JPMORGAN ON PHARMA
Reciprocal Tariffs Likely But With High Pass-Through To Customers
Biosimilars Likely To Be Exempt From Tariffs; CDMOS Also To See Limited Impact
Even 50% Tariffs Won't Justify Manufacturing Relocation To US
Potential Tariffs On Israel & Switzerland Could Drive Higher Market Share For Indian Cos
If Tariffs Persist In Medium Term, Industry May See Consolidation; Large Players Unlikely To Exit
Relocation Of Plants To US Could Take 3-4 Years With Manufacturing Costs Being 75-200% Higher
Reciprocal Tariffs Likely But With High Pass-Through To Customers
Biosimilars Likely To Be Exempt From Tariffs; CDMOS Also To See Limited Impact
Even 50% Tariffs Won't Justify Manufacturing Relocation To US
Potential Tariffs On Israel & Switzerland Could Drive Higher Market Share For Indian Cos
If Tariffs Persist In Medium Term, Industry May See Consolidation; Large Players Unlikely To Exit
Relocation Of Plants To US Could Take 3-4 Years With Manufacturing Costs Being 75-200% Higher
