GSK is 'well positioned' to deal with the potential implications of any new US tariffs on pharma imports, the group said on Wednesday. 

President Donald Trump slapped a 10 per cent baseline tariff on all imported US goods earlier this month but exempted pharmaceutical products from those duties.

But the US Government began investigations into pharma imports soon afterwards to determine their effects on national security. 

A recent study by Ernst & Young estimated that a 25 per cent tax on US pharma imports could raise drug costs for Americans by nearly $51billion.

GSK derives half of its revenue from the US, meaning tariffs on pharma goods entering the country could severely impact the FTSE 100 firm's overall performance. 

However, the London-based company said it was 'well positioned to respond to the potential financial impact of sector-specific tariffs, should they be implemented, with mitigation options identified in the supply chain and productivity initiatives'.

It came as GSK reiterated its guidance for core operating profit and core earnings per share to increase by 6 to 8 per cent this year following a solid first-quarter result.

The business reported its turnover tipped up by 2 per cent to £7.5billion in the three months ending March thanks to strong demand for specialty medicines.

Sales of oncology drugs soared by over half to £415million, supported by purchases of endometrial cancer medicine Jemperli and myelofibrosis treatment Ojjaara.

Meanwhile, turnover from meningitis vaccines climbed by 17 per cent to £350million, although total vaccine sales slipped by 8 per cent to £2.1billion.

GSK additionally achieved double-digit revenue growth from the lupus drug Benlysta and asthma treatment Nucala.

Consequently, its core operating profit and core earnings both expanded by 4 per cent to £2.5billion and 44.9 pence per share, respectively.

Emma Walmsley, chief executive of GSK, said the group 'continues to make strong progress, demonstrating the quality, strength and resilience of our portfolio'.

In early February, GSK upgraded its long-term annual revenue target from £38billion in 2031 to over £40billion.

It has highlighted 14 'key opportunities' that it expects to launch between now and 2031, each with potential peak-year sales exceeding £2billion.

Neil Shah, executive director at Edison Group, said: 'With 14 late-stage assets each carrying blockbuster potential, and major clinical trial programmes set to begin this year, the company is clearly planning for sustainable long-term growth.

'For investors, this is a business firmly moving beyond its post-pandemic repositioning and leaning into its strengths.'

GSK shares were 3 per cent higher at 1,474.5p on Wednesday morning, although their value has still fallen by around 12 per cent over the past year.