<div id="readability-page-1"><div><div><p>It has been a bad year for pharma stocks, and it only got worse over the weekend when Trump announced plans to slash drug costs in the US by as much as 80% following his &#34;Most Favored Nation&#34; Executive Order.</p><p>As a result, Goldman's Europe pharma specialist Seth James writes today that <strong>&#34;pharma now trades like energy did in the peak of the ESG era – like it’s dying.&#34;</strong> As the chart below shows, the sector has not been cheaper on a relative PE basis than in the GFC recovery and the peak frothy M2 covid times.</p><p><img height="315" width="500" src="https://imageproxy.pbkrs.com/https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/sxdp%20pe.png/query-aXRvaz1aODFOdzY3Vw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/sxdp%20pe.png/query-aXRvaz1aODFOdzY3Vw"/></p></div></div></div>

高盛

<p>高盛報告稱，製藥股票正在經歷顯著下跌，將其當前的交易狀態比作在 ESG 時代巔峯時期的煤炭。這一下滑緊隨特朗普宣佈在美國將藥品價格降低至 80% 的消息。根據高盛的 Seth James，該行業目前的相對市盈率處於自全球金融危機復甦和 COVID-19 疫情高峰以來的最低水平</p>

"Like It's Dying": Goldman Says Pharma Is Trading Like "The New Coal"