Shares of health-care companies declined after earnings reports lagged expectations and as Amazon.com took steps toward becoming an online pharmacy.
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Shares of Celgene plunged after the biotech giant cut its outlook for 2017 profits and as quarterly sales of products including cancer drug Revlimid trailed Wall Street targets. Insys shares slid after the drug maker's founder was charged with criminal offenses related to the marketing of the company's opioid painkillers.
Drug stores and pharmaceutical distributors slid after reports that Amazon.com had received approval to become a wholesale medicine distributor in a number of states. Shares of drug stores Rite Aid, CVS Health and Walgreens Boots Alliance all declined. Wholesale distributors Express Scripts Holding and Cardinal Health were also weaker. Bristol Myers Squibb fell sharply after the drug maker posted a decline in third-quarter profit margins. Analysts said growth in sales of expensive-to-produce blood-thinner Eliquis, which Bristol sells in partnership with Pfizer, crimped margins.
-Rob Curran, firstname.lastname@example.org
(END) Dow Jones Newswires
October 26, 2017 17:12 ET (21:12 GMT)