Galderma’s $650 million bet on U.S. manufacturing captures Europe’s new investment playbook

The English are coming, along with Dutch, German, Danish, Swiss and other Europeans, as they drive growth in foreign direct investment (FDI) in the U.S. FDI rose by $266 billion to $5.86 trillion at the end of 2025, with manufacturing being the largest target. The primary reason behind this investment is companies' desire to access the world's deepest consumer market and pool of capital, along with talent and protection from tariffs.

European CEOs have expressed their goal of building deeply-rooted American businesses, with Galderma being a prime example. The Swiss dermatology company, which generates $5.24 billion in revenue annually, boasts 40% of its sales in the U.S. and has the fastest-growing market in the country. Galderma's CEO, Flemming Ørnskov, announced an investment of over $650 million in U.S. manufacturing through 2030, emphasizing the importance of access to R&D talent. Ørnskov moved Galderma's R&D center from Fort Worth to Boston to compete with giants like Sanofi.

The company's main competitor is AbbVie-owned Allergan Aesthetics, the U.S. injectables leader that produces Botox and Juvéderm. Ørnskov's strategic locations for Galderma's U.S. headquarters include Miami and Orange County, California, to capitalize on fast-growing consumer markets and a concentration of expertise. However, challenges remain, particularly in the approval process for aesthetic products, which is notably stringent in the U.S. Despite these hurdles, Galderma remains committed to succeeding in the American market.