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* STOXX 600 down 1 pct, set for biggest weekly fall sinceFeb
* Drugmakers fall as US lawmakers seeks price fixing probe
* Richemont among top gainers after results, managementrevamp
* But JC Decaux falls on negative rev growth outlook
By Danilo Masoni
MILAN, Nov 4 (Reuters) - European shares fell on Friday,weighed down by weaker drugmakers after two U.S. lawmakerscalled on federal antitrust regulators to open a probe forpossible price fixing.
A slew of earnings updates also delivered a mixed picture.
The U.S. lawmakers on Thursday called for a probe intowhether Sanofi, Eli Lilly, Merck andNovo Nordisk colluded to set prices for insulin andother diabetes drugs. Sanofi and Novo Nordisk were down 1.6 and2.9 percent respectively.
Top faller was Hikma, down 7 percent after HSBC cutits price target citing broader market concerns over a separateU.S. Department of Justice investigation into price collusion inthe pharma market.
The sector has been hit recently by worries that HillaryClinton could seek tougher pricing regulation if she wins therace for the White House.
"A Clinton victory could be unhelpful for health carestocks," Citi analysts said in a strategy note.
The pan-European STOXX 600 index was down 1 percentand on track for its biggest weekly fall since February. Theindex has been hit by growing nervousness before the U.S.presidential election.
"As the presidential election race appears to (be) gettingtighter with only a few days left until Americans are going tothe polls many traders continuing to reduce their risk exposurefurther which is also weighing on stocks," Markus Huber, traderat City of London Markets said in a note.
Elsewhere market action was driven by earnings updates.
France's Richemont rose 6 percent after the luxurygoods group announced a management revamp after sales and corenet profit in the six months to September, hit by one-offrestructuring charges and product buy-backs.
Helvea analyst Andreas von Arx said the key figures wereabove expectations while other analyst welcomed managementcomments that sales in October were modestly positive. Thecompany had issued a profit warning in September.
Among outstanding gainers, Ubisoft soared 9.5percent, topping STOXX gainers, as Kepler Cheuvreux upgrade theFrench game developer to "buy" after the company lifted itsoperating profit target.
Shares were bosted at Cosmetics giant L'Oreal,whose sales growth beat expectations, and gambling firm PaddyPower, which lifted its full-year profit forecast citinga boost in the sterling value of its euro revenue, this year'smerger and favourable sporting results.
But French outdoor advertising company JC Decaux fell 7.3 percent after it said organic revenue growth would turnnegative in the final quarter of the year and affect margins. (Reporting by Danilo Masoni)
