Group 1 - The core viewpoint of the article is that President Trump's threat to impose high tariffs on imported drugs may not achieve the intended goals of lowering drug prices and enhancing national security [1] - Several U.S. pharmaceutical companies have announced plans to increase domestic investments to avoid tariffs, with Johnson & Johnson committing $55 billion, Eli Lilly planning to invest $27 billion in four new manufacturing plants, and AstraZeneca investing $50 billion to expand drug production, totaling over $250 billion in planned investments [3] - Experts indicate that these initiatives may not reduce U.S. dependence on foreign key pharmaceutical ingredients and drugs, nor are they likely to lower health costs for American consumers [3][5] Group 2 - The pharmaceutical industry is highly globalized, with drug raw materials and finished products sourced from various countries, making it difficult to relocate supply chains solely through administrative orders [5] - The claim of lowering drug prices is also questioned, as the costs of labor, electricity, and transportation in the U.S. are significantly higher than in other countries, making "Made in America" products potentially more expensive [7] - A substantial portion of the U.S. drug market is occupied by generic drug manufacturers, which have low profit margins and may choose to exit the U.S. market in response to high tariffs, exacerbating drug shortages and ultimately increasing prices for consumers [7]

Core Viewpoint - AstraZeneca reported strong second-quarter earnings, with revenue and core earnings per share exceeding analyst expectations, but maintained its full-year guidance due to ongoing pricing pressures and global trade risks [1]. Financial Performance - Revenue for the second quarter reached $14.46 billion, a year-over-year increase of 12%, surpassing analyst expectations of $14.15 billion [1]. - Core earnings per share were $2.17, reflecting a 10% year-over-year growth, slightly above market expectations [1]. Future Outlook - Despite the positive earnings report, AstraZeneca has kept its full-year performance guidance unchanged, citing challenges such as pricing pressure and global trade risks [1]. - The company announced plans to invest $50 billion in the U.S. by 2030 to expand production and research capabilities, in response to potential drug tariff threats from the Trump administration [1].

美国总统特朗普即将对进口药品加征关税，这一政策可能最快于8月1日开始实施，并在未来一年或一年 半内逐步提高税率。据他本人透露，关税最高可达200%。尽管最终方案仍未完全敲定，分析人士指 出，这一举措或将对部分制药企业带来更为显著的冲击。 特朗普政府此举意在推动药品生产"回流"美国。近年来，一些制药企业已宣布投资数十亿美元在美国新 建工厂，试图借此赢得政府青睐。但业内人士认为，这些新设施在短期内尚无法投入使用，因此难以缓 解短期内的供应链和成本压力。 不同企业受关税影响程度各异，主要取决于其制造网络布局。根据TD Cowen分析师Steve Scala的研 究，艾伯维(ABBV.US)、施贵宝(BMY.US)和礼来(LLY.US)在美国的制造基地较多，整体"相对稳健"；而 诺华制药(NVS.US)和罗氏(RHHBY.US)则风险较高，因为它们在美国的产能占比较低。 Jefferies分析师Michael Yee则指出，安进(AMGN.US)和渤健公司(BIIB.US)是他所覆盖的生物科技公司 中，对关税最为敏感的两家。相比之下，吉利德科学(GILD.US)和Vertex(VERX.US)的风险较小。渤健 方面则 ...

Core Viewpoint - The U.S. government, led by President Trump, plans to impose tariffs on imported pharmaceuticals, potentially reaching up to 200%, aiming to encourage domestic drug production [1][2] Group 1: Impact on Pharmaceutical Companies - Companies like AbbVie (ABBV.US), Bristol-Myers Squibb (BMY.US), and Eli Lilly (LLY.US) have a robust manufacturing base in the U.S., making them relatively stable against the tariff impact [1] - In contrast, Novartis (NVS.US) and Roche (RHHBY.US) face higher risks due to lower production capacity in the U.S. [1] - Amgen (AMGN.US) and Biogen (BIIB.US) are identified as the most sensitive biotech companies to the tariffs, while Gilead Sciences (GILD.US) and Vertex (VERX.US) are less affected [2] Group 2: Financial Implications - Analysts predict that the tariffs will significantly impact companies' free cash flow in the first two years post-implementation [2] - Companies may attempt to raise prices to offset costs, but substantial price increases could be politically unfeasible given the current scrutiny on drug prices [2] - Some firms might reduce R&D spending to counteract rising costs, although major cuts are unlikely due to the importance of innovation for long-term growth [2] Group 3: Responses from Companies - Roche has announced a $50 billion investment in the U.S. and emphasizes the need to exclude drugs and diagnostics from tariffs to protect patient access and future innovation [3] - Companies like Novartis, Zoetis (ZTS.US), AstraZeneca (AZN.US), and GlaxoSmithKline (GSK.US) have not immediately responded to requests for comments regarding the tariffs [3] Group 4: Manufacturing and Tax Strategies - Companies with strong U.S. manufacturing networks include AbbVie, AstraZeneca, Eli Lilly, Merck (MRK.US), and Pfizer (PFE.US), each having ten or more major factories in the U.S. [4] - Firms like AbbVie, Bristol-Myers Squibb, and Eli Lilly have a higher proportion of production in the U.S. compared to overseas [4] - The complexity of the pharmaceutical supply chain makes it challenging to assess the full impact of tariffs on pricing and availability [3][4] Group 5: Alternative Strategies - In response to potential cost increases from tariffs, companies are exploring alternative measures, such as sourcing active pharmaceutical ingredients from regions outside Europe and seeking new contract manufacturers in non-European countries [5]

特朗普：将在不久后宣布对药品征收关税 金十数据7月28日讯，美国总统特朗普周一表示，计划很快就药品关税发表声明，但没有给出具体日 期。特朗普在宣布与欧盟达成贸易协议一天后与英国首相斯塔默会晤。特朗普在苏格兰与英国首相斯塔 默会晤后对记者说，"我们将在不久的将来宣布药品方面的消息。我们在药品方面有一个很大的计划。 我们希望把很多药品带回美国。" ...

Core Viewpoint - The announcement of tariffs on pharmaceuticals is expected to be made by Trump in the near future, indicating a potential shift in trade policy that could impact the pharmaceutical industry significantly [1] Group 1 - The upcoming tariffs on drugs may lead to increased costs for pharmaceutical companies, affecting their pricing strategies and profit margins [1] - This policy change could also influence the supply chain dynamics within the pharmaceutical sector, as companies may need to adjust their sourcing and distribution strategies to mitigate the impact of tariffs [1] - The announcement reflects a broader trend of protectionist measures that could reshape the competitive landscape of the pharmaceutical industry [1]

Group 1 - The core viewpoint is that Trump will soon announce tariffs on pharmaceuticals and engage in negotiations with the UK regarding drug-related issues [1]

Core Viewpoint - The article discusses Trump's stance on not using drug tariffs as a means to block the UK, indicating a focus on maintaining trade relations and avoiding punitive measures in the pharmaceutical sector [1] Group 1 - Trump's administration will not impose drug tariffs to hinder trade with the UK, suggesting a strategic approach to international relations in the pharmaceutical industry [1] - The decision reflects a broader policy of fostering cooperation rather than confrontation in trade matters, particularly in the context of drug pricing and access [1]

特朗普表示，将很快宣布药品关税。 ...

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].