Big Pharma booms despite Trump tariff headache
GSK, led by Emma Walmsley, is expected to report profit of £4.4 billion for the first half of this year on Wednesday, up from £2.9 billion the previous year, while sales are expected to inch up to £15.3 billion from £15.2 billion in 2024.
AstraZeneca, the largest company on the London Stock Exchange, is forecast to report a half-year profit of £5 billion, which is £1.1 billion more than the year before, with sales expected to have increased 8 per cent to £20.6 billion.
The sector is under pressure due to the threat of tariffs from the US, a critical market for both companies. President Donald Trump this month threatened to slap a 200 per cent levy on drug imports as part of an escalation of his trade war.
His threats have pushed many firms to begin moving factories to – and making larger investments in – the US to protect themselves from retaliation. Last week, AstraZeneca announced plans to invest £37 billion in the US, which accounts for 42 per cent of its sales.
The move has also fuelled fears it could switch its London stock market listing to the US, which would be a hit to the City.
GSK suffered a blow in the US last week when American regulators recommended against approving the relaunch of its key blood cancer drug Blenrep, which had been pulled from the country in 2022 due to concerns about its side-effects.
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