Johnson & Johnson (Pharmaceuticals) - $JNJ (-0,01 %) Invests over 55 billion US$ in the USA within four years to expand production and researchreuters.com. Four new plants are planned (the first in Wilson, North Carolina, has already been launched)reuters.com. This step was taken in March 2025, shortly after the Trump administration imposed a import tariff of 25 % on medicines on medicines and is intended to help produce more medicines domesticallyreuters.com
reuters.com. (Source: company statement/Reuters)

Roche (Pharmaceuticals) - $ROG (-0,66 %) The Swiss pharmaceutical company announced 50 billion US$ investments in the USA over the next five yearsfaz.net. This is Roche's response to President Trump's threat to impose tariffs of ~25 % on pharmaceutical importsto produce more important medicines in the USAfaz.net
faz.net. Plans include 1,000 new jobs in production and research (plus approx. 11,000 jobs with suppliers and construction) in the USAfaz.net. Announcement was made in April 2025 (Source: Company statement/F.A.Z.)

Eli Lilly (Pharma) - $LLY (+2,83 %) Announced in Feb. 2025, 27 billion US$ to invest in the construction of four new production facilities in the USAreuters.com. This is expected to more than double US production capacity and create over 3,000 new high-tech jobs (plus ~10,000 construction jobs)reuters.com. The background to this is the threat of a 25% tariff on drug imports, which is prompting Lilly to relocate production from Ireland & Co. to the USAfaz.net. (Source: Company statement/Reuters)

Novartis (Pharma) - $NOVN (+0,04 %) Plant 23 billion US$ for the expansion of 10 US sites (including 6 new production plants and an R&D center in San Diego)reuters.com. This five-year investment offensive (announced on April 10, 2025) comes two days after Trump announced "big tariffs" on drug imports
reuters.com. Novartis wants to relocate the production of important drugs to the USA (>1,000 new highly qualified jobs plus ~4,000 jobs in construction and support)reuters.com
reuters.com. (Source: Company statement/Reuters)

Merck & Co (Pharmaceuticals) - $MRK (+3,78 %) In March 2025, the US pharmaceutical company (not to be confused with Merck KGaA) opened a new US$ 1 billion plant in North Carolina and announced plans to invest a total of ~8 billion US$ in the USA by 2028reuters.com
reuters.com. Trump is increasing the pressure on the industry to move production back and has threatened to impose 25 % tariffs on pharmaceutical products
reuters.com. Merck has responded by investing over USD 12 billion in US plants since 2018 and is continuing to expand in order to circumvent import tariffsreuters.com
reuters.com. (Source: Reuters)

Hyundai (Automotive) -$HYUD In March 2025, the South Korean manufacturer announced a package of 21 billion US$ of investments in the USAspectrumlocalnews.com. This includes, among other things US$ 5.8 billion for a new steel mill in Louisiana (approx. 1,400 jobs)spectrumlocalnews.com and a new e-car plant in Georgia (US$ 8 billion)which will create over 8,500 jobsspectrumlocalnews.com. Hyundai is thus increasing its US production capacity to over 1 million vehicles/year
autohaus.de
spectrumlocalnews.com. President Trump saw this as a success for his tariffs - Hyundai would "produce its steel in America and build cars in America and thus not have to pay tariffs"
autohaus.de
spectrumlocalnews.com. (Source: Company statement/Spectrum News)

Stellantis (Automotive) - $STLAM (+1,38 %) The Fiat-Chrysler/PSA Group provides 5 billion US$ to expand its US production facilitieswhitehouse.gov. The centerpiece is the reopening of the Belvidere plant (Illinois), which was shut down in 2023 to produce new models (including a mid-size pickup)automotivemanufacturingsolutions.com. This will create around 1,500 jobs for regular UAW employees will be restoredautomotivemanufacturingsolutions.com
automotivemanufacturingsolutions.com. This investment was announced in late 2024/early 2025 in connection with the new UAW collective bargaining agreement and Trump's auto tariffs (25% on imported cars from April 2025) agreed - Stellantis' Chairman met personally with Trump to "secure the future of the company"automotivemanufacturingsolutions.com. (Source: Company statement/FT/AMS)

