Health-care companies rose, but not by as much as the broad market, after President Biden unveiled a version of proposed budget-reconciliation legislation with less subsidies for health care than in previous drafts.
It was unclear whether the bill would now include a provision allowing the government to negotiate drug prices.
Shares of Merck rallied after the drug giant said it would increase production of a Covid 19 treatment, a pill that could generate $7 billion in sales in 2022.
Shares of Alnylam Pharmaceuticals fell sharply after the drug developer posted a quarterly loss, updated clinical-trial progress and said its chief executive was stepping aside.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
10-28-21 1733ET
