0751 GMT - Big Pharma stocks are up after U.S. President Trump exempted pharmaceuticals for now from his reciprocal tariffs on global imports. "It is still somewhat unclear whether the broader reaching 10% baseline tariffs could still be levied against imported drugs and vaccines, in our view," Shore Capital analyst Sean Conroy says in a note. Likewise, Bryan Garnier Research analysts say in a note that the pharma industry is left uncertain about an actual tariff risk given Trump's mixed remarks that drugmakers "will come roaring back to the U.S., because if they don't, they got a big tax to pay." Novartis and Sanofi are up 0.6% and 0.3%, respectively. The U.K's AstraZeneca and GSK rose 1% and 1.6%, respectively. Swiss pharma giant Roche is down 2.3% after its multiple-sclerosis drug Ocrevus failed to meet its primary endpoint. (helena.smolak@wsj.com)
(END) Dow Jones Newswires
April 03, 2025 03:51 ET (07:51 GMT)
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