Many pharma companies already made U.S. investment promises, says Citi's Geoff Meacham

Tariff Impact & Industry Response - President Trump announced a potential 100% tariff on pharmaceutical products entering the US starting October 1st, with exemptions for the EU and Japan honoring the existing 15% cap [1] - The market initially reacted positively, viewing the announcement as a potential "d-risking event" after uncertainty since the initial tariff discussions in April [2][3] - Companies that have already invested in US manufacturing may benefit, while those that haven't may face pressure to invest or potentially see price increases on imported drugs [3][5] Manufacturing & Investment - Many big pharma and biotech companies (including US and European firms) already have plans in place to expand US manufacturing, potentially accelerated due to the administration's focus [5][7] - The industry has been publicly announcing plans to create more manufacturing in the US [4][5] - It's difficult to differentiate between pre-existing plans and new investments spurred by the tariff threat, but proof of new plant construction is expected [7][8] Generics & Spec Pharma - The generics and spec pharma industries, with potentially lower profit margins, may have less manufacturing in the US and could be more vulnerable [5]