Pfizer’s CEO Says He is Acquired a Plan to Deal With Trump’s Tariffs

• Pfizer’s CEO mentioned he could transfer manufacturing again to the US in response to Donald Trump’s tariffs.
• Albert Bourla mentioned he was not shocked by Trump’s victory in November.
• Trump has threatened to impose tariffs on Mexico, Canada, and China.

Albert Bourla, Pfizer’s CEO, mentioned on Monday that the corporate could transfer abroad drug manufacturing again to the US if President Donald Trump’s tariffs have an effect on it.

Bourla was talking at TD Cowen’s annual healthcare convention when he was requested in regards to the influence Trump’s tariffs may have on Pfizer’s operations.

Whereas most of Pfizer’s generic medicine are produced abroad, Bourla mentioned the corporate has a big manufacturing community within the US.

“We’ve got 13 manufacturing websites within the US proper now, up and working,” Bourla mentioned, including that some services are “mega, mega websites.”

“So now we have all of the capabilities right here, and the manufacturing websites are working in good capability proper now. It isn’t that they aren’t, but when one thing occurs, we are going to attempt to mitigate by transferring from manufacturing websites outdoors, to manufacturing websites right here, the issues that may be transferred shortly,” Bourla continued.

Bourla additionally mentioned on the convention that he was not shocked by Trump’s victory in November.

“I used to be anticipating him most likely to win. It was very huge win,” Bourla mentioned, including that there might be “dangers and alternatives” with the brand new administration.

“However the necessary factor is, what are you doing about it? And what are you doing about it, is you attempt to affect the setting. From our perspective, the entire pharma trade and us as Pfizer, attempt to keep as near the administration,” Bourla added.

On Monday, Trump mentioned the White Home would proceed with its plans to impose 25% tariffs on Mexico and Canada beginning Tuesday. The tariffs had been initially meant to take impact in early February however had been delayed after each international locations promised to strengthen their border safety.

The Trump administration imposed a ten% tariff on China final month and mentioned it might levy a further 10% tariff beginning Tuesday. In February 2024, Trump informed Fox Information’ Maria Bartiromo he would introduce tariffs of greater than 60% on Chinese language items if he gained the election.

“In terms of China, it is not affecting us. As Pfizer, we have not any reliance on China proper now, nor Canada or Mexico,” Bourla informed CNBC in an interview on February 18.

“We’re ready to see how that would play out with the tariffs in locations that haven’t been introduced but,” Bourla added.

Representatives for Pfizer didn’t reply to a request for remark from Enterprise Insider.