LONDON: British pharmaceutical giant AstraZeneca has doubled down on plans to grow its US business as it braces for the country’s potential tariffs on the pharmaceutical industry, PA Media/dpa reported.
The drug maker said on Tuesday it is “firmly committed to investing and growing in the US” despite President Donald Trump threatening to apply import taxes on the sector.
Chief executive Pascal Soriot said the company continues to benefit from its “broad-based source of revenue and global manufacturing footprint,” including 11 production sites in the US.
“Additionally, we have even greater US investment in manufacturing and R&D (research and development) planned,” he added.
Trump has repeatedly said he will slap tariffs on drug imports, which could make life-saving treatments more expensive for American consumers.
Industry experts have suggested that the new tariffs might be 25 per cent, which would match those levied on steel, aluminium and cars.
AstraZeneca makes about 40 per cent of its sales revenue in the US, and has previously said it will invest US$3.5 billion by the end of next year.
Meanwhile, the group reported a 10 per cent increase in revenue for the first three months of 2025, compared with the same period last year.
The rise came after it made strong sales of cancer drugs, with AstraZeneca’s oncology division reporting a 13 per cent surge in business.
The company is planning to hit US$80 billion in annual revenue by 2030, which Soriot said it is making “excellent progress” towards.
Last year’s revenue was US$54.1 billion.
