Over the next three years, Pfizer (NYSE:PFE) is planning to invest about €1.2 billion in its Puurs manufacturing facility to boost production capacity, cold storage options, and packaging processes. The expansion is expected to create about 250 additional jobs at the site.
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Pfizer develops, manufactures, and sells healthcare products, including innovative medicines and vaccines.
Pfizer said that a portion of the investment is targeted to build an Isolator Facility Center (IFC) with a couple of production modules to increase filling capacity. Further, it seeks to construct a flexible freezer warehouse and bolster secondary packaging capacity with 16 additional cabins.
Interestingly, Pfizer had announced plans to make a similar investment in Ireland. The company plans to double its capacity for biological drug substance manufacturing by building a new facility by 2027.
In terms of the financials, Pfizer reported upbeat Q3 results last month, with adjusted earnings soaring 40% year-over-year to $1.78 per share, beating analysts’ estimates of $1.39. Q3 revenues declined 6% year-over-year to $22.6 billion but exceeded Street estimates by $1.5 billion.
Is PFE a Good Stock to Buy?
On TipRanks, PFE stock has a Moderate Buy consensus rating based on five Buys and seven Holds. The average Pfizer stock price target of $52 implies 2.14% upside potential. The stock is down nearly 7% so far this year.
