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].

证券研究报告 | 宏观定期报告 2025 年 07 月 13 日 俄美关系缓和再起波折？ ——国际时政周评 上周回顾：美国对多国宣布 8 月 1 日起加征关税；特朗普宣布将通过北约援 乌；欧盟委员会主席冯德莱恩讲话。 未来一周：美国贸易谈判持续；特朗普将对俄罗斯发表"重大声明"；中东局 势。 ❑ 上周时政回顾： 魏芸 S1090522010002 weiyun@cmschina.com.cn 定期报告 敬请阅读末页的重要说明 1）美国关税：特朗普表示将对多国加征关税；将对进口铜征收 50%关税， 威胁对药品征收高额关税；"对等关税"实施时间推迟到 8 月 1 日。美 国的要求或不仅仅是下调关税，更重要的是要加强美国供应链免受第三 国干扰。短期而言，针对行业的新增高额关税或更多是刺激各国加快贸 易谈判的工具，但其长期风险持续存在，且影响或更为持久。 2）特朗普表示已批准向乌克兰运送更多防御性武器，并考虑进一步对俄罗 斯实施制裁。6 月以来，特朗普在一系列"成功"后，其对悬而未决的 问题态度转向强硬，包括关税和俄乌冲突。在俄罗斯不接受停火的情况 下，特朗普认为需要给俄罗斯施加更大压力以促成和谈；若进一步对俄 制裁 ...