Christine Johnston on the biosimilar pipeline and PBM formularies
Published . Updated .
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Christine Johnston warns a thin biosimilar pipeline keeps specialty costs high and slows innovation and urges payers to check their PBM’s top 25 drugs.
Directly affected
- No company is named in this report.
Indirectly affected
- XLV Health Care Select Sector SPDR
Health Care Select Sector SPDR: it holds drugmakers and health companies. Linked by “drugs” (pharma and health) in this story.
- XBI SPDR S&P Biotech ETF
SPDR S&P Biotech ETF: it holds drugmakers and health companies. Linked by “drugs” (pharma and health) in this story.
- LLY Eli Lilly and+23.6% 30d
Eli Lilly and (pharmaceutical preparations): drugmakers move with drug pricing, approvals and health policy. Linked by “drugs” (pharma and health) in this story.
- JNJ Johnson & Johnson+8.5% 30d
Johnson & Johnson (pharmaceutical preparations): drugmakers move with drug pricing, approvals and health policy. Linked by “drugs” (pharma and health) in this story.
- PFE Pfizer+4.4% 30d
Pfizer (pharmaceutical preparations): drugmakers move with drug pricing, approvals and health policy. Linked by “drugs” (pharma and health) in this story.
- MRK Merck+4.3% 30d
Merck (pharmaceutical preparations): drugmakers move with drug pricing, approvals and health policy. Linked by “drugs” (pharma and health) in this story.
Price reaction, T-5 to T+3
| Ticker | T-5 | T-3 | T-1 | T0 | T+1 | T+2 | T+3 |
|---|---|---|---|---|---|---|---|
| XLV | -2.95% | -0.31% | base | -0.34% | +2.73% | +0.19% | +0.10% |
| XBI | +1.84% | +3.78% | base | +1.89% | +4.64% | -2.40% | +0.10% |
| LLY | -9.22% | -2.71% | base | -0.17% | +0.45% | -3.15% | -4.04% |
| JNJ | -0.68% | +1.70% | base | -1.63% | +2.13% | +0.69% | +2.13% |
| PFE | -3.00% | -2.47% | base | -2.38% | +0.26% | -2.70% | -4.31% |
| MRK | -4.45% | -1.43% | base | -2.55% | +1.29% | -1.04% | -1.14% |
Closing-price change versus T-1, the last close before the story. T0 to T+3 fill in after each market close. Prices: Alpaca IEX.
Christine Johnston on the biosimilar pipeline and PBM formularies Managed Healthcare Executive
Source: Managed Healthcare Executive
Energy
| Company | When | Move | Status |
|---|---|---|---|
| JNJ | that day | -1.63% | final price |
| JNJ | the next day | +2.13% | final price |
| JNJ | two days later | +0.69% | final price |
| JNJ | three days later | +2.13% | final price |
| JNJ | three days earlier | +1.70% | final price |
| JNJ | five days earlier | -0.68% | final price |
| LLY | that day | -0.17% | final price |
| LLY | the next day | +0.45% | final price |
| LLY | two days later | -3.15% | final price |
| LLY | three days later | -4.04% | final price |
| LLY | three days earlier | -2.71% | final price |
| LLY | five days earlier | -9.22% | final price |
| MRK | that day | -2.55% | final price |
| MRK | the next day | +1.29% | final price |
| MRK | two days later | -1.04% | final price |
| MRK | three days later | -1.14% | final price |
| MRK | three days earlier | -1.43% | final price |
| MRK | five days earlier | -4.45% | final price |
| PFE | that day | -2.38% | final price |
| PFE | the next day | +0.26% | final price |
| PFE | two days later | -2.70% | final price |
| PFE | three days later | -4.31% | final price |
| PFE | three days earlier | -2.47% | final price |
| PFE | five days earlier | -3.00% | final price |
| XBI | that day | +1.89% | final price |
| XBI | the next day | +4.64% | final price |
| XBI | two days later | -2.40% | final price |
| XBI | three days later | +0.10% | final price |
| XBI | three days earlier | +3.78% | final price |
| XBI | five days earlier | +1.84% | final price |
| XLV | that day | -0.34% | final price |
| XLV | the next day | +2.73% | final price |
| XLV | two days later | +0.19% | final price |
| XLV | three days later | +0.10% | final price |
| XLV | three days earlier | -0.31% | final price |
| XLV | five days earlier | -2.95% | final price |
Trades by members of Congress and officials in the stocks in this story
- Rep. Rohit Khanna bought Eli Lilly (LLY) (held by a spouse), worth $1,001 - $15,000 on 4 Sep 2026. That is 60 days before publication. Filed 7 Oct 2026. View the filing.
- Rep. Rohit Khanna sold Johnson & Johnson (JNJ) (held by a spouse), worth $15,001 - $50,000 on 7 Oct 2026. That is 27 days before publication. Filed 5 Nov 2026. View the filing.
- Rep. Thomas H. Kean Jr sold Johnson & Johnson (JNJ), worth $1,001 - $15,000 on 30 Sep 2026. That is 34 days before publication. Filed 30 Oct 2026. View the filing.
- Rep. Rohit Khanna bought Johnson & Johnson (JNJ) (held by a spouse), worth $1,001 - $15,000 on 25 Sep 2026. That is 39 days before publication. Filed 7 Oct 2026. View the filing.
- Rep. Rohit Khanna sold Pfizer (PFE) (held by a spouse), worth $1,001 - $15,000 on 4 Sep 2026. That is 60 days before publication. Filed 7 Oct 2026. View the filing.
- Donald J Trump, an executive branch official, bought Pfizer (PFE), worth $100,001 - $250,000 on 21 Aug 2026. That is 74 days before publication. Filed 8 Oct 2026. View the filing.
- Rep. Maria Elvira Salazar sold Merck (MRK), worth $1,001 - $15,000 on 24 Sep 2026. That is 40 days before publication. Filed 7 Oct 2026. View the filing.
- Rep. Maria Elvira Salazar bought Merck (MRK), worth $15,001 - $50,000 on 19 Aug 2026. That is 76 days before publication. Filed 9 Sep 2026. View the filing.
Public disclosure filings, not a recommendation. The filing link is the source document. News use of these reports still sits under 5 U.S.C. § 13107(c).
How solid the energy case looks
12 out of 100
“Christine Johnston on the biosimilar pipeline and PBM formularies” scores 12 out of 100. The score uses 1 sources.