Bloomberg reports that AstraZeneca Plc has lost its top spot among public companies in the UK after its shares dropped 5.8% on Monday.
The reason for the fall
Donald Trump’s statements about lowering drug prices and possible tariffs on pharmaceutical imports decreased AstraZeneca’s capitalization to 154 billion pounds ($203 billion). This allowed HSBC Holdings Plc, with a capitalization of 156 billion pounds, to outperform the pharmaceutical giant.
HSBC’s position
On the other hand, HSBC expects the new US rules to have little impact on its business. The company announced a share buyback despite the geopolitical instability weighing on global markets.