Gilead Sciences (GILD) saw its stock plummet 5.21% in pre-market trading on Wednesday, as pharmaceutical companies faced significant pressure following President Donald Trump's renewed threats of imposing tariffs on drug imports. The broader pharmaceutical sector experienced a substantial downturn in response to these comments, with several major players in the industry seeing their stocks decline.

President Trump announced plans for a "major tariff" on all pharmaceutical imports, reiterating his intention to incentivize drug companies to move their operations back to the United States. This statement comes shortly after the implementation of his first set of "reciprocal" tariffs, which had initially exempted pharmaceutical products. The potential for increased costs and disrupted supply chains has sent shockwaves through the industry, affecting not only Gilead but also other major players like Pfizer, Amgen, and Eli Lilly.

Analysts, however, are skeptical about the effectiveness of these tariffs in shifting manufacturing back to the U.S. BMO Capital Markets noted that the country already has robust biomanufacturing capabilities. Despite this, the market's immediate reaction reflects investor concerns about potential increases in drug prices and the overall impact on pharmaceutical companies' bottom lines. As the situation develops, investors will be closely watching for any further policy announcements and their implications for the pharmaceutical sector, including Gilead Sciences and its competitors.