Budget 2025: AstraZeneca, Pfizer, GSK Pharma Shares Surge On Life-Saving Drugs' Exemption From Customs Duty
Following the announcement, shares of AstraZeneca rose as much as 4.28% to Rs 7,545 per share.
Shares of AstraZeneca Pharma India Ltd., Pfizer Ltd., Biocon Ltd. and other pharma stocks shot up on Saturday as Finance Minister Nirmala Sitharaman announced the removal of customs duty on 36 drugs for cancer and rare diseases in the Union Budget 2025.
"To provide relief to patients, particularly those suffering from cancer, rare diseases and other severe chronic diseases, I propose to add 36 life-saving drugs and medicines to the list of medicines fully exempted from basic customs duty," Sitharaman said in her budget speech.
The government will exempt basic customs duty on 37 more drugs. These drugs also include five from AstraZeneca, three from Pfizer Products India Pvt. and one from GSK Pharmaceuticals.
Following the announcement, shares of AstraZeneca rose as much as 4.28% to Rs 7,545 per share. The shares pared gains to close 2.42% higher at Rs 7,410.30 apiece, compared to the 0.07% decline in the benchmark Nifty 50.
Similarly, Pfizer shares rose 1.25% intraday to Rs 4,594.90 apiece. Shares of GSK Pharma fell over 1.85% to Rs 1,940.50 per share.
Shares of Biocon followed suit, rising 3.61% to trade at Rs 375.65 per equity share. In addition, shares of Mankind Pharma rose 3.87% to Rs 2,529.65 apiece.
