Pharmaceutical stocks surged in Europe today as Republican Donald Trump's US presidential election win led investors to conclude the threat of tough action on drug pricing had receded.
News that a California ballot initiative aimed at reining in rising prices for prescription drugs was headed for defeat also buoyed the mood.
Shares in major European drugmakers rose between 2% and more than 6% in morning trade.
Trump's victory over Hillary Clinton, whose drug pricing criticisms have weighed on shares for more than a year, is not without risk, however.
A Republican pledge to repeal Obamacare could have potentially chaotic consequences.
Healthcare was the biggest sector gainer in Europe following Trump's win, with the Stoxx 600 healthcare index up 2.5% this morning.
Danish insulin maker Novo Nordisk, whose diabetes drug prices have been under fire recently in the US, saw the largest gains, rising 6.5%. Novo generates more than half its sales in the profitable US marketplace.
Other major drugmakers like Roche, Novartis, Sanofi, AstraZeneca and GlaxoSmithKline rose between 2-3.5%.
Throughout the campaign Clinton had been much more critical of drug industry pricing than Trump, famously sending drug stocks into a tailspin in September 2015 when she tweeted about specialty drug "price gouging".
Trump has said less on the topic but he has suggested support for importation of cheaper drugs, as well as advocating increased scrutiny over drug price increases and a bigger role for negotiating down the cost of medicines.
Switzerland's Roche, the world's biggest maker of cancer drugs, said it believed that the US would remain a rewarding market.
"Roche is focused on developing innovative medications and diagnostic tests and we are convinced that the US will continue to value and support innovation and medical progress," said a company spokesman.
