Like his Big Pharma peers, Pfizer (PFE) CEO Albert Bourla is waiting for the US government to finalize its decision on whether to place a 25% tariff on pharmaceutical imports. To be sure, he said Tuesday, the government's national security concerns are "legitimate." But, he added, "we should not have tariffs."

"No country wants to have critical medicines produced ... in countries where tensions are high or can escalate," Bourla said on an earnings call. He did not detail what percent of manufacturing is taking place and which components are being produced in the US, but said the company has contingency plans in place.

"If there are tariffs, we have detailed contingency plans that are minimizing the impact. But I'm right now focusing more on the fact that we should not have tariffs," Bourla said.

CFO David Denton said the company is already expecting a $150 million impact in 2025 from the current slate of tariffs but did not detail which products are impacted.

Bourla said that if the company could have certainty from the Trump administration — which he said he is closely in touch with — it would help inform future planning and investment.

Read more about Pfizer's stock moves and today's market action.

"If I know there will not be tariffs, and I have certainty, then there are tremendous investments that can happen in this country, both in R&D and manufacturing. The tax environment that [previously] forced a lot of manufacturing outside the US has significantly changed now. We have a global minimum tax of around 15% that has been established," Bourla said.

He signaled Pfizer could benefit from further tax cuts, instead of tariffs, to achieve what Trump wants — more investment in the US. Bourla said the previous tax cuts, part of the 2017 Tax Cuts and Jobs Act that Trump passed in his first administration, helped bring significant capital back to the company.

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"And now, [Trump], I'm sure — and I know because I talked to him — but he would like to see even a reduction in the current tax rates, in particular for locally produced goods. So that would be a huge incentive to also bring manufacturing here," Bourla said. 

His comments mirror those of AstraZeneca (AZN) CEO Pascal Soriot, who told Yahoo Finance Tuesday that an "attractive corporate tax rate" was the best way to incentivize pharma to invest in the US.

Read more: The latest news and updates on Trump's tariffs

Bourla said the investigation into the national security risks for pharmaceuticals is legitimate and that it appears to be the Trump administration's primary concern.

He is engaging in "very productive discussions with all Secretaries involved, and White House staff involved" and will work to ensure the national security issues are "addressed in the best possible way," Bourla said.

CFO Denton said during the call that the company, meanwhile, is busy developing strategies to mitigate the "fluid" tariff environment.

"These actions include the management of current inventory levels in certain jurisdictions, leveraging our domestic manufacturing footprint, and the potential production of certain API and products in the US," Denton said.

"Should we be impacted by further tariffs in the future, we will assess the impact of the policies enacted and provide information at the appropriate time," he added.

Anjalee Khemlani is the senior health reporter at Yahoo Finance, covering all things pharma, insurance, care services, digital health, PBMs, and health policy and politics. That includes GLP-1s, of course. Follow Anjalee as AnjKhem on social media platforms X, LinkedIn, and Bluesky @AnjKhem.

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