ARTICLE | Company News

Pfizer to invest $5B in U.S. manufacturing

January 31, 2018 12:37 AM UTC

In its earnings release Tuesday, Pfizer Inc. (NYSE:PFE) announced plans to invest $5 billion over five years in U.S. capital projects in the wake of the new U.S. tax code. The pharma also said FDA lifted a compliance hold on a facility contracted by Momenta Pharmaceuticals Inc. (NASDAQ:MNTA) to manufacture M356, its thrice-weekly generic version of relapsing multiple sclerosis drug Copaxone glatiramer acetate.

The pharma now anticipates an effective tax rate on adjusted income of 17% for 2018 instead of the 23% rate it expected prior to the law’s enactment. The company also expects to pay $15 billion in repatriation taxes over eight years in connection with the reform...