Some of the country's biggest opioid marketers saw their shares take a hit Friday, Aug. 11 after President Trump declared opioid addiction to be a national crisis that the government is "going to spend a lot of time, a lot of effort and a lot of money," to solve.
"The opioid crisis is an emergency, and I'm saying officially right now it is an emergency. It's a national emergency," Trump told reporters outside a national security briefing at his golf club in Bedminster, N.J., where he is vacationing.
Last week, the President's Commission on Combating Drug Addiction and the Opioid Crisis, led by New Jersey Gov. Chris Christie , R, issued a preliminary report characterizing the overdose death toll as "September 11th every three weeks" and and urged the president to declare a national emergency.
The report includes other recommendations but White House aides have said Trump has not decided which others to follow.
Friday, following a round of second quarter earnings that hit many drugmakers, particularly generic makers, hard, some prominent opioid makers show their shares fall. Mylan NV (MYL) dropped 4.68% or $1.51, to $30.78 through mid-day trading. Insys Therapeutics Inc. INSY shares were down roughly 1%, or 9 cents, to $8.97. Teva Pharmaceutical Industries Ltd. TEVA dropped 1.57%, or 27 cents, to $16.92.
Those companies are subject to either state, federal or congressional inquiries into their marketing practices for prescription opioids, which are blamed for helping to fuel rising numbers or addicted patients and abuse by illegal users as well as contributing to addictions to heroin and other illegal drugs.
Not all opioid makers saw their shares fall Friday.