<\/p>\n
British pharmaceutical giant AstraZeneca announced Tuesday that it has begun moving some of its European production to the United States, ahead of President Donald Trump’s possible tariffs on the sector.<\/p>\n
“Our company is firmly committed to investing and growing in the US,” chief executive Pascal Soriot said in an earnings statement, which also reported that first-quarter profit rose by over 30 percent to $2.92 billion.<\/p>\n
The United States earlier in April opened the door to potential tariffs targeting pharmaceuticals, which have so far benefited from exemptions to Trump’s sweeping levies on imports from trading partners.<\/p>\n
<\/p>\n
Trump has also imposed a series of sector-specific levies, slapping tariffs on imports of steel, aluminium and autos, before launching a “national security” investigation into pharmaceutical imports.<\/p>\n
AstraZeneca could become exposed to US levies on its European-made products but Soriot stressed that the impact would be limited due to the ongoing shift in production.<\/p>\n
“The limit of the exposure we have relates to exporting products from Europe to the US,” Soriot said on an earnings call.<\/p>\n
“We are in the process of shifting the manufacturing of those products to the US,” he added.<\/p>\n
The United States is a key market for the pharmaceutical industry, and AstraZeneca was already planning to invest $3.5 billion there by the end of 2026.<\/p>\n
Soriot said earlier in the year that he hoped the US will account for around half of AstraZeneca’s global revenue by 2030.<\/p>\n
<\/p>\n
Other pharmaceutical companies have also announced plans to increase investments in the United States.<\/p>\n
AstraZeneca reconfirmed its outlook on Tuesday, saying it remains on track to achieve its target of $80 billion in annual revenue by the end of the decade.<\/p>\n
Its first-quarter profit in 2025 benefited from strong growth in its cancer drug sales and biopharmaceuticals.<\/p>\n
During the quarter, it generated 42 percent of its revenue in the United States, followed by 20 percent in Europe.<\/p>\n
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)<\/i><\/p>\n
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