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Benzinga
Benzinga
Vandana Singh

Eli Lilly Investments In Production Reach $23 Billion With Additional $3 Billion Expansion At US Facility

On Thursday, Eli Lilly And Co (NYSE:LLY) announced a $3 billion expansion of its Kenosha County, Wisconsin, manufacturing facility to address the rising demand for diabetes, obesity, and pipeline medicines.

This investment, the company’s largest U.S. manufacturing commitment outside Indiana, will create 750 advanced manufacturing jobs and further solidify Wisconsin’s position in the pharmaceutical industry.

Also Read: Eli Lilly’s Zepbound Vs. Novo Nordisk’s Wegovy – Which Shows Greater Weight Loss?

Construction for the expanded facility is slated to begin in 2025. The project is part of Lilly’s broader global manufacturing expansion, which has seen over $23 billion in investments since 2020 to enhance production capabilities worldwide.

This Wisconsin initiative will add injectable medicine production, device assembly, and packaging operations to Lilly’s portfolio.

The Wisconsin project also incorporates advanced automation technologies, including robotics and digital data management systems, to streamline operations, enhance accuracy, and accelerate medicine production.

With this expansion and related investments, Lilly’s total commitment in Wisconsin reached $4 billion. The initiative includes over 2,000 construction jobs during the project and long-term positions for operators, technicians, engineers, and scientists.

In October, Eli Lilly announced a $4.5 billion investment to create the Lilly Medicine Foundry, a new center for advanced manufacturing and drug development.

The company said the new facility will allow Lilly to research new ways of producing medicines while scaling up the manufacturing of medicines for clinical trials.

In May, Eli Lilly more than doubled its investment in its Lebanon, Indiana, manufacturing site with a new $5.3 billion commitment, increasing its total investment from $3.7 billion to $9 billion

Separately, the company has invested an additional $1.2 billion to update existing manufacturing facilities in Indianapolis and recently acquired an injectable manufacturing facility in Pleasant Prairie, Wisconsin, from Nexus Pharmaceuticals. 

Price Action: LLY stock is trading higher by 0.80% to $832.50 at the last check on Friday.

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