CSL leads ASX biotech rebound, but Trump's pharma tariffs still plague investors
ASX biotech stocks rebounded en masse on Monday but there are still concerns Donald Trump's pharma tariffs will cast a shadow over the sector.
Investors are warning that CSL's share price may remain depressed due to prolonged regulatory uncertainty in the United States, even though the $96 billion biotech could be exempt from Donald Trump's 100% tariffs on the sector.
The US President on Friday announced a 100% tariff on pharmaceuticals exports to the world's largest economy would come into effect on 1 October, sparking a selloff for biotech stocks on the ASX.
After touching its lowest levels in more than five years last week, CSL shares rebounded on Monday as analysts downplayed the impact of the move on the company's business.
Trump said companies that are breaking ground or have manufacturing facilities under construction in the US would be exempt from the tariff while there are also hopes for a potential carve out for blood products.
