Barclays analysts say upcoming global tariffs on pharmaceutical goods, expected to be imposed soon by President Donald Trump, will have varying impacts across the MedTech space. In a new report, the firm outlined which companies appear most and least exposed to the potential trade changes.
Among large-cap firms, Abbott (ABT, Financial), Baxter (BAX, Financial), Edwards Lifesciences (EW, Financial), and Intuitive Surgical (ISRG, Financial) — all rated Overweight — are expected to be among the least affected. Zimmer Biomet (ZBH, Financial), rated Underweight, is also seen as having limited exposure.
In the small- and mid-cap group, Barclays highlighted Globus Medical (GMED, Financial), Alphatec (ATEC, Financial), and Tandem Diabetes Care (TNDM, Financial) as relatively insulated from tariff risk, citing limited reliance on overseas manufacturing for U.S.-bound products.
On the other hand, companies more exposed include Medtronic (MDT, Financial), Johnson & Johnson (JNJ, Financial), and BD (BDX, Financial) — all rated Overweight — along with Insulet (PODD, Financial), InMode (INMD, Financial), and Bausch + Lomb (BLCO, Financial), which are rated Equal-Weight. These firms are more reliant on global production chains, potentially amplifying the impact of future trade restrictions.
Barclays suggests that tariff exposure could become a differentiating factor in the sector, as the policy takes shape.
