Early polling suggests Proposition 61 will easily pass in California on November the 8th, with 50% already in favor of it, compared to a meager 16% saying they’d vote no. If passed, it will permit the State of California to negotiate costs for the 3 million Medi-cal patients, 830k state employees and retirees, in addition to another 294k teachers.
For now, the ordinary, non-warden of the state, will not enjoy the splendour of prop 61. But it’s a start.
RBC analyst, Mike Yee, says it’s mostly headline risk and should only affect earnings by 2-3% — due to the limited scope of the porgram.
In a note to clients, RBC Dominion Securities Analyst Michael Yee indicated the passage of this measure could adversely affect all the biotech companies in his coverage universe, including Amgen Inc., Gilead Sciences Inc., Celgene Corp., Biogen Inc., Regeneron Pharmaceuticals Inc., and Vertex Pharmaceuticals Inc. However, Yee doesn’t think this measure would have a materially deleterious effect on pharmaceutical companies’ financial performance.
“We think a possible 2-3 percent earnings per share impact to large-caps if this initiative were passed across all 50 states, but this is more headline risk than anything,” the analyst wrote.
Nevertheless, this could be a keystone event that leads the way towards other states making a stand against big pharma. In spite of their efforts in California, outspending the people by a factor of 7, higher drug prices for the benefit of a few C level execs and company share buyback just isn’t resonating with the people.
“After $35 million spent (so far by opponents) on lying ads … it’s gotten them 16 percent of the vote,” Weinstein said of the David-and-Goliath battle that has seen Big Pharma spend at least $86 million to defeat the measure. In contrast, the proponents have raised at least $14 million.
Speciality pharma stocks MNK, MYL, ALKS, ENDP, VRX, ALNY and a sundry of other pharma stocks were pummeled today.
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We got Gunmageddon on the ballot as well. Never ever doubt the stupidity of Californians. Unfortunately this kooked out state is the future. You good people of the flyovers other than Illinois have no clue. It is a miserable baby brat takeover.
Youths oppress my people, women rule over them. Isaiah 3-12. All the good Californians are moving to pre-secession Texas. Come on.
First time i drove thru Texas was a trip. Basically all the women called you “Hon” even when buying booze and cigarettes. Men opened doors and everyone looked everyone in the eye when conversing. Good people brother.
Austin is a nice mix of urban creativity and down to earth texas vibe. but any state that has topless carwash, gets an extra star.
Urban creativity is not exactly a good thing in SoCal. South of the border peeps selling drugs out of hand carts selling balloons ice cream etc. Homeless everywhere buying the drugs then raping and beating the shit out of each other. Possibly Texas has a more realistic “urban” experience.
It is mostly the people from OC that are causing problems. That is not even talking about the immigrants from the east coast and the mid west; the old white fucks not the millennials. Anyone that thinks Texas is preferable to California should move there… please. You first shitbird.
Medical is a huge bubble. Walk in into any emergency room and you will see rampant racking up of exams and use of million dollar machines on a routine basis. the rot is every where government helps what they think is good with out question. Like housing, healthcare and energy. of course those are good things that everybody needs but allowing the “ease button” people are corrupted and the rot grows until people can not bear the pain and they end up doing crazy shit, like shooting cops. Trump gets that the crazy shit we see is a symptom of decades of corrupted leaders. He took advantage of the corrupted system as he had no other choice but now he see that there is no way out and it’s time we addressed reality.
Trump has the temperament for real work.
Hillary is getting set up for a bear market that she cannot ideologically or politically climb her way out. Obama showed up at a perfect time in the cycle, Hillary is showing up at the worst possible time.
You are delusional. That Thing has dead people and illegals as the base. Better vote 50 times each. The election is over only fraud can change the result. Dude.