Summary: Bayer Pharmaceuticals’ U.S. president and chief operating officer said the German drugmaker does not see a need to change its 2026 outlook in light of U.S. tariffs on imported branded medicines. The company says it accounted for the potential impact of tariffs in its planning and cites trade commitments that cap tariffs on many goods, including medicines.
Bayer Pharmaceuticals COO and Bayer U.S. President Sebastian Guth told Reuters that the company has "appropriately anticipated tariffs as we think about our 2026 guidance." Guth said that confidence is reinforced by a U.S. commitment to honor a trade deal signed with the European Union last year that limits tariffs on most goods from those parties - including medicines - to 15%.
In March, Bayer published its 2026 target for EBITDA before special items at 9.6 billion to 10.1 billion euros, compared with EBITDA before special items of 9.669 billion euros in 2025. Guth indicated those figures reflect an expectation that the tariff environment has been taken into account.
Last week, President Donald Trump signed an executive order imposing tariffs on branded pharmaceuticals imported into the United States, subject to exemptions for manufacturers that agree to government drug pricing arrangements or commit to producing their products domestically. The measures are due to take effect for most companies in September.
Sixteen of the world’s largest drugmakers have already reached deals with the U.S. government that remove billions of dollars’ worth of medicines from the tariff regime, but Bayer was not among the initial group of companies to sign such an agreement. Guth declined to comment on whether Bayer has discussed exemptions or agreements with the Trump administration.
Guth also pointed to a recently finalized U.S.-UK pharmaceutical trade deal as a model for how wealthy nations might revise drug pricing structures. Under that arrangement, UK-made medicines gain tariff-free access to the U.S. market in return for Britain agreeing to raise medicines spending from 0.3% of GDP to 0.35% by 2028 and to 0.6% by 2035.
Guth described the U.S.-UK deal as a potential blueprint for other countries revisiting pricing frameworks, saying: "There’s an acknowledgment that it isn’t going to happen overnight, but will happen over time."
The comments underscore Bayer’s position that its current 2026 guidance already incorporates the potential effects of the new U.S. tariff measures and that ongoing trade agreements and government pricing arrangements are central to how exemptions and impacts are being managed.