(https://www.cnbc.com/2026/09/08/pharma-tariffs-trump-generic-drugs-sandoz-cmd-stock.html) that steep U.S. tariffs on imported generics force manufacturers into an impossible choice: raise prices and lose volume, or eat the cost and crush margins. This isn't theoretical — it's the structural lag effect that balance sheets can't outrun. The data shows why this matters: $LLY posted 30.9% net margins on $23.0B annual revenue.

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