Core Viewpoint - Eli Lilly's stock has experienced significant volatility during Trump's second term, primarily due to the potential implementation of tariffs on pharmaceutical imports, which could negatively impact the company and the industry as a whole [1][2][3]. Group 1: Tariffs and Their Impact - President Trump has proposed a 25% tariff on imported drugs, although these tariffs have not yet been implemented [2]. - Eli Lilly's CEO acknowledged that expanding tariffs would negatively affect the company and the pharmaceutical industry, but did not specify the potential impact [3]. - The U.S. imported nearly $50 billion in pharmaceutical products from Ireland last year, making it a likely target for tariffs, which could pose a significant challenge for Lilly [4]. Group 2: Company Operations and Manufacturing - Most of Eli Lilly's product sourcing outside the U.S. comes from Ireland, with approximately $3.2 billion in long-lived assets reported in Ireland at the end of 2024 [5]. - Lilly has a large U.S. manufacturing footprint and is currently working on 10 active projects to build and expand facilities, aiming to supply the U.S. market entirely from domestic operations [9]. Group 3: Pricing Strategies and Regulatory Risks - President Trump issued an executive order for "most-favored nation" (MFN) drug pricing, which could pose a risk to the industry, although it may face legal challenges [9][10]. - If MFN pricing is implemented, drug manufacturers might adjust their pricing strategies to maintain profitability, such as increasing list prices in other countries while offering discounts [11]. Group 4: Future Outlook - The outcomes of the proposed tariffs and MFN drug pricing remain uncertain, but it is believed that Eli Lilly and other major pharmaceutical companies will navigate these challenges effectively [12].

今年3月，美国药品进口总额超过500亿美元，这相当于2024年美国药品进口总额的20%。其中增加的 200亿美元进口额主要来自于爱尔兰。 由于担忧美国特朗普政府即将对进口药品发起的关税，制药商正在大量囤积库存。 最新贸易数据显示，今年3月，美国药品进口量激增200亿美元。爱尔兰对美国药品出口增幅尤其显著， 并使得该国对美国的贸易顺差首次超过对中国的贸易顺差。 美国商务部最新发布的贸易数据显示，今年3月，美国药品进口总额超过500亿美元，这相当于2024年美 国药品进口总额的20%。其中增加的200亿美元进口额主要来自于爱尔兰，达到约155亿美元，占据增加 进口量的大部分。 5月5日，特朗普表示，他将在未来两周内宣布相关的关税事宜。他还最新发布了一项行政命令，要求美 国FDA增加对海外制药生产设施的监管。 爱尔兰是美国主要的药品进口来源国。如果美国对药品发起"对等关税"，对爱尔兰制药业将造成巨大的 冲击。特朗普对爱尔兰制药业已经表达了不满，他曾公开表示，美国与爱尔兰的贸易失衡主要由药品出 口驱动。 牛津经济研究院高级美国经济学家马修·马丁在报告发布后称，除了爱尔兰和其他欧盟国家外，受预期 药品进口税影响最大的国 ...