Health-care companies rose, but not by as much as the broad market, amid doubts about the growth outlook for many companies in the the sector.
Shares of Pfizer shares bounced after the drugmaker slashed its revenue projection, as the Big Pharma company confirmed investor suspicions about a plunge in sales of Covid 19 products.
Pfizer slashed $9 billion in expected sales from its full-year outlook.
Shares of rival vaccine maker Moderna, which had fared better than Pfizer until recently, dropped as well.
Drug-store chain Rite Aid filed for bankruptcy, as it was unable to meet the costs of lawsuits related to the opioid epidemic.
CVS Health Chief Financial Officer Shawn Guertin, who also serves as president of health services, is taking a leave of absence with the company citing unforeseen family-health reasons.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
10-16-23 1743ET
