It doesn’t say if the pharms have broken down to the point where it virtually has no effect. Are they intact or are they finding traces of the individual chemicals that make up a pharm?
They found both the drugs and their metabolic products. Not necessarily breakdown products. For one synthetic sex hormone, they found that the body adds chemical groups to the drug and excretes the modified drug, and then bacteria in the sewage plant remove the groups and reactivate the drug.
They found that male fish downstream of sewage plants were becoming feminized -- developing early-stage eggs in their testes.
(Those of you who don't like statements beginning "They found" can check the article in Chemical & Engineering News, Feb 25, p 13 for details.)
The various chemicals are probably in a concentration gradient of the various intermediates depending on oxygen concentration, ambient temperature and light exposure. Other than endocrine disruptors, it's hard to say if they have any physiological effect. I doubt if they have any pharmacological effects.