British pharmaceutical giant AstraZeneca on Tuesday vowed to keep investing and growing its business in the United States, ahead of President Donald Trump’s possible tariffs on the sector.
“Our company is firmly committed to investing and growing in the US,” chief executive Pascal Soriot said in an earnings statement, which also announced that first quarter profit had risen by over 30 percent to $2.92 billion.
The United States earlier in April opened the door to potential tariffs targeting pharmaceuticals, which have so far benefited from exemptions to Trump’s sweeping levies on imports from trading partners.
He has also imposed a series of sector-specific levies, slapping tariffs on imports of steel, aluminium and autos, before launching a “national security” investigation into pharmaceutical imports.
The United States is a key market for the pharmaceutical industry, with Soriot saying earlier in the year that he hoped that the United States will represent approximately half of AstraZeneca’s global revenue by 2030.
The pharmaceutical giant said on Tuesday it remains on track to achieve its total target of $80 billion in annual revenue by 2030.