Pfizer will spend more than $1.26 billion to expand its manufacturing site in Puurs, Belgium, matching the investment at its Dublin, Ireland, site.
In Belgium, some new products are already being manufactured, while others will begin early next year, Pfizer said in a press release. The expansion is expected to begin in 2024 and be completed in 2027, according to the company.
Pfizer Chief Global Supply Officer Mike McDermott told Reuters that it was all aligned with the growth of our pipeline.
If you project out the capacity modeling for these two sites, you'll find a gap in our ability to serve that growth. This is a proactive investment, he said.
The sizeable investment and creation of jobs in Europe comes at a critical time for the region, as companies struggle with soaring costs of energy, labour, raw materials, and credit, fuelling worries over a recession.
Pfizer hopes to introduce as many as 19 new medicines over the next 18 months, including treatments for ulcerative colitis and migraines, as well as its vaccine for respiratory syncytial virus.
The expansion of our network is necessary because of our strong portfolio and the new products that will make an impact, McDermott said.
He said that the plants will produce new products that cover various therapeutic areas, including rare diseases, inflammation and immunology.
The expansion in Ireland will add 400 to 500 jobs and allow Pfizer to double the amount of drug products it makes at the site, which produces material for complex biologic drugs and vaccines.
Pfizer is expanding the capacity of the Puurs in Belgium to finalize and bottle doses of drugs. It is expanding its packaging and cold storage capabilities there. At the Belgian plant, 250 additional jobs will be created as a result of the new projects.
Pfizer is investing heavily to expand its manufacturing capacity in the United States.