AstraZeneca plots US expansion despite Trump tariff threat

AstraZeneca has doubled down on plans to grow its US business as it braces for the country’s potential tariffs on the pharmaceutical industry.

The drug maker said it is “firmly committed to investing and growing in the US” despite President Donald Trump threatening to apply import taxes on the sector.

Chief executive Pascal Soriot said the company continues to benefit from its “broad-based source of revenue and global manufacturing footprint”, including 11 production sites in the US.

“Additionally, we have even greater US investment in manufacturing and R&D (research and development) planned,” he added.

Mr Trump has repeatedly said he will slap tariffs on drug imports, which could make life-saving treatments more expensive for American consumers.

Industry experts have suggested that the new tariffs might be 25%, which would match those levied on steel, aluminium and cars.

AstraZeneca makes about 40% of its sales revenue in the US, and has previously said it will invest 3.5 billion dollars (£2.6 billion) by the end of next year.

Meanwhile, the group reported a 10% increase in revenue for the first three months of 2025, compared with the same period last year.

The rise came after it made strong sales of cancer drugs, with AstraZeneca’s oncology division reporting a 13% surge in business.

The company is planning to hit 80 billion dollars (£59.7 billion) in annual revenue by 2030, which Mr Soriot said it is making “excellent progress” towards.

Last year revenue was 54.1 billion dollars (£40.4 billion).

Separately, AstraZeneca is awaiting a potential fine in China over possible unpaid import taxes

AstraZeneca said authorities in Shenzhen have said the unpaid taxes amount to 1.6 million dollars (£1.2 million) and that it could face a fine “of between one and five times the amount of unpaid importation taxes” if found liable.

AstraZeneca appointed a new president for its China business late last year after previous executive Leon Wang was arrested by Chinese authorities along with other employees.