Drug rebate rule spooks pharmacy benefit manager stocks

Data:; Chart: Chris Canipe/Axios

Express Scripts, CVS Health, and UnitedHealth Group lost a combined $5 billion in market cap Thursday after it was revealed the Trump administration is proposing a rule that will alter how drug rebates can legally work in federal health care programs.

Flashback: These pharmacy benefit managers took a similar beating in May when the rebate chatter began.