Source: Fortune
Summary
European foreign direct investment in the U.S. rose to $5.86 trillion in 2025, with manufacturing as the primary focus. Galderma, a Swiss dermatology company, reported $5.24 billion in revenue in 2025, with 40% from the U.S. The company plans to invest over $650 million in U.S. manufacturing through 2030. CEO Flemming Ørnskov emphasized the importance of U.S. market success, citing competition with companies like Sanofi and Allergan Aesthetics. Galderma is expanding its U.S. presence, including in Miami and Orange County, to access talent and markets.
Our Reading
The numbers tell one story.
FDI from Europe hits record highs.
Galderma plans $650 million in U.S. manufacturing.
CEO says success depends on U.S. market performance.
Europeans are building roots, not just checking in.
Author: Evan Null
European FDI Surges
European foreign direct investment in the U.S. reached $5.86 trillion by the end of 2025, up $266 billion from the previous year. The increase was largely driven by European companies seeking access to the U.S. market, capital, and talent. Manufacturing remained the primary target for these investments.
Galderma’s U.S. Ambitions
Galderma, a Swiss-based dermatology company, reported $5.24 billion in revenue in 2025, with 40% of sales coming from the U.S. The company has set a goal to invest over $650 million in U.S. manufacturing through 2030. CEO Flemming Ørnskov emphasized that success in the U.S. is critical for the company’s long-term growth.
Strategic Moves in the U.S.
Ørnskov relocated Galderma’s R&D operations from Fort Worth to Boston to access top-tier talent. The company also expanded its presence in Miami and Orange County, California, to tap into growing consumer markets and aesthetic expertise. Fort Worth remains a key distribution hub.
Competing with Big Names
Galderma faces strong competition from companies like Sanofi and Allergan Aesthetics. The CEO said that until Galderma closes the gap in market share, it won’t consider its U.S. strategy a success. The company is targeting products like Nemluvio, which competes with Sanofi’s Dupixent.
Challenges in the U.S. Market
Ørnskov noted that the U.S. has the highest regulatory bar for aesthetic product approvals. Despite the challenges, he said the market is too important to ignore. Galderma is investing heavily to meet these standards and gain a stronger foothold in the U.S.
