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Business Standard
a day ago
- Business
- Business Standard
AstraZeneca unveils $50 bn US investment as pharma tariff threat looms
AstraZeneca plans to spend $50 billion to expand manufacturing and research capabilities in the U.S. by 2030, it said on Monday, the latest big investment by a pharmaceutical company reacting to President Donald Trump's tariff policy. The investment will fund a new drug manufacturing facility in Virginia and expand research and development (R&D) and cell therapy manufacturing in Maryland, Massachusetts, California, Indiana and Texas, it said in a statement. It will also upgrade the Anglo-Swedish drugmaker's U.S. clinical trial supply network and support ongoing investment in novel medicines. On Monday, AstraZeneca said the expansion supports its ambition to reach $80 billion in annual revenue by 2030, with half coming from the U.S. The U.S. accounted for more than 40% of AstraZeneca's annual revenue in 2024, and the company had been prioritising the market - the world's largest, worth $635 billion - before Trump's return to office. The move to scale up its U.S. footprint is the latest by a drugmaker as Trump threatens to impose import tariffs on the industry and seeks to boost domestic manufacturing. The sector has historically been spared from trade disputes. Trump has called on pharma companies to make more of the medicines they sell in the U.S. within the country, rather than importing active ingredients or finished medicines. He is also pushing for prices in the U.S. to fall to what other countries pay. CEO Pascal Soriot announced the plans in Washington, saying he believes that drug prices need to rise elsewhere and "equalize" with other countries effectively contributing more to research and development costs. "The United States cannot build or carry the cost of R&D for the entire world," he said. U.S. Commerce Secretary Howard Lutnick's department is leading a probe into pharmaceutical imports that could pave the way for new tariffs. "For decades Americans have been reliant on foreign supply of key pharmaceutical products. President Trump and our nation's new tariff policies are focused on ending this structural weakness," said Lutnick in a statement issued by AstraZeneca. While Trump has repeatedly threatened tariffs on the sector, he signalled earlier this month that companies would be given a year to 18 months to "get their act together" before any levies take effect. The company said that the timing and location of the announcement was linked to the U.S. policy environment, though some of the spending would have occurred regardless so that the infrastructure for future medicines was in place. The pledge is in addition to the $3.5 billion in investments the company announced in November 2024, the statement said. PLEDGES The $50 billion pledge matches the commitment announced by Swiss rival Roche in April and follows new spending plans unveiled this year by Eli Lilly & Co, Johnson & Johnson , Novartis, and Sanofi. Also present at the announcement was Virginia State Governor Glenn Youngkin, a vocal Trump ally who has defended the administration's tariff policies. The new Virginia facility - the company's largest single manufacturing investment - will produce active ingredients for AstraZeneca's experimental weight-loss medicines, including its oral GLP-1 candidate and an oral PCSK9 inhibitor for cholesterol management, it said. The company said the investment could create tens of thousands of new jobs, but declined to give specifics. It employs about 18,000 people in the U.S. and has a global workforce of about 90,000. In January it scrapped plans to invest 450 million pounds ($607.1 million) in its vaccine manufacturing plant in northern England, citing a cut in government support. Earlier this month, The Times reported the company was considering moving its stock market listing from London, where it is the exchange's most valuable company worth 159 billion pounds, to the U.S. The company declined to comment.
RTÉ News
a day ago
- Business
- RTÉ News
AstraZeneca unveils $50 billion US investment as pharma tariff threat looms
AstraZeneca plans to spend $50 billion to expand manufacturing and research capabilities in the US by 2030, it said, the latest big investment by a pharmaceutical company reacting to President Donald Trump's tariff policy. The investment will fund a new drug manufacturing facility in Virginia and expand research and development (R&D) and cell therapy manufacturing in Maryland, Massachusetts, California, Indiana and Texas, it said in a statement. It will also upgrade the Anglo-Swedish drugmaker's US clinical trial supply network and support ongoing investment in novel medicines. AstraZeneca said the expansion supports its ambition to reach $80 billion in annual revenue by 2030, with half coming from the US. The US accounted for more than 40% of AstraZeneca's annual revenue in 2024, and the company had been prioritising the market - the world's largest, worth $635 billion - before Trump's return to office. The move to scale up its US footprint is the latest by a drugmaker as Trump threatens to impose import tariffs on the industry and seeks to boost domestic manufacturing. The sector has historically been spared from trade disputes. Trump has called on pharma companies to make more of the medicines they sell in the US within the country, rather than importing active ingredients or finished medicines. He is also pushing for prices in the US to fall to what other countries pay. CEO Pascal Soriot announced the plans in Washington, saying he believes that drug prices need to rise elsewhere and "equalise" with other countries effectively contributing more to research and development costs. "The US cannot build or carry the cost of R&D for the entire world," he said. US Commerce Secretary Howard Lutnick's department is leading a probe into pharmaceutical imports that could pave the way for new tariffs. "For decades Americans have been reliant on foreign supply of key pharmaceutical products. President Trump and our nation's new tariff policies are focused on ending this structural weakness," said Lutnick in a statement issued by AstraZeneca. While Trump has repeatedly threatened tariffs on the sector, he signalled earlier this month that companies would be given a year to 18 months to "get their act together" before any levies take effect. The company said that the timing and location of the announcement was linked to the US policy environment, though some of the spending would have occurred regardless so that the infrastructure for future medicines was in place. The pledge is in addition to the $3.5 billion in investments the company announced in November 2024, the statement said. The $50 billion pledge matches the commitment announced by Swiss rival Roche in April and follows new spending plans unveiled this year by Eli Lilly & Co, Johnson & Johnson, Novartis and Sanofi. Also present at the announcement was Virginia State Governor Glenn Youngkin, a vocal Trump ally who has defended the administration's tariff policies. The new Virginia facility - the company's largest single manufacturing investment - will produce active ingredients for AstraZeneca's experimental weight-loss medicines, including its oral GLP-1 candidate and an oral PCSK9 inhibitor for cholesterol management, it said. The company said the investment could create tens of thousands of new jobs, but declined to give specifics. It employs about 18,000 people in the US and has a global workforce of about 90,000. In January it scrapped plans to invest £450m in its vaccine manufacturing plant in northern England, citing a cut in government support. Earlier this month, The Times reported the company was considering moving its stock market listing from London, where it is the exchange's most valuable company worth 159 billion pounds, to the US. The company declined to comment.
