Removes reference to pre-market indications in the first bullet; updates share move

** Shares in Swiss pharmaceutical company Sandoz SDZ.S fall around 3% after U.S. President Donald Trump said all generic drugs to face no import duties for 2 years, then 100% and 200% tariffs later if they do not produce in the U.S.

** Vontobel says the new regulation will hit predominantly China and India, where most generic drugs are manufactured

** "Sandoz, the global leader in off-patent medicines, will also be hit as Sandoz has no manufacturing in the U.S.," the broker adds

** Vontobel says the push from the U.S. government wants to revert the situation in which affordable generics production has moved to cheaper countries

** The stock, which has gained 12.4% YTD including Wednesday's session, is the worst performer of Switzerland's mid-cap index .SMIM