Galderma’s $650 million bet on U.S. manufacturing captures Europe’s new investment playbook

In today’s CEO Daily: Diane Brady interviews Galderma’s CEO about planting deep roots in the U.S. market.

The big leadership story: Do CEOs actually matter?

The markets: Down globally as bond yields edge higher

Plus: All the news and watercooler chat from Fortune.

Good morning. The English are coming. So are the Dutch, Germans, Danish, Swiss and other Europeans driving growth in foreign direct investment in the U.S. right now. FDI rose by $266 billion to $5.86 trillion at the end of 2025, with Europe accounting for much of the increase and manufacturing remaining the largest target. 

We know why it’s happening: Companies want access to the world’s deepest consumer market and pool of capital, along with U.S. talent—and, of course, manufacturing on American soil is a hedge against tariffs. It’s good news for policymakers looking for tangible wins.

Several European CEOs have told me their goal is to build deeply-rooted American businesses. Galderma is a case in point. The Swiss dermatology company, whose brands range from Cetaphil and Alastin to injectable fillers such as Sculptra and Restylane, generated $5.24 billion in revenue last year. The U.S. accounted for 40% of those sales and is its fastest-growing market. Galderma announced last year that it will invest more than $650 million in U.S. manufacturing through 2030. “If you want to succeed, you have to succeed in the U.S.,” CEO Flemming Ørnskov told me.

Ørnskov’s first priority was access to R&D talent. “The business was in Fort........

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