AstraZeneca PLC (LSE:AZN) has announced a $3.5 billion investment to expand its research and manufacturing operations in the United States by 2026, with $2 billion allocated to creating more than 1,000 high-skilled jobs.
AZ said the expansion is the first step in its 'Ambition 2030' plan, through which it aims to reach $80 billion in total revenue by 2030.
However, the announcement comes against the backdrop of punitive import tariff threats from the newly-elected Trump administration.
In the short announcement, investors were told the drugs giant's new facilities will include a state-of-the-art R&D centre in Kendall Square, Cambridge, Massachusetts.
In parallel, AZ is planning a "next-generation" manufacturing facility for biologics in Maryland, cell therapy manufacturing capacity on both coasts and specialty manufacturing in Texas.
“Our multibillion-dollar investment reflects the attractiveness of the business environment together with the quality of talent and innovation capabilities here in the United States,” said CEO Pascal Soriot.
“By expanding our R&D and manufacturing footprint, we aim to enhance the development of cutting-edge therapies and support the United States leadership in healthcare innovation.”
The US remains AstraZeneca’s largest market, accounting for 44% of its revenue.