Health Insurers Fall as Pfizer CEO Says Trump Wants PBM Reform

Shares of pharmacy benefit managers extended losses Tuesday after Pfizer Inc. Chief Executive Officer Albert Bourla said President-elect Donald Trump is “very committed” to reforming drug-industry middlemen.

Bourla’s remarks, following comments from Trump Monday and continued criticism from members of Congress, suggest pharmacy benefit managers are unlikely to see relief from political scrutiny during a second Trump term.

UnitedHealth Group Inc. shares fell as much as 4.5%, CVS Health Corp. dropped as much as 3.9% and Cigna Group slid as much as 4.1% after Bourla’s comment.

“The president has very strong views” on PBMs, Bourla said during a call with ...