Healthcare Pulse Check: Euro Credit Sector Update: Bioprocessing in focus + US threatens tariffs on Generics imports

Research evidence excerpt

Healthcare Pulse Check: Euro Credit Sector Update: Bioprocessing in focus + US threatens tariffs on Generics imports

J P M O R G A N Europe Credit Research

24 July 2026

Healthcare Pulse Check: Euro

Credit Sector Update

Bioprocessing in focus + US threatens tariffs on

Generics imports

Europe Corporate Credit -

Healthcare, Transportation and

Sustainable Investing

Danielle Ward, CFA AC

(44-20) 7742-7344

danielle.x.ward@jpmorgan.com

Adeline Z Kwok, CFA

(44 20) 7134 0302

Today is the final day of the 2026 Extel Global Fixed Income Research adeline.zinhe.kwok@jpmorgan.com

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Below we recap the main takeaways from this week’s Q226 reporting, with mixed

commentary on bioprocessing dominating the discussion, while President Trump

announced plans to impose tariffs on future generic drug imports.

President Trump threatens to impose tariffs on Generics imports from 2028:

• In a Truth Social post on 21-Jul, President Trump announced that a 100%

tariff would be imposed on generic drugs imported into the US from

August 2028, rising to 200% one year later, in an effort to encourage the

re-shoring of generics manufacturing. Until now, the generics sector has been

largely excluded from pharmaceutical (or country-level) tariff policies, with

the industry having argued that local manufacturing is unfeasible given the low