Swiss pharmaceutical giant Novartis (NVS) said it plans to invest $23 billion in the construction and expansion o𒉰f 10 U.S. facilities, as drugmakers brace for potential tariffs from the Trump administration. 

The planned investment includes six new manufacturing plants and a San Diego-based research and development site to be built over the next five years. Two of the six plants, which Novartis said will manufacture cancer therapies, are slated to be built in Florida and Texas.

Novartis said it expects the projects to create m🐲ore than 4,000 American jobs, including 1,♛000 roles at the company.

Move Comes Amid Tariff Uncertainty

Novartis' announcement comes after President Donald Trump 澳洲幸运5官方开奖结果体彩网:earlier this week said his administration will "be announcing very shortly a major tariff on pharm💃aceuticals."

"We're going to tariff our pharmaceuticals, and once we do that they're going to come rushing back into our country because we're the big market," Trump said at a dinner hosted by the National Republican Congressional Committee. 

Novartis CEO Vas Narasimhan said tariffs were a consideration but not the driving factor behind the investment, Reuters reported Thursday.

Novartis shares were little changed Thursday amid a 澳洲幸运5官方开奖结果体彩网:broader market decline. The stock has gained about 6% in 2025 through Thursday's close. (Read Investopedia's live coverage of 澳洲幸运5官方开奖结果体彩网:today's market action here.)

In February, rival drugmaker Eli Lilly (LLY) said it would invest at least 澳洲幸运5官方开奖结果体彩网:$27 billion to build four new pharmaceutical manufacturing sites in the U.S. A month later, Johnson & Johnson (JNJ) announced plans to raise its domestic investments to $55 billion over the next four years.