The Sun
a day ago
- Business
- The Sun
AstraZeneca plans US$50b US move amid tariff threat
WASHINGTON: AstraZeneca plans to spend US$50 billion (RM212 billion) to expand manufacturing and research capabilities in the US by 2030, it said on Monday, the latest big investment by a pharmaceutical company reacting to President Donald Trump's tariff policy. The investment will fund a new drug manufacturing facility in Virginia and expand research and development (R&D) and cell therapy manufacturing in Maryland, Massachusetts, California, Indiana and Texas, it said in a statement. It will also upgrade the Anglo-Swedish drugmaker's US clinical trial supply network and support ongoing investment in novel medicines. On Monday, AstraZeneca said the expansion supports its ambition to reach US$80 billion in annual revenue by 2030, with half coming from the US. The US accounted for more than 40% of AstraZeneca's annual revenue in 2024, and the company had been prioritising the market – the world's largest, worth US$635 billion – before Trump's return to office. The move to scale up its US footprint is the latest by a drugmaker as Trump threatens to impose import tariffs on the industry and seeks to boost domestic manufacturing. The sector has historically been spared from trade disputes. Trump has called on pharma companies to make more of the medicines they sell in the US within the country, rather than importing active ingredients or finished medicines. He is also pushing for prices in the US to fall to what other countries pay. CEO Pascal Soriot announced the plans in Washington, saying he believes that drug prices need to rise elsewhere and 'equalize' with other countries effectively contributing more to research and development costs. 'The US cannot build or carry the cost of R&D for the entire world,' he said. US Commerce Secretary Howard Lutnick's department is leading a probe into pharmaceutical imports that could pave the way for new tariffs. 'For decades Americans have been reliant on foreign supply of key pharmaceutical products. President Trump and our nation's new tariff policies are focused on ending this structural weakness,' said Lutnick in a statement issued by AstraZeneca. While Trump has repeatedly threatened tariffs on the sector, he signalled earlier this month that companies would be given a year to 18 months to 'get their act together' before any levies take effect. The company said that the timing and location of the announcement was linked to the US policy environment, though some of the spending would have occurred regardless so that the infrastructure for future medicines was in place. The pledge is in addition to the US$3.5 billion in investments the company announced in November 2024, the statement said. The US$50 billion pledge matches the commitment announced by Swiss rival Roche in April and follows new spending plans unveiled this year by Eli Lilly & Co, Johnson & Johnson , Novartis, and Sanofi. Also present at the announcement was Virginia State Governor Glenn Youngkin, a vocal Trump ally who has defended the administration's tariff policies. The new Virginia facility – the company's largest single manufacturing investment – will produce active ingredients for AstraZeneca's experimental weight-loss medicines, including its oral GLP-1 candidate and an oral PCSK9 inhibitor for cholesterol management, it said. The company said the investment could create tens of thousands of new jobs, but declined to give specifics. It employs about 18,000 people in the US and has a global workforce of about 90,000. – Reuters
New Straits Times
2 days ago
- Business
- New Straits Times
AstraZeneca unveils US$50bil investment as pharma tariff threat looms
WASHINGTON: AstraZeneca plans to spend US$50 billion to expand manufacturing and research capabilities in the US by 2030, it said on Monday, the latest big investment by a pharmaceutical company reacting to President Donald Trump's tariff policy. The investment will fund a new drug manufacturing facility in Virginia and expand research and development (R&D) and cell therapy manufacturing in Maryland, Massachusetts, California, Indiana and Texas, it said in a statement. It will also upgrade the Anglo-Swedish drugmaker's US clinical trial supply network and support ongoing investment in novel medicines. On Monday, AstraZeneca said the expansion supports its ambition to reach US$80 billion in annual revenue by 2030, with half coming from the US. The US accounted for more than 40 per cent of AstraZeneca's annual revenue in 2024, and the company had been prioritising the market – the world's largest, worth US$635 billion – before Trump's return to office. The move to scale up its US footprint is the latest by a drugmaker as Trump threatens to impose import tariffs on the industry and seeks to boost domestic manufacturing. The sector has historically been spared from trade disputes. Trump has called on pharma companies to make more of the medicines they sell in the US within the country, rather than importing active ingredients or finished medicines. He is also pushing for prices in the US to fall to what other countries pay. CEO Pascal Soriot announced the plans