British pharmaceutical giant AstraZeneca announced that its net profit rose 27% in the second quarter, thanks to record growth in the key US market.

Profit after tax rose to $2.45 billion for the quarter to the end of June, the company said in its earnings report, after recently announcing a multi-billion dollar investment in the US.

Total revenue rose 12% to a record $14.5 billion for the quarter, thanks to strong sales of cancer drugs, AFP reported.

Amid the threat of possible tariffs by President Donald Trump on pharmaceutical imports, AstraZeneca announced plans to invest $50 billion in the US by 2030 and has already begun moving part of its European production to the US.

Chief Executive Pascal Soriot said, "This landmark investment reflects not only the importance of America, but also our confidence in our innovative medicines."

The US, a critical market for the pharmaceutical industry, contributed 44% of AstraZeneca's total revenue in the second quarter, with US revenue posting a record 13% jump.

The company expects half of its revenue to come from the US by 2030.

Trump has ordered an investigation into potential tariffs on imports of pharmaceutical products, which have so far been exempt from his sweeping tariffs on imports from trading partners.

He hinted that tariffs for the sector could reach 200%.

Washington and Brussels announced a trade agreement on July 27 that imposes a 15% tariff on imports of pharmaceutical products from the European Union to the US.

Other major pharmaceutical companies, including Swiss giants Roche and Novartis, as well as France's Sanofi, have also begun to transfer their investments and production to the US in recent months. | BGNES