0805 GMT - President Trump's drug tariffs will have a limited impact on big Swiss pharma players given their U.S. presence, Vontobel analysts write. While there is broad room for interpretation of Trump's announcement, Roche and Novartis are shielded by their U.S. footprints, while Sandoz should be unaffected since it focuses on exempted generic products, the analysts say. Galderma's exposure is less clear as it has a smaller U.S. presence. Tariffs will increase U.S. drug prices and supply concerns, but they shouldn't threaten the country's leading position in drug production, Vontobel says. Galderma shares fall 3.2%, with Roche and Novartis down 0.3% and 0.2%, respectively. Sandoz shares trade broadly flat. (william.gray@wsj.com)

(END) Dow Jones Newswires

September 26, 2025 04:05 ET (08:05 GMT)

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