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<Research>BOCOMI: Trump's Additional Tariffs on Imported Innovative Drugs May Have Limited Actual Impact on CN Pharmas
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US President Donald Trump announced a 100% tariff on all imported branded or patented finished drugs and formulations starting in October, unless the manufacturer is constructing production facilities within the US, according to BOCOMI's research report. This tariff policy does not apply to generic drugs, biosimilars and intermediates such as APIs, whose imports may remain exempt from tariffs. The broker believed that the impact on China's innovative drug industrial chain will be limited, with no need for excessive concern, as few Chinese innovative drug companies directly export products to the US now. Most independently exported innovative drug varieties either have self-built production capacity in the US or have outsourced production to local US CMOs. The vast majority of domestically produced innovative drugs entering overseas markets adopt a BD licensing model, which does not directly involve commercialized exports. BOCOMI advised investors to focus on AKESO (09926.HK), SKB BIO-B (06990.HK), REMEGEN (09995.HK) and other companies with heavyweight data releases; For the medium to long term, the broker recommended monitoring the innovative drug and CXO segments. For the innovative drug segment, 3SBIO (01530.HK) and ANTENGENE-B (06996.HK) possessed abundant near-term catalysts, while valuations had not fully reflect the value of their core products. SIMCERE PHARMA (02096.HK), HUTCHMED (00013.HK) and Legend Biotech (LEGN.US) were significantly undervalued with clear long-term growth trajectories. For CXO segment, leading players in this segment benefiting from high downstream prosperity and marginally improving financing conditions include WUXI XDC (02268.HK). AAStocks Financial News Website: www.aastocks.com |
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