TSMC (Semiconductor) - $TSM (+0,97 %) The Taiwanese chip contract manufacturer TSMC announced in March 2025 that it will invest an additional 100 billion US$ to invest in the USAreuters.com. The plan is to build five new factories over the next few years (three chip fabs, two packaging plants and a large R&D center)reuters.com
reuters.com. The background to this is US efforts to be less dependent on Asian chips (national security) - Trump emphasized that key semiconductors "be built here in the USA"reuters.com. TSMC's expansion is expected to create 40,000 construction jobs in four yearsreuters.com and reduce dependence on imports. (Source: Company statement/Reuters)

Apple (Electronics) - $AAPL (+0,28 %) The tech company announced 2025, 500 billion US$ to invest in US manufacturing and educationwhitehouse.gov. This enormous sum (over 4 years) includes already planned expenditures, but signals Apple's willingness, to relocate more production and value creation to the USA
reuters.com. Apple has been under pressure because many of its products (iPhone, Mac) are manufactured in China and are being targeted by Trump's China tariffs could be targeted by Trump's China tariffs. The investment pledge - including new US locations and supplier programs - is intended to help maintain exemptions from import tariffs and promote "Made in USA"reuters.com
reuters.com. (Source: Company statement/White House, Reuters)

Sources: Primary data from the companies and reports (F.A.Z., Reuters, Spectrum News, etc.), see citations.

Lilly $LLY (+2,83 %) since weeks in minus finally in plus again 😄 and Novo$NOVO B (-0,7 %) in free flight🙈

$LLY (+2,83 %) 623.1 billion € (64.41 P/E)

$NOVO B (-0,7 %) 193.2 billion € (18.81 P/E)

$LLY (+2,83 %) Profit

2021: € 6.3 billion (+2.78%)

2022: € 6.8 billion (-3.37%)

2023: € 5.3 billion (-20.51%)

2024: € 10.9 billion (+105.63%)

$NOVO B (-0,7 %) Profit

2021: € 6.4 billion (+13.34%)

2022: € 7.5 billion (+16.27%)

2023: € 11.2 billion (+50.71%)

2024: € 13.5 billion (+20.68%)

I'm not that deep in the pharma scene so can someone explain to me why $LLY (+2,83 %) is worth 3x as much as $NOVO B (-0,7 %) although the growth is weaker?

$NOVO B (-0,7 %)

Are there any new studies from $LLY (+2,83 %) ???

I hardly see any supporters of Eli Lilly in this app.

What convinces you about Novo Nordisk?

I would be very interested.

$NOVO B (-0,7 %)

$LLY (+2,83 %)

In this article, I would like to give my personal assessment and opinion of some established pharmaceutical companies.

As a naive and uninformed person, I always believed that the pharmaceutical sector would play a major role in the future.

Now I have taken a closer look at the companies on the basis of fundamental key figures and have come to a very sobering conclusion.

However, I only evaluate the past and draw conclusions for the future from the past. I cannot evaluate and assess something like a pipeline because I lack the understanding and specialist knowledge.

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I looked at the following companies:

Bayer $BAYN (+3,54 %)

Eli Lilly $LLY (+2,83 %)

Johnson & Johnson $JNJ (-0,01 %)

Novo Nordisk $NOVO B (-0,7 %)

Roche $ROG (-0,66 %)

Pfizer $PFE (+1,2 %)

Merck $MRK (+3,78 %)

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Let's start with the most popular title:

$NOVO B (-0,7 %)

Novo Nordisk has the best fundamentals of all the stocks we looked at. The growth is right, the margins have been consistently above 30% since 2013 (unique selling point) and the return on equity is very high.