in Washington, saying he believes that drug prices need to rise elsewhere and "equalise" with other countries effectively contributing more to research and development costs. "The United States cannot build or carry the cost of R&D for the entire world," he said. US Commerce Secretary Howard Lutnick's department is leading a probe into pharmaceutical imports that could pave the way for new tariffs. "For decades Americans have been reliant on foreign supply of key pharmaceutical products. President Trump and our nation's new tariff policies are focused on ending this structural weakness," said Lutnick in a statement issued by AstraZeneca. While Trump has repeatedly threatened tariffs on the sector, he signalled earlier this month that companies would be given a year to 18 months to "get their act together" before any levies take effect. The company said that the timing and location of the announcement was linked to the US policy environment, though some of the spending would have occurred regardless so that the infrastructure for future medicines was in place. The pledge is in addition to the US$3.5 billion in investments the company announced in November 2024, the statement said. Pledges The US$50 billion pledge matches the commitment announced by Swiss rival Roche in April and follows new spending plans unveiled this year by Eli Lilly & Co, Johnson & Johnson, Novartis, and Sanofi. Also present at the announcement was Virginia State Governor Glenn Youngkin, a vocal Trump ally who has defended the administration's tariff policies. The new Virginia facility – the company's largest single manufacturing investment – will produce active ingredients for AstraZeneca's experimental weight-loss medicines, including its oral GLP-1 candidate and an oral PCSK9 inhibitor for cholesterol management, it said. The company said the investment could create tens of thousands of new jobs, but declined to give specifics. It employs about 18,000 people in the US and has a global workforce of about 90,000. In January, it scrapped plans to invest £450 million (US$607.10 million) in its vaccine manufacturing plant in northern England, citing a cut in government support. Earlier this month, The Times reported the company was considering moving its stock market listing from London – where it is the exchange's most valuable company worth £159 billion – to the US. The company declined to comment.
Time of India
16-07-2025
- Business
- Time of India
Trump to impose pharma tariffs by August 1, semiconductors likely next
WASHINGTON: President Donald Trump said that he was likely to impose tariffs on pharmaceuticals as soon as the end of the month and that levies on semiconductors could come soon as well, suggesting that those import taxes could hit alongside broad "reciprocal" rates set for implementation on Aug. 1. "Probably at the end of the month, and we're going to start off with a low tariff and give the pharmaceutical companies a year or so to build, and then we're going to make it a very high tariff," Trump told reporters Tuesday as he returned to Washington after attending an artificial intelligence summit in Pittsburgh. Explore courses from Top Institutes in Select a Course Category Digital Marketing Operations Management Leadership Data Science Others others Design Thinking Data Analytics Degree Management MCA Technology Public Policy Cybersecurity MBA CXO Artificial Intelligence Project Management Product Management Healthcare healthcare Data Science PGDM Finance Skills you'll gain: Digital Marketing Strategy Search Engine Optimization (SEO) & Content Marketing Social Media Marketing & Advertising Data Analytics & Measurement Duration: 24 Weeks Indian School of Business Professional Certificate Programme in Digital Marketing Starts on Jun 26, 2024 Get Details Skills you'll gain: Digital Marketing Strategies Customer Journey Mapping Paid Advertising Campaign Management Emerging Technologies in Digital Marketing Duration: 12 Weeks Indian School of Business Digital Marketing and Analytics Starts on May 14, 2024 Get Details Trump also said his timeline for implementing tariffs on semiconductors was "similar" and that it was "less complicated" to impose levies on chips, without providing additional detail. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like [70%할인] 갱년기 배우 최명길이 강력추천하는 '이것' 오늘 상담신청 시 1개월치 무료증정! 리피어라 더 알아보기 Undo At a Cabinet meeting earlier this month, Trump said he planned to impose a 50% tariff on copper in the coming weeks, and that he expected pharmaceutical tariffs to grow as high as 200% after giving companies a year to bring manufacturing back to the US. Trump has already announced investigations under Section 232 of the Trade Expansion Act of 1962 on drugs, arguing a flood of foreign imports was threatening national security. Still, any tariffs could immediately impact drugmakers like Eli Lilly & Co., Merck & Co. and Pfizer Inc . that produce drugs overseas - and risks driving up costs for US consumers. So does Trump's plans for semiconductor tariffs, which are expected to hit not only the chips themselves but popular products like Apple Inc. and Samsung Electronic Co Ltd. laptops and smartphones. Live Events
