---
title: "\"Like It's Dying\": Goldman Says Pharma Is Trading Like \"The New Coal\""
description: "Goldman Sachs reports that pharmaceutical stocks are experiencing significant declines, likening their current trading status to that of coal during the peak of the ESG era. This downturn follows Trum"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/240222649.md"
published_at: "2025-05-14T18:39:22.000Z"
---

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

> Goldman Sachs reports that pharmaceutical stocks are experiencing significant declines, likening their current trading status to that of coal during the peak of the ESG era. This downturn follows Trump's announcement to reduce drug prices in the US by up to 80%. According to Goldman’s Seth James, the sector is now trading at its lowest relative PE since the GFC recovery and the peak of the COVID-19 pandemic.

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 "Most Favored Nation" Executive Order.

As a result, Goldman's Europe pharma specialist Seth James writes today that **"pharma now trades like energy did in the peak of the ESG era – like it’s dying."** 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.

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.