US Pharma Tariff Relief: Which Indian pharma stocks benefit and which face trade risk?

Financial Express spoke with industry experts to understand how the latest tariff changes could affect these pharma companies, where the relief could translate into better earnings visibility and which businesses remain exposed to changes in US trade policy.

Generic drugs largely remain outside the tariff impact

The assessments of most pharma sector analysts differ based on direct tariff exposure, US revenue concentration, customer-order visibility and exposure to specialised products. Bharat Celly, Equity Research Analyst at Equirus Securities, said the tariff issue was concentrated in specialty medicines rather than the generic business.

“US pharma tariffs were never really an issue for the generic side of Indian pharma companies. The exposure was primarily on the specialty side, and most Indian pharma companies have a large part of their business coming from generics. Sun Pharma was the only company with measurable exposure given its specialty business, but even there, the impact was limited to around 4-5% of earnings.”