Big Pharma shareholders fled in droves across the board Friday, after San Francisco-based McKesson (MCK) shares fell about 25% on CEO John Hammergren's comment that the company had to significantly cut drug prices to match competitors. The industry is facing growing pressure to reduce drug prices on the back of increased regulatory and media scrutiny, especially following the controversy over Mylan's (MYL) price hiking on its anti-allergy EpiPen product. The company's CEO saying on its' earnings call that "What we began to see more recently is competitive activity that is broader than our original expectations."
More from Video
Breaking down an approach to the long side of this biotech stock.
AMSC CEO discusses that and China challenges.
One of pharma's biggest CEO's talks M&A action on the exchange.
Citi overcame a mixed print to send its stock surging on Monday.