Strategic Acquisitions and Resilience Bolster Ansell's Growth Potential Amid Tariff ChallengesWe estimate ANN would need to increase US healthcare product prices by c10% in FY27E if a 25% tariff was imposed. Upgrade to Buy (from Hold). Section 232. In September, the US announced investigation of the national security of imports of personal protective equipment (PPE), which may lead to tariffs. Potential impact on ANN. We estimate less than 10% of Ansell's Group Revenue is generated from the sale of healthcare PPE in the US, primarily from the sale of surgical gloves. Assuming a 25% tariff applies from January 2026, we estimate Ansell's Group COGS would increase by 1.3% in FY27E implying a reduction in NPAT of 6% in in FY27E.