Major drugmakers were trading sharply lower on Tuesday as Wall Street is bracing for a broader set of tariffs that President Donald Trump is scheduled to announce tomorrow, with potential implications for the pharma industry.

VanEck Vectors Pharmaceutical ETF (NASDAQ:PPH), which represents 25 of the leading global drugmakers, fell ~3% marking its biggest intraday drop since November 2023. Its major constituents, Merck (NYSE:MRK), Pfizer (NYSE:PFE), Bristol Myers (NYSE:BMY), Sanofi (SNY), AbbVie (ABBV), Zoetis (ZTS), and Teva Pharmaceutical (TEVA), were among some of the notable decliners.

Their EU rivals, Novartis (NVS), Sanofi (SNY), Novo Nordisk (NVO), AstraZeneca (AZN), and GSK (GSK), were also trading lower even as a Reuters report indicated that Trump’s Rose Garden announcement set for 4 p.m. ET on Wednesday is unlikely to include any specifics on pharma tariffs.

Meanwhile, Johnson & Johnson (JNJ) has lost ~7%, marking its worst intraday drop in over five years, after a federal judge on Monday denied the pharma giant’s third attempt to use bankruptcy to resolve tens of thousands of its talc-related cancer claims.