Pfizer Inc is seeking acquisitions in the Middle East where the company expects to see double digit growth, a Pfizer executive said on Sunday, according to Bloomberg.
“The Middle East is becoming one of our key emerging markets,” said Jean-Michel Halfon, president and general manager of Pfizer’s Emerging Markets Business Unit. “This is a market where we should see double-digit growth and where Pfizer should be able to exceed $1 billion in sales.”
Guy Lallemand, regional president for Africa & Middle East in Pfizer’s Emerging Markets business Unit, said the company is looking for acquisitions “in more established markets” including Egypt, Saudi Arabia “and the rest of the Gulf.”
He said Middle East sales are expected to be about $500 million. The company forecasts between 8 percent and 10 percent annual growth, he added.
He told Bloomberg Iraq, Iran and Syria are among the markets where the company is looking to expand its business.