全球制药业洞察 | 关税犹存不确定，药企争相“表忠心”

Core Viewpoint - The article discusses the uncertainty surrounding drug tariffs and the focus on the U.S. supply chain, highlighting that pharmaceutical and biotech companies are emphasizing their global networks and committing to increased investments in the U.S. over the next decade to mitigate potential impacts from new tariffs [3]. Group 1: U.S. Business and Layout Scrutiny - Biotech companies are showcasing their existing manufacturing networks and quantifying their revenue or profit exposure in various regions, with a shift in production focus due to policy impacts [4]. - Companies like Argenx and Vertex emphasize that a significant portion of their revenue and production occurs in the U.S., with Argenx stating that over 75% of its U.S. revenue comes from domestic manufacturing [5]. - Zai Lab has localized some production in China but is adjusting its strategy to shift production of upcoming drugs to the U.S. [4]. Group 2: Investment Commitments - Large pharmaceutical companies have committed over $270 billion in capital expenditures over the next decade, with U.S. biotech companies contributing more than $40 billion, primarily driven by Gilead's $32 billion commitment [7]. - Regeneron plans to double its manufacturing capacity in the U.S., while Amgen is also increasing investments in its U.S. manufacturing sites [7]. Group 3: Import Trends and Tariff Impacts - The proposed tariffs may accelerate the decline in the share of drugs imported from Canada, Mexico, and China, which collectively accounted for about 25% of U.S. drug imports in 2024, down from nearly 40% in 2010 [8][9]. - The share of drug imports from India has increased from 9% to 14% during the same period, indicating a shift in sourcing [8]. - Any increase in U.S. pharmaceutical costs could negatively impact demand in the EU, as the U.S. accounted for over 38% of EU drug imports in 2024, up from 33% in 2017 [11].