Dimerix (ASX:DXB) is protected from recent US pharmaceutical tariff changes due to its out-licensing model, Euroz Hartleys said in a note on Tuesday.

The Trump administration imposed tariffs on imported patented pharmaceuticals under Section 232 of the Trade Expansion Act, citing national security risks in the pharmaceutical supply chain.

The standard tariffs are 100%, with reduced rates of 15% for the European Union, Japan, South Korea, Switzerland, and Liechtenstein, and 10% for the United Kingdom. The administration is allowing a transition period of 120 days for large companies and 180 days for small companies before these tariffs take effect.

Euroz Hartleys notes that the company's out-licensing model shields it from higher manufacturing costs, with royalties and milestone payments tied to revenue rather than production expenses, meaning the US tariffs are not expected to affect the company's financial forecasts.

Euroz Hartleys maintained its speculative buy rating on Dimerix with a price target of AU$1.65 per share.