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Drug distributors were in freefall Friday when CBS Corporation (NYSE: CBS) teased an expository “60 Minutes” episode linking these distributors to failures in the opioid crackdown.

The Oct. 15 segment will highlight a joint investigation with The Washington Post revealing hindrances to the Drug Enforcement Agency’s efforts to curb the opioid epidemic.

In the special, former DEA Deputy Assistant Administrator Joe Rannazzisi goes after distributors for fueling the issue by overlooking a diversion of products to the illicit drug scene.

He specifically accuses McKesson Corporation (NYSE: MCK), Cardinal Health Inc (NYSE: CAH) and AmerisourceBergen Corp. (NYSE: ABC), which he said control 85 to 90 percent of drugs “ending up downstream,” of capitalizing on the rampant addiction.

The preview, alone, prompted a plunge in the pharmaceutical stocks and seemed to have dragged the following opioid-based treatment developers in sympathy:

  • Insys Therapeutics Inc (NASDAQ: INSY), down 2.3 percent;
  • Cara Therapeutics Inc (NASDAQ: CARA), down 3 percent;
  • Collegium Pharmaceutical Inc (NASDAQ: COLL), down 3 percent; and
  • Teva Pharmaceutical Industries Ltd (ADR) (NYSE: TEVA), down 2 percent.

Sunday’s complete report may inspire additional sell-offs Monday.

At time of publication, McKesson was down 2.3 percent, Cardinal Health 2.4 percent and AmerisourceBergen 2.7 percent.

Related Links:

Every Generation Has Its Drug: How People Are Dealing With Opioids, The New (Old) Thing

No Pain, No Gain: How The American Military Wants Big Pharma To Cure The Opioid Crisis

Posted-In: 60 minutes DEANews Health Care Previews Media Trading Ideas General Best of Benzinga


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