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

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    "url": "https://fortune.com/2026/09/02/galderma-us-manufacturing-investment-flemming-ornskov-europe-fdi/",
    "title": "Galderma’s $650 million bet on U.S. manufacturing captures Europe’s new investment playbook",
    "author": "Diane Brady",
    "excerpt": "Good morning . The English are coming. So are the Dutch, Germans, Danish, Swiss and other Europeans driving growth in foreign direct investment in the U.S. right now. FDI rose by $266 billion to $5.86 trillion at the end of 2025, with Europe accounting for much of the increase and manufacturing remaining the largest target. We know why it’s happening: Companies want access to the world’s deepest consumer market and pool of capital, along with U.S. talent - and, of course, manufacturing on American soil is a hedge against tariffs. It’s good news for policymakers looking for tangible wins. Several European CEOs have told me their goal is to build deeply-rooted American businesses. Galderma is a case in point. The Swiss dermatology company, whose brands range from Cetaphil and Alastin to injectable fillers such as Sculptra and Restylane, generated $5.24 billion in revenue last year. The U.S. accounted for 40% of those sales and is its fastest-growing market. Galderma announced last year that it will invest more than $650 million in U.S. manufacturing through 2030. “If you want to succeed, you have to succeed in the U.S.,” CEO Flemming Ørnskov told me. Ørnskov’s first priority was access to R&D talent. “The business was in Fort Worth, and I said, ‘If we want to be competing against Sanofi and everybody else, let’s move it to Boston.’” (The French drugmaker Sanofi’s Dupixent...",
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