Chiesi CEO vows US expansion despite tariff hurdles

By Giancarlo Navach

MILAN (Reuters) -The possible introduction of tariffs in the U.S. on pharmaceutical imports won't stop Italy's Chiesi Group from supplying patients in need of its products, CEO Giuseppe Accogli told Reuters on Wednesday.

Family-owned Chiesi, based in the northern Italian city of Parma, provides treatment for rare diseases and respiratory conditions such as asthma and COPD.

Chiesi plans to press ahead with the launch of respiratory treatments in the U.S. in the next year or two and to continue to grow its rare disorders business.

"The tariffs will not stop us serving those patients because we feel the responsibility of patients waiting for our products, which are the difference between living or dying," Accogli said.

"So it will not be a tariff stopping us from doing that. And we see the opportunity to keep growing because there is an unmet need over there," he added.

On Monday, the Trump administration said it had opened a national security investigation into pharmaceuticals to show why the U.S. needs tariffs to boost domestic manufacturing.

The Italian group on Wednesday presented its 2024 results with total revenues reaching 3.4 billion euros ($3.9 billion), up 13% at constant exchange rates compared to 2023, and EBITDA of over 1 billion euros.

The U.S. market represented 20% of total revenues, up 24% last year.

Chiesi "is not in a rush to be listed (on the stock market) because we have a strong balance sheet," the CEO added.

On the tariff situation, Accogli described it as "a call to action for Europe, and we have to push on innovation".

He did not rule out opening a plant in the U.S. to meet demand for its products to complement existing sites in France, Italy and Brazil but indicated it would be based on long-term need rather than the tariff situation.

"Demand is going up and the company will make the right decision on where to put additional capacity," he said.($1 = 0.8797 euros)

(Reporting by Giancarlo NavachEditing by Keith Weir)