- The stock price of Eli Lilly (LLY) increased by 1.18% in the most recent trading session. This is why.
The stock price of Eli Lilly (LLY) increased by 1.18% in the most recent trading session.
Why: Eli Lilly and Company announced plans to invest an additional $450 million and create at least 100 new jobs to expand its manufacturing capacity at the company’s Research Triangle Park facility. This expansion includes additional parenteral filling, device assembly, and packaging capacity to support increased demand for Lilly’s incretin products that treat diabetes.
Since 2020, Lilly committed roughly $4 billion to new manufacturing facilities in North Carolina, including $1.7 billion for the development and expansion of its site at Research Triangle Park. And the company anticipates initial production at Research Triangle Park to begin this year, with preparations for inspections by the FDA ongoing.
Since 2014, Lilly has introduced 18 new medicines to make life better for people living with diseases like diabetes and cancer and aims to introduce several potential new medicines this year. And this expansion will play a pivotal role in delivering a supply of existing Lilly medications, while preparing to bring the next generation of medicines to patients worldwide.
When fully operational in 2027, this phase of the project is expected to create at least 100 new jobs, primarily manufacturing personnel who will use advanced technology to produce incretin treatments and medical devices.
“As we move into 2023, Lilly is focused on finding innovative solutions to meet the growing demand for our medicines. Expanding our operations at Research Triangle Park will accelerate the rate at which we can produce medicines that patients rely on to address serious health challenges like diabetes. We’re on track to achieve the goal we shared in November 2022 of doubling incretin capacity by the end of this year, but this investment is key to ensuring even more patients will have access to medicines they need in the future.”
- Edgardo Hernandez, executive vice president and president, Lilly Manufacturing Operations
“When companies already in North Carolina choose to expand here, it reaffirms our status as the best state to do business. Our strong communities and our dedicated, well-trained workforce will help Lilly continue to succeed.”
- Governor Roy Cooper