On April 2, 2026, the US administration announced pharmaceutical tariffs under Section 232 of the Trade Expansion Act of 1962, which take effect on July 31 for larger companies and on September 29 for all others.

The headline rate is 100%, but the real story lies in the maze of exemptions and reduced rates based on drug type, country of origin, and whether a company has announced US manufacturing investment or signed a Most Favored Nation pricing agreement with the government.

To unpack the implications for the industry — and especially for CDMOs — we sat down with Gil Roth, President of the Pharma & Biopharma Outsourcing Association (PBOA). The conversation also led us to the potential impact of recent FDA disruptions on CDMOs.

We discussed:

· How the exemptions actually work (and are ADCs truly exempt?)

·  ...