Health-care companies continued to rally on expectations of higher drug prices amid U.S. pharmaceutical shortages.

The Federal Trade Commission is launching a probe into recent shortages of chemotherapies and other drugs, examining the role played by companies that help buy and distribute the bulk of medicines sold to U.S. hospitals.

Cigna neared a record close after the company said it would buy back $3.2 billion of common stock through accelerated repurchase agreements with Deutsche Bank and Bank of America.

Pfizer, Eli Lilly, AbbVie and Merck gained after a report from Allied Market Research projected that the global fibromyalgia treatment market would grow to $4.6 billion by 2032, from $3.1 billion in 2022.

West Pharmaceuticals had a bad day, dropping 14% after the injectable-pharmaceutical maker's fiscal 2024 guidance and fourth-quarter revenue missed analyst projections.

Write to Mary de Wet at

(END) Dow Jones Newswires

02-15-24 1859ET