** Shares of U.S. drugmakers fall between 1% and 2% premarket
** Shares of Eli Lilly LLY.N down 1.9%, Gilead GILD.O down 1.4%, Bristol Myers Squibb BMY.N down 1.3% and Merck MRK.N down 1% premarket
** U.S. President Donald Trump is expected to sign an executive order as early as next week that would revive an effort to decrease drug costs, Politico reported late on Wednesday
** Trump plans to reduce drug costs by tying the amount the government pays for some medicines to lower prices abroad, according to the report
** The order is expected to direct aides to pursue the initiative, called most favored nation, for a selection of drugs within the Medicare program
** "We would note that the Trump administration could face legal challenges on whatever most favored nation plan it attempts to implement (like it faced in 2020)" - Leerink Partners
** Up to last close, LLY up 0.4%, GILD up 7.1%, BMY down 15.8%, MRK down 20.5% YTD
(Reporting by Sneha S K )
(( Sneha.SK@thomsonreuters.com ))
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.