Pfizer vulnerable to threat of European tariffs, CEO says

Drugmaker operates three plants in Ireland 

Albert Bourla, chief executive officer of Pfizer.

Pfizer is vulnerable to the possibility that President Donald Trump will place tariffs on the European Union, where the drugmaker has manufacturing plants, Chief Executive Officer Albert Bourla said.

Tariffs placed on China and the threatened tariffs on Mexico and Canada are unlikely to impact Pfizer, Bourla said in an interview at an industry conference in the US. However, the company has at least 10 plants across Europe, according to its website. Pfizer operates three plants in Ireland in Ringaskiddy, Grangecastle and Newbridge.

“We are waiting to see how that could play out with the tariffs in places that have not been announced yet,” Bourla said. “But so far China, Canada and Mexico are not affecting us.” Pharmaceuticals have typically been exempt from tariffs because of their vital role in health care. Trump has threatened putting import levies on the sector as part of a plan to increase overall manufacturing within the US.

Pfizer also has significant manufacturing in the US, with 14 plants, Bourla pointed out in the interview.

Pfizer shares were little changed after US markets closed.