Eli Lilly Invests $1.8B To Expand Drug Output in Ireland...

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Key TakeawaysEli Lilly is investing $1.8 billion to expand production in Ireland of its Alzheimer's treatment and weight-loss drugs.The company's Alzheimer's drug, Kisunla, was approved by the U.S. Food and Drug Administration last month.Eli Lilly has committed more than $20 billion to manufacturing investments in the U.S. and Europe since 2020.
Eli Lilly (LLY) said Thursday it will spend $1.8 billion to expand production in Ireland of its popular diabetes and weight-loss drugs, as well as some active ingredients used in its Alzheimer’s treatment Kisunla, which recently was approved in the U.S.The pharmaceutical giant is investing $1 billion to expand its manufacturing site in Limerick, following another $1 billion investment announced in March 2023. The facility will produce the active ingredients for the company's Alzheimer's disease portfolio and other medicines.In July, Eli Lilly received Food and Drug Administration approval for Kisunla after studies showed that the drug was able to slow the progression of the disease.Other Irish Investment Will Boost Obesity Drug ProductionEli Lilly is also spending $800 million to expand a facility in Kinsale, where production of Lilly's latest diabetes and obesity treatments began last year. Since 2020, Lilly said it has committed more than $20 billion to investments in the U.S. and Europe.Shares of Eli Lilly are up about 60% in 2024. Read the original article on Investopedia.

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