Flemming Ørnskov, chief executive of Swiss dermatology group Galderma, has confirmed a commitment of more than $650 million to expand manufacturing capacity in the United States by 2030. The plan follows a broader wave of European companies channeling capital across the Atlantic.
Why Europe is looking to America
Foreign direct investment from Europe into the United States rose by $266 billion to $5.86 trillion at the end of 2025, with manufacturing remaining the dominant sector. European firms are attracted by the size of the US consumer market, deep pools of capital and a talent base that can accelerate product development. Locating production on American soil also offers a hedge against tariff risks, a point welcomed by policymakers seeking tangible economic wins.
Galderma's growth strategy
Last year Galderma generated $5.24 billion in revenue, with the United States accounting for 40 percent of sales and representing its fastest-growing market. Its portfolio includes well-known brands such as Cetaphil, Alastin, and injectable fillers like Sculptra and Restylane. In an interview, Ørnskov said:
"If you want to succeed, you have to succeed in the United States,"
and added that the company's competitive focus is on closing the gap with Allergan Aesthetics, the AbbVie-owned leader of Botox and Juvéderm.
Choosing the right locations
Ørnskov explained that the new US headquarters will be based in Miami, a hub that serves a rapidly expanding consumer base and provides a gateway to Latin America. A second site is planned for Orange County, California, because the aesthetic business relies heavily on specialised expertise concentrated in that region. Fort Worth, Texas, will continue to operate as a key distribution centre.
Regulatory hurdles and next steps
The CEO acknowledged that the United States imposes the highest standards for aesthetic product approval, making market entry particularly demanding. Nevertheless, he affirmed that Galderma will meet those standards to secure its position. The $650 million spend is slated to fund new production lines, R&D facilities and workforce training, with the aim of increasing US market share and achieving parity with Allergan.
As the investment rolls out, analysts will watch whether Galderma can translate its capital outlay into stronger sales performance and whether the broader European FDI trend continues to reshape the transatlantic business landscape.