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Roche, Novartis underline U.S. plans after Trump pharma tariff announcement

ReutersSep 26, 2025 12:21 PM

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Trump announces tariffs on pharma firms not building in U.S.
Roche and Novartis have pledged major investments in U.S.
Industry source suggests Swiss giants unlikely to be affected
Shares in Roche, Novartis little moved by announcement

By Paul Arnold

ZURICH, Sept 26 (Reuters) - Swiss companies Roche ROG.S and Novartis on Friday flagged they did not expect to be hit by President Donald Trump's latest pharmaceutical tariff announcement because they are in the process of building new U.S. sites and investing there.

Trump said on Thursday the United States will impose a 100% tariff on imports of branded or patented pharmaceutical products from October 1, unless a given pharmaceutical company is building a manufacturing plant in the U.S.

A Roche spokesperson pointed to an August 25 announcement that its Genentech unit had broken ground for a facility in Holly Springs, North Carolina, as well as its $50 billion pledge to invest in U.S. manufacturing and research and development.

Roche and Novartis NOVN.S are Switzerland's two biggest pharmaceutical firms with major U.S. production operations.

Novartis, which made a $23 billion U.S. investment pledge earlier this year, said that Trump's 100% tariff announcement should not have an impact on the company.

"We have ongoing construction and expect to announce five new sites to be under construction before end of year," Novartis said.

Investors appeared to shrug off the news. Shares in both Roche and Novartis traded slightly up early on Friday.

Wolf von Rotberg, an equity strategist at J. Safra Sarasin Sustainable Asset Management, advised against significantly reducing pharmaceutical investment after Trump's announcement.

"If exemptions apply broadly to companies with U.S. production sites, all major U.S. pharmaceutical companies and some European ones would likely be exempt," he said.

"Recent spending commitments by large-cap pharmaceutical companies, including major Swiss firms, may be deemed sufficient for exemptions, potentially limiting the tariff's scope", he added.

The Swiss government said the relevant departments are analysing the potential impact of Trump's pharmaceutical tariff measures but that it did not have details of them.

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