Pfizer Inc. CEO Albert Bourla (pictured) said on Tuesday that uncertainty surrounding US President Donald Trump's proposed pharmaceutical tariffs is discouraging the company from expanding in the US. "If I know that there will not be tariffs ... then there are tremendous investments that can happen in this country," he stated, highlighting opportunities in both R&D and manufacturing.

"In periods of uncertainty, everybody is controlling their cost ... and is very frugal with their investment," Bourla noted while stressing the need for predictability. He also pointed out that while the global minimum tax has changed incentives abroad, "it's not as good" to invest in the US without further clarity or support.

His comments came after Pfizer reported an 8% year-on-year revenue increase to $13.7 billion in the first quarter of 2025. Net income declined 5% to $2.97 billion, and diluted earnings per share dropped to $0.52.