Albert Bourla, Pfizer's CEO, said on Monday that the company may move overseas drug manufacturing back to the US if President Donald Trump's tariffs affect it.
Bourla was speaking at TD Cowen's annual healthcare conference when he was asked about the impact Trump's tariffs could have on Pfizer's operations.
While most of Pfizer's generic drugs are produced overseas, Bourla said the company has a large manufacturing network in the US.
"We have 13 manufacturing sites in the US right now, up and running," Bourla said, adding that some facilities are "mega, mega sites."
"So we have all the capabilities here, and the manufacturing sites are operating in good capacity right now. It's not that they are not, but if something happens, we will try to mitigate by transferring from manufacturing sites outside, to manufacturing sites here, the things that can be transferred quickly," Bourla continued.
Bourla also said at the conference that he was not surprised by Trump's victory in November.
"I was expecting him probably to win. It was very big win," Bourla said, adding that there will be "risks and opportunities" with the new administration.
"But the important thing is, what are you doing about it? And what are you doing about it, is you try to influence the environment. From our perspective, the whole pharma industry and us as Pfizer, try to stay as close to the administration," Bourla added.
On Monday, Trump said the White House would proceed with its plans to impose 25% tariffs on Mexico and Canada starting Tuesday. The tariffs were originally meant to take effect in early February but were delayed after both countries promised to strengthen their border security.
The Trump administration imposed a 10% tariff on China last month and said it would levy an additional 10% tariff starting Tuesday. In February 2024, Trump told Fox News' Maria Bartiromo he would introduce tariffs of more than 60% on Chinese goods if he won the election.
"When it comes to China, it's not affecting us. As Pfizer, we haven't any reliance on China right now, nor Canada or Mexico," Bourla told CNBC in an interview on February 18.
"We are waiting to see how that could play out with the tariffs in places that have not been announced yet," Bourla added.
Representatives for Pfizer did not respond to a request for comment from Business Insider.
