By coinnews 
00:00 Michelle Christine Short
Michael Christine Short here. President Trump has talked about the potential to bring biopharma manufacturing back to the US by imposing tariffs on products made outside of the US. And I’m wondering how you think that impacts the space. Are there specific names that have more exposure or be hit more directly by tariffs?
00:33 Speaker A
That’s great. Uh, look, in the large cap space, uh, we actually put a note out last week and we had basically the top 10 pharma biotechs. Uh, I can easily point out that Vertex stands alone as one of the only companies actually vertex and Biogen as one of the two only companies that don’t really have any manufacturing outside the United States, specifically vertex and they ironically have the highest tax rates. Uh, and we we do like vertex. The other companies, we spoke with Amgen, we spoke with Biogen, we spoke with many others. They all sort of generally have other manufacturing. Uh, look, Amgen and many of these other companies were general and do have Irish spot Ireland manufacturing sites. So we do have some concerns about their exposure there. The bottom line is this. Uh, this is another area which people are concerned about. However, however, um, like many of these spaces, there’s kind of nowhere to hide. A lot of the the whole sector uh, obviously has been very tough. And at least in large cap pharma biotech, these stocks are not expensive. We know they’re gonna have put up strong Q&A earnings. And so overall, it’s kind of like, where are you going to hide? So we do like Amgen, we like Gilead, we like Vertex as the best places to be in large cap biotech, and those stocks have been up 18 to 25% year to date, some of the best performing stocks. Nobody tells me they’re expensive. Nobody tells me that there’s some huge concern on a Gilead or vertex. And these have been generally good places to be unless you’re telling me all of a sudden tomorrow’s gonna be back to magnificent seven and everything’s great. I think it’s going to be a challenge year and this will be a good place to be, uh, for, uh, for some more defensive exposure.