However, there has been disproportionately strong sales growth in the last 3 years. Probably due to GLP-1?

The question here is whether this growth can be maintained and whether sales can remain at this level? These uncertainties, as well as the regularization of GLP-1, could partly explain the fall in the share price in recent months. The valuation ratios are still quite sporty, but could this be justified in view of growth and margins? The quarterly figures will be very interesting.

I will start a savings plan and continue to monitor the shares.

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$BAYN (+3,54 %)

Bayer AG has lost over 60% of its share price since the beginning of 2023. In my naivety, I thought that the share was now attractively valued. In fact, it has a price/sales ratio of just 0.47% and yet I would not invest.

If you look at the balance sheets of the last 10 years and further back, growth and profitability, you can see that the share has always been fundamentally weak. At best, it may be interesting for a trade, but I would not invest.

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$LLY (+2,83 %)

Eli Lilly is basically a good company with solid figures. However, there have been one or two ups and downs over the years and balance sheets. If the company had invested in 2017 despite the poor figures at the time, it would be up several hundred percent today.

2024 was a record year for Eli Lilly with a 32 % increase in sales to around USD 45 billion. The main reason for this growth was the strong sales figures for diabetes drugs and weight loss injections.

In my opinion, the share is heavily overvalued despite its qualities and lags behind Novo Nordisk in many respects (fundamentally). I expect a significant correction here. This may not occur until 2026 or 27, but a price/earnings ratio of over 70 is in no way justified.

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$JNJ (-0,01 %)

I think Johnson & Johnson is a conglomerate, as it also sells consumer goods. It has little to no growth, quite good profitability and a dividend of over 3%🤑.

I guess you don't necessarily have to own this share, as it doesn't stand out from the others in any way (but it does, it beats Bayer, for example, across the board) but it could possibly be a defensive stock for stability, if you value that sort of thing, and the dividend could also be a decisive factor if you buy it at the right time.

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$PFE (+1,2 %)

Pfizer is clearly a corona profiteer that achieved record sales in 2021 and 22. After Corona, the awakening and a share price drop of over 50 %.

From 2010-2020, sales even declined and margins ranged from 12% to over 40%. I suspect that the turn around to the pre-corona level could succeed, so my price target is $29-44.

Here, too, I do not see a quality company, not a must-have and at best a trade or the dividend, which is currently over 6%, could also be interesting here.

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$ROG (-0,66 %)

I thought only gold and chocolate came from Switzerland. That's not the case, because there is also Roche, not Ferrero Rocher but the pharmaceutical company. You would have to read up on this and find out more, because there seem to have been serious capital measures since 2022, which make the fundamental data look very negative.

So it looks (if the data from my data provider is correct) that Roche has not been profitable since 22. Operating profit in 2024 has fallen to a level similar to the lows of 2015 and 17. Cash flow and return on capital are negative and there has actually been no sales growth since 2019.

If you look at the company from 2011-2021, they were actually quite solidly positioned.

I don't want to make a clear judgment on Roche because I don't think I have enough information to be able to correctly interpret these figures for the last three years, because what looks like a pile of 💩 (chocolate) could also be an opportunity. But I don't know.

Incidentally, it looks very similar at Novartis $NOVN (+0,04 %) looks very similar and so I am encouraged that there may be a political geographic background that needs to be identified in order to value these stocks correctly.

-----------------------------------------------------------------------------------------------------------

$MRK (+3,78 %)

Merck shares are in the midfield. From 2010-2018, the figures even declined. Continuous growth has been observed since 2018, with record sales in the last 3 years in particular.

The share appears to be relatively cheaply valued with a P/E ratio of less than 14.

For me, the question remains whether this profitability is sustainable and whether a strong year will not be followed by another weak one. Personally, the risk/return ratio for Merck would be too low for me.

