Pfizer bets $2.5 bln on European output boost

STORY: Pfizer is betting big on Europe.

The pharmaceuticals giant said Friday (December 2) that it would invest more than one and a quarter billion dollars to expand a plant in Belgium.

A day earlier it said it would spend the same amount expanding a factory in Ireland.

Pfizer is gearing up to launch new products to replace revenue lost as patents expire.

It also needs a new income stream as vaccine sales decline after the global health crisis.

Pfizer’s revenue is expected to top $100 billion this year - more than double pre-crisis levels.

That’s largely on the back of health-crisis-related shots and drugs.

Now the firm hopes to introduce as many as 19 new medicines over the next 18 months.

That includes treatments for migraines and other conditions.

The new investment will create up to 750 jobs at the two plants.

Pfizer is also investing heavily to expand U.S. capacity, putting money into factories in Michigan, North Carolina and Kansas.