How Trump’s tariffs are reshaping Indian pharma

Generics challenge After President Trump’s 22 July announcement, the Nifty Pharma index fell 1.31%, with 18 of its 20 stocks closing lower. Since then, there has been a divergence in how these stocks have performed in the market. Among the top 10 pharma companies by revenue, Aurobindo and Cipla are up by 3% to 4%, while Lupin and Mankind are down by over 4%. Compared to a year ago, all but three companies have given positive returns. Companies heavily reliant on high-volume US generic formulations, such as Lupin, which gets 42% of its revenue from the US, and Dr Reddy’s…