In a press conference detailing the $1.3 trillion omnibus government funding bill President Trump announced he would sign, the president mentioned in passing that “we’ll be suing” certain drug companies related to the opioid crisis.
Opioid manufacturers include privately held Purdue Pharma, which makes OxyContin, and Johnson & Johnson (JNJ) unit Janssen Pharmaceuticals, which makes Duragesic fentanyl skin patches. Opioid distributors include Cardinal Health (CAH), AmerisourceBergen (ABC), and McKesson Corp. (MCK).
In afternoon trading following the press conference, Johnson & Johnson was down 0.6%, Cardinal Health was down 1.6%, and McKesson was down over 1.1% — All at or near their lows of the day. AmerisourceBergen, however, was trading higher by 0.5%.