Almost the entire pharmaceutical industry has rejected the Chancellor. Only Sanofi boss Belén Garijo came to the government's investment summit - with a clear demand for Friedrich Merz.
Frankfurt. Sanofi believes in Germany as a location. Belén Garijo was the only female boss of an international pharmaceutical company to take part in the “Invest in Germany” conference in Berlin on Tuesday. Your message to Chancellor Friedrich Merz: “We are not a cost factor.”
In contrast to pharmaceutical companies that are threatening to withhold investments in Germany and no longer import medicines, the French Sanofi is investing two billion euros in an insulin production plant in Frankfurt - according to Garijo, the “biggest investment in our history”. The 65-year-old explains in her first interview as Sanofi boss that she is not naive.
Ms. Garijo, your competition is withdrawing investments from Germany. Eli Lilly boss Dave Ricks recently said in the Handelsblatt that his trust in politics had been destroyed. And now, of all times, you are investing two billion euros in the location. Why?
It is simply logical to invest here. Germany is a very important country for us strategically. In terms of number of employees and production, it is our third largest market. With our insulin business, we already have a significant presence and extensive knowledge in Germany.
So your colleagues are exaggerating?
Of course we go where our innovation is recognized. All European pharmaceutical companies are investing in the USA and China. Nevertheless, the majority of our production sites are still in Europe.
Are you biased on this topic? After all, Germany was your home for 13 years as the former boss of Merck.
No. I am convinced that the government increasingly understands the importance of the pharmaceutical industry. Of course, we had to struggle with German bureaucracy at times. But the government was very supportive, as was the EU, which ultimately approved funding for our investment.
Your competitors see it differently. On Tuesday you were the only female pharmaceutical company boss at the “Invest in Germany” summit hosted by Chancellor Friedrich Merz and Investment Commissioner Martin Blessing. All other pharmaceutical bosses have canceled their participation. What did you want to achieve there?
It is the largest investment in our history. Our goal is very clear: we want to continue to contribute to Europe's sovereignty. Together with Germany and the EU, we must ensure competitiveness compared to other regions of the world that are developing so rapidly. Europe needs an environment that promotes innovation. We have the scientific talent, world-class hospitals and outstanding academic institutions. We must use these strengths to attract additional investment.
What was your most important message to the Chancellor?
Mr. Merz, recognize the value that new drugs create for society and the economy. We are not a cost factor. Sanofi contributed 28 billion euros to economic output in Germany in 2025. The industry understands the financial limitations of the healthcare system, which is very citizen-friendly. Let's sit down at the table and find solutions together. We must make medicines accessible to patients in Europe. It's that simple.
Apparently it's not that simple. 30 percent of the medicines marketed worldwide don't even come to Europe...
What worries me even more is that Member States are increasingly thinking nationally. This fragmentation weakens Europe in competition with the two superpowers USA and China.
What is your specific suggestion then?
European countries should not fall into the trap of thinking in the short term. Industrial investments are planned for the long term. Factories cannot be moved from one place to another overnight. The consequences of hurdles to innovation will be clearly felt in the long term.
Other pharmaceutical bosses are therefore openly threatening. Astra Zeneca boss Pascal Soriot no longer wants to introduce certain drugs into Germany as long as prices do not rise. You, on the other hand, say that giving up the European market is not an option. Is this attitude naive?
I'm not naive. I also have to create value for my shareholders. But as a doctor and as a leader in this industry, I don't think it's right to create a conflict situation in which we refuse to make new medicines available to patients. I know that many of my colleagues disagree with me on this. I just don't think it's value-driven to withhold medication from patients for purely economic reasons. You have to find solutions beforehand.
In just a few months you have already reduced the number of research projects and brought in a new head of research. What is your interim conclusion after almost six months as boss at Sanofi on a scale of one to ten?
I don't want to put a number on it. It's incredibly fun and exciting to return to where I started my career. But I'm not here to relive the past. I am here to write a new chapter of success for Sanofi with my team.
You are considered a manager who openly addresses weaknesses, including with the supervisory board. What needs to change at Sanofi?
We need to be more consistent in our implementation, use capital in a more disciplined manner and align research decisions more closely with scientific data. Today we work in many disease areas. If we focus more on the therapeutic areas in which we can make a difference, I can see quick success.
When Sanofi took over the German-French group Aventis in 2004, you showed in your first term that you could lead Sanofi through profound change. What is your recipe for success to get employees on board?
You have to make it clear to employees that change and transformation offer opportunities, not just challenges. This is my leadership responsibility and I enjoy it.
What are your three most important priorities for the next six months?
The top priority is to increase our productivity in research and development in the coming years. This won't be easy and will take time. We must benefit from the integration of artificial intelligence through partnerships with AI and tech companies that are faster than us in this area. Second, we want to expand Sanofi's presence in China. Third: takeovers to secure growth even after 2030.
Vita Belen Garijo
Belén Garijo (65) has been CEO of Sanofi since May 1st. Previously, she was CEO of Darmstadt-based Merck KGaA. Born in Spain, she is a trained doctor but quickly switched to the pharmaceutical industry. After several years at what was then Sanofi-Aventis in France, she joined Merck in 2011 and joined the management team in 2015 as head of the pharmaceutical division. Garijo is married and has two children.
The pharmaceutical company Sanofi, based in Paris, focuses, among other things, on immunology, rare diseases and vaccines. In 2025, the company achieved sales of 43.6 billion euros.
At the beginning of the 2030s, the patent protection for Sanofi's top-selling drug Dupixent, which is used to treat skin diseases and asthma, will expire. Will the next takeover come from China?
In China I see more partnerships than acquisitions. Regardless, we are looking for lower-risk active ingredients in late stages of development to secure our growth after 2030.
Critics of the industry warn: “We feed the dog that bites us.” Western corporations are, so to speak, financing China's catch-up race with their businesses. As a champion of Europe, doesn’t that worry you?
I don't think we feed the dog at all. We work in partnership. My many years of experience with Chinese companies is very positive. They have recognized that there are reservations that they have to overcome. But beyond their agility and speed, they are firmly committed to delivering quality.
They were close to retirement when Sanofi asked. Many in the industry wonder whether they are just a temporary solution. How long do you want to lead the company?
I'm here for the long term - with the same energy and passion as back then. I'm here to stay.
They have reorganized the board. Should your successor also come from within your own company?
Yes, I would very much like Sanofi to use its internal talent to raise the next generation of CEOs from within its own ranks. That is my focus.
