Pricing woes pummel biopharma stocks

Biopharmas suffered sell-offs on Friday as investors digested concerns about drug pricing that affected the outlook for Novo Nordisk A/S (CSE:NVO; NYSE:NVO), Amgen Inc. (NASDAQ:AMGN) and AbbVie Inc. (NYSE:ABBV).

Novo lost more than $13 billion in market cap to $90.9 billion, based on its close on NYSE, after the company slashed its long-term operating profit forecast to 5% annually from 10%, citing pricing pressure in the U.S. that has particularly affected insulin and growth hormone products. ...