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Pharma stocks boom after Trump's drug speech

Expand chart
Data: Money.net; Chart: Axios Visuals

President Trump had some harsh words for the pharmaceutical industry and pharmacy benefit managers in his speech Friday, but investors bought stocks instead of the vague promises Trump and his administration made to bring down drug prices.

The bottom line: The major pharmaceutical and biotech indices, like the S&P and Nasdaq that include companies like Pfizer and Regeneron, all traded up Friday. The stock prices of Express Scripts and CVS, two leading PBMs, also went up, indicating the industry and investors don't anticipate a major shake-up.

Go deeper

Axios
Updated 28 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Health: White House allocates $1.7 billion to fighting variants — The warning signs of a longer pandemic.
  2. Vaccines: CDC says U.S. has administered more than 200 million COVID-19 vaccine doses — J&J vaccine pause hurts its reputation — U.S. has administered over 200 million vaccine doses — Americans will likely have to navigate a maze of vaccine "passports".
  3. World: Head of world's largest vaccine maker urges Biden to lift export ban on raw materials.
  4. Food: COVID-19 smell loss leads to culinary experimentation.
  5. Variant tracker: Where different strains are spreading.
Go deeper (1 min. read)Arrow
Courtenay Brown
2 hours ago - Economy & Business

Dead malls get new life

Illustration: Aïda Amer/Axios

Malls are becoming ghosts of retail past. But the left-behind real estate is being reimagined for a post-pandemic world.

Why it matters: As many as 17% of malls in the U.S. "may no longer be viable as shopping centers and need to be redeveloped into other uses," per Barclays.

Go deeper (1 min. read)Arrow
Axios
2 hours ago - Politics & Policy

White House now says Biden will move to increase refugee cap by May 15

Photo: Chip Somodevilla/Getty Images

The White House on Friday afternoon said President Biden plans to lift the Trump-era refugee cap by May 15.

Driving the news: The announcement follows stinging criticism from several Democrats and rights groups, who said Biden was walking back on his pledge to raise the limit. Earlier Friday, Biden signed a directive to speed up the processing of refugees, but kept the Trump administration's historically low cap of 15,000 refugees for this year.

Go deeper (<1 min. read)Arrow