-----------------------------------------------------------------------------------------------------------

My conclusion:

I will keep my distance from the pharmaceutical sector, as I am not in a position to assess a pipeline and there could always be medical breakthroughs that I am unable to predict.

On the other hand, expected successes can also fail to materialize or lead to failures and economic losses due to official regulations.

In addition, research is very time and capital intensive and there is no guarantee of success.

I will be satisfied with the share of the pharmaceutical sector in my broadly diversified ETF and, contrary to the above conclusion, start a savings plan on Novo Nordisk 🤓

-----------------------------------------------------------------------------------------------------------

Thanks for reading and I welcome additions, corrections and opinions, but please don't be so hard on me. 😇

March is already over, daylight saving time is on and by the time you read this, it will be "liberation day". Let's see what Mr. Trump does today at noon. But that will probably be the subject of April.

For now, let's take a look back at my March 2025.

I posted a loss of 3.09% in March. With my portfolio size, this corresponds to a value of almost €4,000. The Dax (-1.72%) beat me again, but compared to the HSBC MSCI World (-7.88%) I am still doing very well.

Over the year (YTD), I lost ground to the DAX, which remained fairly stable, but at the same time I was able to extend my lead over the MSCI World. After all...

Overall, however, I am also satisfied in March. As in February, my portfolio is quite stable compared to the MSCI World. Yes, in good phases I forego profits, but I don't have so many losses now. Volatility is supposed to be a real mental challenge for some people. I'm just glad that things are a bit more subdued for me.

My high and low performers in February were (top 3):

$EOAN (-0,76 %) EON +13.45%

$UNH (-1,3 %) UnitedHealth +7.15%

$ALV (+0,85 %) Allianz +6.60%

$RACE (+1,1 %) Ferrari -12.35%

$LLY (+2,83 %) Lilly -13.04%

$MC (+0,33 %) LVMH -17.71%

Funny that UnitedHealth was the second worst performing stock in February and now the second best.

Dividends:

In March, I received a net €165.60 from a total of 22 distributions.

Compared to March 2024 (€128.38), that was an increase of 28.99%

Investments:

As I mentioned in February, I am still building up my nest egg again. This is also not yet complete.

A special payment is due in April, but this will go into the $XEON (-0 %) as I am saving all the special payments for the loan repayment in 5 years' time.

I have actually stopped some savings plans in order to have more money for individual purchases or to build up cash. More on this later.

Buying and selling:

There were no sales this month.

I bought Ferrari, and there is still room here until the position is full.

As I mentioned above, I stopped some savings plans. Realty, STAG, Gladstone Investment and Hercules Capital have been stopped. I would like to add to Realty again to fill the position (I'm still €300 short). The price of the others is moving sideways, so I imagine that I will be able to buy them at a later date at the same price.

Savings plans (total €175):

• Cintas ($CTAS (+0,18 %) )
• LVMH ($MC (+0,33 %) )
• Monster Beverage ($MNST (+0,21 %) )
• Microsoft ($MSFT (+1,32 %) )

Goals 2025:

My goal is to have €130,000 in my portfolio at the end of the year. The goal is to be achieved by reinvesting the dividend, making payments and, of course, increasing the share price. The share price increase is of course impossible to predict in any way, so the motto is: if the share price falls or does not rise enough, more cash is needed.

This comes from the sale of useless items on eBay, additional income from e.g. "neighborhood help", etc. The worse the share price, the more additional cash has to be raised.

Target achievement at the end of March 2025: 21.05%

So I'm on the right track (so far), although I would have needed a bit more in March to maintain the average. Well, everything is still open at the moment.

Now I'll wait and see what tariffs come in today (or not), look forward to the dividends and just wait and see. "Because doing nothing often leads to the very best of something."

How was your March? I have the latent hope that, for once, I did better in March than my usual 50% or so of the getquin community.

#washbaerreview

$HIMS (-0,04 %)
$LLY (+2,83 %)
$NOVO B (-0,7 %)