Pfizer’s Bourla is ‘cautiously optimistic’ on tariffs, says M&A is on the table

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Pfizer CEO Bourla Remains Cautiously Optimistic on U.S. Tariffs, Keeps M&A Options Open

Pfizer CEO Albert Bourla is "cautiously optimistic" about upcoming U.S. pharmaceutical tariffs, expressing confidence that any measures may be focused on countries considered U.S. adversaries rather than broadly affecting supply chains or key allies1 2 3.
Bourla emphasized that the Trump administration's primary concerns around tariffs focus on national security and the importance of domestic production of critical medicines5.
The pharmaceutical sector has a temporary exemption from broader tariffs, but new rules eliminating de minimis exemptions for Chinese goods and potential 25% tariffs on imports from certain countries could impact costs and supply chains in 20253.
Pfizer has already built a $150 million tariff allowance into its 2025 financial forecasts but warns that broader tariffs could reduce earnings per share by 3–5% and disrupt drug launches and R&D if supply chains are significantly affected3 4 5.
Bourla stated that the pharmaceutical industry is in discussions with the government and may negotiate productive solutions to trade and pricing policy concerns, advocating for targeted rather than sweeping tariffs2.
Despite the uncertainty, Pfizer is seen as relatively well-positioned to manage new trade barriers due to its domestic manufacturing capacity, cost-cutting, and contingency plans3 5.
Mergers and acquisitions (M&A) remain under consideration for Pfizer as the company navigates this shifting policy and trade environment.