U.S. Specialty Pharmaceuticals / U.S. Healthcare Technology & Distribution: Generic Tariffs in 2028? We Think US Co’s Pos Rel Well v India-Based; ANIP & AMRX Stand Out as Best Opportunities

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U.S. Specialty Pharmaceuticals / U.S. Healthcare Technology & Distribution: Generic Tariffs in 2028? We Think US Co’s Pos Rel Well v India-Based; ANIP & AMRX Stand Out as Best Opportunities

Equity Research

22 July 2026

U.S. Specialty Pharmaceuticals / U.S. Healthcare Technology &

Distribution

Generic Tariffs in 2028? We Think

US Co’s Pos Rel Well v India-Based;

U.S. Specialty Pharmaceuticals

NEUTRALANIP & AMRX Stand Out as Best

U.S. Healthcare Technology & Distribution

NEUTRALOpportunities

U.S. Healthcare Technology &

With the recent tariff announcement impacting generic drugs Distribution

imported into the US beginning in Aug 2028, we point to ANIP Glen Santangelo +1 212 526 7364

glen.santangelo@barclays.comand AMRX as being relative safe havens. Broadly, we think US

companies like TEVA/VTRS are better positioned than the BCI, US

Indian based mfgs. Peter+1 212Warendorf526 3891

peter.warendorf@barclays.com

BCI, USIn the generics industry, we view US companies as relatively better positioned than India-

based manufacturers. As a reminder, generics make up >90% of medicines (Rxs) sold in the US. Jenna Davidner

This implies a tariff announcement could have widespread impacts across the industry. +1 212 526 4525

Currently, India alone supplies ~50% of US generic drug consumption. Based on IQVIA EUTRx jenna.davidner@barclays.com

BCI, USvolume data for total generics, India companies take 4 of the 5 top spots in terms of US volumes

– highlighting the significant volume coming into the US market from India-based firms. Sneha Muthe

+1 212 526 8385

ANIP operates 3 US based generics manufacturing sites. ANI Pharmaceuticals operates a snehakhagendra.muthe@barclays.com

primarily oral solid generics business with a fully US based manufacturing footprint. The BCI, US