he would consider appointing Robert F. Kennedy Jr. to a major health role and both have stated their interest in a "dramatic change" at the FDA, says Leerink, adding that it was not confirmed if Kennedy Jr. would have a position of power
** Eli Lilly's LLY.N shares down about 5% to $769.61, hurt in part by Danish rival Novo Nordisk's NOVOb.CO Q3 sales of weight-loss drug Wegovy that beat analysts' expectations
** As of last close, LLY up 38%, ABBV 30%, GILD and AMGN 11%, BMY 9% YTD; MRK and PFE down ~7% and ~3%, respectively
How Trump's second administration affects business: Musk, tariffs and more https://www.reuters.com/world/us/how-trumps-second-administration-affects-business-musk-tariffs-more-2024-11-06/
Reporting by Bhanvi Satija in Bengaluru
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