By David Wainer
Big pharmaceutical stocks mostly rose after President Trump's executive order exempted medicines from new tariffs. Merck, Bristol-Myers Squibb, and Johnson & Johnson were among the top performers in the S&P 500, with the sector also benefiting from its status as a defensive play.
Still, drugmakers aren't in the clear. Trump singled them out in his remarks Wednesday, saying: "The pharmaceutical companies are going to come roaring back... because if they don't, they got a big tax to pay."
That underscores Trump's "continued appetite to effect change in the industry," said UBS analyst Trung Huynh. One possible scenario is Trump introduces tariffs specifically targeting pharma-either all at once, or in stages-said Huynh. The president could also pursue tax reform aimed at the industry's offshore tax shelters.
For now, pharma is breathing a sigh of relief. But the reprieve may be temporary.
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(END) Dow Jones Newswires
April 03, 2025 10:30 ET (14:30 GMT)
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