AstraZeneca’s Chief Executive Officer, Pascal Soriot, has cautioned that trade tariffs are ineffective in managing the pharmaceutical sector, as drug manufacturers express concern over potential U.S. duties.
“We believe the most effective incentive to attract investment in manufacturing and R&D is the implementation of a strong tax policy that encourages companies to invest domestically,” Soriot stated in an interview with Bloomberg TV.
The British pharmaceutical giant reaffirmed its commitment to continued investment and expansion in the United States amid growing speculation that President Donald Trump may impose tariffs on pharmaceutical imports.
“Our company is firmly committed to investing and growing in the U.S.,” Soriot added.
AstraZeneca reported a 30% increase in first-quarter profits, reaching $2.9 billion (£2.2 billion).
Earlier in April, the U.S. administration signalled the possibility of introducing tariffs on pharmaceuticals—an industry that had previously been exempt from broader import levies imposed under President Trump’s trade agenda. A “national security” investigation into pharmaceutical imports has since been launched.
The U.S. remains a crucial market for the sector, and Soriot noted that AstraZeneca aims for it to account for approximately 50% of the company’s global revenue by 2030.
Despite these ambitions and strong quarterly results, AstraZeneca’s shares declined by as much as 5.2%, weighing on the FTSE 100. Nevertheless, the company reaffirmed that it remains on track to reach its long-term revenue goal of $80 billion annually by 2030.
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