President Donald Trump said Monday that tariffs on pharmaceuticals will be unveiled in the next two weeks.

That means investors face an anxious wait to learn what the levies will mean for Eli Lilly, Pfizer, and other pharma stocks.

Moderna slid 5%; Viking Therapeutics fell 3%; Novo-Nordisk, Merck, Eli Lilly fell over 2%.

Trump also flagged an imminent announcement on drug costs for consumers, which risks putting even further pressure on drugmakers' bottom lines.

While the market doesn't quite know what's coming yet, it seems Trump does. He said he has determined the level and timing of pharmaceutical tariffs, as he signed an executive order intended to promote domestic drug manufacturing Monday afternoon. "I will announce it over the next two weeks," Trump said.

Shares of U.S. large-cap pharmaceutical companies such as Lilly, Johnson & Johnson, AbbVie, and Pfizer didn't move much, suggesting investors have already priced in the risk of duties on drugs and medicines. Merck, Amgen, and Moderna also held steady.

A month ago, the president said a "major tariff" on pharma products is coming "very shortly." It sent shares of both U.S. and European drugmakers down, with the latter taking the bigger hit.

It came after drugs were exempted from Trump's sweeping so-called reciprocal tariffs announced on April 2.

Shares of some of the biggest pharmaceutical companies in Europe such as Novo Nordisk, Roche, Sanofi, AstraZeneca, and Novartis also didn't react much to Trump's comments in early trading Tuesday.

Drugmakers rely on global supply chains and a high levy on imports could be destabilizing. Trump has previously suggested that pharmaceutical tariffs could reach a whopping 200%, but few analysts believe levies that high will materialize.

It's also not clear how tariffs on pharmaceuticals would be calculated, and if the tax would apply to the country where the drugs' active ingredient is manufactured, where the process is completed, or where the companies hold their intellectual property.

What may be more of an issue now is the administration's crackdown on drug prices. Analysts have warned that substantially bringing down prices of medicines will hurt innovation in the sector, ultimately impacting Americans negatively.

"We're going to have a big announcement next week on some of this," Trump said Monday, referring to the costs of medicines and drugs, "because we're being ripped off, as you know, very badly."

The executive order signed by the president Monday aims to streamline the process for drugmakers to build new production facilities.

It directs the Food and Drug Administration to reduce the time it takes to approve domestic manufacturing plants by eliminating certain requirements, according to a White House fact sheet. It comes as the agency is facing broad changes and mass layoffs under Health Secretary Robert F. Kennedy Jr.

Trump signed another executive order in mid-April that directed federal health agencies to make recommendations and suggest legislation to promote competition, and delivers lower drug prices for Americans.