12/1/2022, 3:38 PM (Source: TeleTrader)
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Chart for: Pfizer Inc

Pfizer to invest $1.26 billion in Dublin plant

Pfizer Inc. announced its plans to invest over $1.26 billion to upgrade its Dublin manufacturing site, Mike McDermott, the company's chief global supply officer, said on Thursday.

The move includes adding between 400 and 500 new roles to the factory as well as unveiling a new facility due to be operational in 2027. "This investment for non-COVID licensed and pipeline products will help to further expand the site's broad and robust capabilities," McDermott stated.

The move will enable the pharmaceutical maker to double the production capacity for key substances used in biological drugs. Pfizer last month posted better-than-expected earnings in the third quarter of 2022, as its net income reached $8.6 billion, 6% higher compared to the same period in 2021.

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