The New European Investment Playbook for the U.S. Market

The surge in foreign direct investment (FDI) in the United States is a significant development that warrants closer examination. According to latest figures, FDI rose by $266 billion to $5.86 trillion at the end of 2025, with manufacturing remaining the largest target for these incoming investors.

Galderma’s ambitious plan to invest over $650 million in U.S. manufacturing through 2030 is a notable example of this trend. As a Swiss dermatology company, Galderma has long recognized the importance of establishing a strong presence in the U.S. market, which accounted for 40% of its $5.24 billion revenue last year. The company’s CEO, Flemming Ørnskov, is unequivocal about his strategy: “If you want to succeed, you have to succeed in the U.S.”

Galderma’s decision to prioritize R&D talent and locate its U.S. headquarters in Miami reflects a changing landscape of international investment. By situating itself in a hub that serves both a fast-growing consumer market and offers access to Latin America, Galderma aims to capture a larger share of the lucrative aesthetic products market currently dominated by AbbVie-owned Allergan Aesthetics.

However, Ørnskov acknowledges significant challenges for companies seeking to establish themselves in the U.S. The regulatory environment, particularly when it comes to approving aesthetic products, is notoriously stringent.

This trend suggests that European companies are increasingly recognizing the United States as a vital hub for growth and expansion. By establishing deep roots in the U.S. market, these firms aim to tap into the world’s largest consumer base and gain access to a pool of capital and talent difficult to replicate elsewhere.

However, this influx of foreign investment also raises questions about the impact on local businesses and workers. As companies like Galderma invest heavily in U.S. manufacturing, there is a risk that they may displace existing American firms or create new competition leading to job losses.

Policymakers should consider the potential implications of an increasingly globalized U.S. market. The stakes are high, not just for Galderma and other European investors but also for the broader economy.

The game has changed in the world of international investment. As Ørnskov so aptly puts it, “If you want to succeed, you have to succeed in the U.S.” But what does this mean for companies like Galderma, and what are the implications for the wider economy? Only time will tell.

Galderma’s decision to prioritize R&D talent and locate its U.S. headquarters in Miami reflects a deliberate strategy to capture a larger share of the lucrative aesthetic products market currently dominated by AbbVie-owned Allergan Aesthetics. By situating itself in a hub that serves both a fast-growing consumer market and offers access to Latin America, Galderma aims to tap into the world’s largest consumer base and gain access to a pool of capital and talent difficult to replicate elsewhere.

However, as Ørnskov acknowledges, there are significant challenges for companies seeking to establish themselves in the U.S. The regulatory environment, particularly when it comes to approving aesthetic products, is notoriously stringent.

The implications of this trend are far-reaching and multifaceted. As European companies continue to invest heavily in the U.S. market, policymakers must consider the potential impact on local businesses and workers. By examining the strategies employed by companies like Galderma, we can gain a deeper understanding of the changing dynamics of international investment.

Ultimately, the future of global business will be shaped by these trends. As Ørnskov so aptly puts it, “If you want to succeed, you have to succeed in the U.S.” But what does this mean for companies like Galderma, and what are the implications for the wider economy? Only time will tell.

The stakes are high, not just for Galderma and other European investors but also for the broader economy. As we move forward into an increasingly globalized world, one thing is certain: the game has changed in the world of international investment.