Pharmaceutical companies are bracing for the impact of potential U.S. drug tariffs anticipated by the end of July under the Trump administration. Despite the uncertainty, Johnson & Johnson CEO Joaquin Duato emphasized ongoing investments in U.S. manufacturing, projecting $55 billion invested to produce all medicines consumed domestically. J&J anticipates a $200 million impact through 2025, half prior estimates, mainly affecting MedTech. Novartis also anticipates significant financial consequences from tariffs, discussing mitigation strategies during Q2 earnings. The evolving regulatory landscape is driving companies to reevaluate supply chains and manufacturing footprints ahead of anticipated tariff implementation.