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Drugmakers eye a new threat to sales but say it hasn’t affected them — yet

New policies from pharmacy-benefit managers and health insurers, targeted toward some of the most expensive medicines in the U.S., could jeopardize drugmakers’ sales.

So far that hasn’t been the case, several large pharmaceutical companies recently said.

But the issue, which is being watched closely by the industry and many Wall Street analysts, could manifest later in the year, potentially as soon as the second quarter.

The most expansive look at the issue this earnings season came from AbbVie Inc. ABBV, +5.72% Chief Executive Richard Gonzalez, who spoke at length about the new policies on the company’s first-quarter call last Thursday.

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