PolyNovo shares jump after dismissal of pharma tariffs
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More news: Shares in PolyNovo lifted around noon after the tissue regeneration medical device producer told the market that its products would not be affected by US President Donald Trump’s 100% tariff on pharmaceuticals.
At 12:15pm AEST, shares in PolyNovo were up 4% to $1.44.
It is the latest stock to rebound from losses taken by the healthcare sector following Trump’s announcement on Friday.
PolyNovo flags no impact from US pharmaceutical tariffs
The news: PolyNovo has announced that its tissue regeneration medical devices will not be impacted by US President Donald Trump’s 100% tariff on branded or patented pharmaceuticals expected to be effective from 1 October.
The numbers: Shares in PolyNovo closed 5.5% lower at $1.38 on Friday following the tariff announcement and finished flat on Monday.
The context: PolyNovo confirmed that its devices are subject to the blanket 10% tariff imposed on Australian exports to the US and reiterated its view that “it does not anticipate a material impact from that tariff”, in a statement to the exchange.
The company said it “will continue to advocate strongly for a tariff exemption”. It currently has about 130 employees in the US.
The source: ASX
