Europe’s €1.5 Trillion Dependence on the U.S.

348 European companies earn more than 20% of their revenues from the U.S. & Canada. Together, they generated over €1.5 trillion in 2024 sales to North America.

These companies are part of a wider universe of 1,652 listed firms in Europe (with market cap > €0.5bn). Of those, 610 disclose sales to the U.S. & Canada - and the 348 above are the ones with true dependency.

Who drives this?

• Automobiles & Components – 14.1% of the total
• Pharmaceuticals – 11.1% (17 firms averaging €9.9bn, 44% of revenues)
• Oil & Gas – 8.4%
• Machinery & Equipment – 6.2% (44 firms averaging €2.1bn, 30% of revenues)

At the very center: Roche, Novo Nordisk, AstraZeneca, Sanofi, Novartis.

About the chart

This heatmap shows the 348 European companies with more than 20% of sales to the U.S. & Canada

• The closer to the center, the higher the sales.
• Colors run from green (lower exposure) to red (higher exposure).
• Pharma companies are outlined in white.
• Average tiles highlight the four largest contributing sectors.

Europe is tied to the U.S. for €1.5 trillion in sales. In your portfolio, is that a strength - or a risk you need to hedge?

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