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Pfizer to invest more than $2.5 bln to expand European manufacturing

World Materials 2 December 2022 22:56 (UTC +04:00)
Pfizer to invest more than $2.5 bln to expand European manufacturing

Pfizer Inc is investing more than $2.5 billion at its drug making plants in Belgium and Ireland, gearing up to launch new products it hopes can replace lost revenue as patents expire and COVID-19 vaccine sales decline, Trend reports citing Reuters.

The drugmaker said on Friday it plans to spend more than 1.2 billion euros ($1.26 billion) to expand its Puurs, Belgium, manufacturing site, matching the investment at its Dublin, Ireland, plant announced on Thursday.

In Belgium, some projects related to the investment announced on Friday are already underway, with others planned to begin early next year, Pfizer said in a press release. At the plant in Ireland, expansion is expected to begin in 2024 and to be completed in 2027, the company said.

The Puurs site has played a key role in the production of COVID-19 vaccine shots Pfizer developed with its German partner BioNTech using messenger RNA (mRNA) technology.

Output started there in late 2020 when Europe and the United States began rolling out shots to tackle the pandemic.

"It is all aligned with the growth of our pipeline," Pfizer Chief Global Supply Officer Mike McDermott told Reuters.

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