Banc Sabadell | Trump said on social media that, starting on 1 October, all branded or patented pharmaceutical products will be subject to a 100% tariff, unless the company has begun to build a manufacturing facility in the United States.
Assessment: Negative news due to the noise it may generate. However, details remain to be finalised, as we do not know whether companies that already had a presence in the United States will be affected (this would be the case for SANO and BAYN). In addition, we note that SANO has already announced investments in the United States worth €20 billion through 2030.
In the case of Grifols (GRF), we do not expect a negative impact from potential tariffs in the United States, given that ~70% of its plasma collection capacity and ~65% of its production capacity are located in this region. Furthermore, we believe that tariffs could be an opportunity because it is the only company in the blood products sector that is 100% vertically integrated in the US.
As for Almirall (ALM), the impact would be very limited, considering that it has generated only ~4.5% of its sales in this region in 2025.
For its part, Laboratorios Rovi (ROVI) does not distribute directly in the United States nor does it have any branded products in this region, so we do not see any obvious impact from tariffs. Overall, we estimate that its indirect exposure to the United States through Moderna would be around 10% of ROVI BS sales in 2025, and its weight within this will gradually decrease from 2026 onwards.
