No, the constructed number (P1 * P2 * ... * PN) + 1 either is prime or has a prime factor greater than PN.
For example, (2 * 3 * 5 * 7 * 11 * 13) + 1 is 30031, which is 59 * 509
(Apparently I misremembered the details of Euclid's proof. See the comments below.)