President Donald Trump is keeping up the pace with seemingly a new tariff development every day. This time, he flagged that levies are coming on pharmaceuticals as soon as the end of the month and semiconductors could be next.

Finally, don't discount legal challenges to the president's tariffs. An argument could be made that pharmaceutical products made in Ireland, the primary overseas source for Lilly, don't present a national security threat to the U.S., since Ireland is a staunch ally.

Johnson and Johnson beat Wall Street’s quarterly sales expectations and raised its full-year outlook, a show of confidence as the pharmaceutical industry faces the dual threats of tariffs and a crackdown on drug pricing.