FTSE 100-listed (^FTSE) pharmaceuticals giant AstraZeneca (AZN.L) announced plans to invest $50bn (£37.05bn) in the US by 2030, as the threat of president Donald Trump's tariffs loom over the sector.
Astra (AZN.L) said in a statement on Monday that the cornerstone of this investment will be a new multi-billion dollar manufacturing facility in Virginia.
In addition, the company said that the investment would go towards other facilities in the US, including a research and development centre in Cambridge, Massachusetts, as well as manufacturing facilities for cell therapy in Maryland and California.
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AstraZeneca (AZN.L) said that this investments would collectively help the company deliver its goal of reaching $80bn in total revenue by 2030, of which 50% is expected to be generated in the US.
Shares in the company were little changed on Tuesday morning on the back of the announcement.
The announcement comes as the Trump administration carries out a Section 232 probe to determine which drug manufacturers are operating in countries that pose a national security threat to the US. Trump teased earlier this month that an announcement around pharmaceuticals tariffs would be coming soon, saying in a cabinet meeting that the rate could be as high as 200%.
Shares in Verizon Communications (VZ) closed Monday's session up 4%, after the telecommunications company posted second quarter results that beat expectations.
The company reported revenue of $34.5bn for the quarter, versus estimates of $33.8bn, while adjusted earnings per share of $1.22 bested forecasts of $1.19.
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Hans Vestberg, CEO of Verizon (VZ), said: “With momentum and a clear path forward, we are raising our full-year guidance for adjusted EBITDA, adjusted EPS and free cash flow as we move into the second half of the year and advance toward closing the Frontier (FYBR) acquisition.”
Verizon (VZ) announced in September that it had agreed to buy telco Frontier Communications Parent (FYBR) in an all-cash transaction worth $20bn.
In its results announcement on Monday, Verizon (VZ) said it expected adjusted earnings before interest, tax depreciation and amortisation to grow by 2.5% to 3.5% in its 2025 fiscal year.
Shares in online real estate service Opendoor Technologies (OPEN) rose by nearly another 13% in pre-market trading on Tuesday morning, having soared more than 42% on Monday.
