Apotex (APTX) fell 8% on Trump’s plan to introduce 100% tariffs on generic drug imports in 2028 and double that figure in 2029…

… as the administration looks to reshore manufacturing ahead of what’s expected to be an accelerating back half of the decade for category growth.

The company would sit squarely in the scope of those measures, with over half of its generics revenue coming from south of the border…

… so there could be some near-term choppiness here, given the stock is up 35% since its $1B IPO in June.

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