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British drugmaker GlaxoSmithKline (GSK) stunned markets Monday with the announcement that chief executive Emma Walmsley will step down in January, handing the reins to chief commercial officer Luke Miels at a moment when the global pharmaceutical industry faces a shifting geopolitical and trade atmosphere.

While much of the attention has been on Walmsley’s departure after nearly nine years at the helm, analysts say the timing of the move exposes the reality that GSK is under pressure to secure its future in the United States, its largest market, as Washington dials up protectionist policies.

Just weeks ago, GSK unveiled a $30 billion investment plan in U.S. manufacturing and R&D over the next five years. The commitment appeared proactive but has since taken on new urgency following President Donald Trump’s declaration last week of 100 percent tariffs on all branded pharmaceutical imports, unless companies move production onto American soil.

Miels, an Australian who previously worked at rival AstraZeneca before joining GSK, will take over on January 1 with a mandate to deepen the company’s U.S. footprint while steering its pipeline of oncology and infectious disease treatments. Shares in GSK rose 3.5 percent on the news, making it the top gainer on the FTSE 100 index in early trading.

For Walmsley, the departure caps a tenure defined by both turbulence and transformation. She guided GSK through the Covid-19 pandemic, oversaw the controversial but ultimately successful spin-off of its consumer health arm Haleon in 2022, and settled a costly $2.3 billion wave of Zantac litigation that dented profits last year.

However, the focus now shifts firmly to the road ahead. The U.S. has long been GSK’s growth engine, accounting for nearly half of its revenue. But with tariffs threatening to reshape supply chains overnight, the company’s bet on American expansion could determine its competitiveness well into the next decade.

With rivals lobbying for exemptions similar to those the European Union claims it secured in recent trade talks, all eyes are on how quickly GSK can convert its promised U.S. investments into concrete projects. Miels, who described himself as “privileged to take on this responsibility with humility and ambition,” may find his legacy defined not in laboratories, but in operating under the political corridors of Washington.