Pharmaceutical giant Eli Lilly (LLY) says it will spend $1.8 billion U.S. to expand its manufacturing capacity as it tries to meet global demand for its recently approved Alzheimer’s drug and popular weight loss and diabetes medications.
The Indianapolis-based company said it plans to expand its pharmaceutical manufacturing facilities in Ireland.
Eli Lilly will spend $1 billion U.S. to expand an existing plant in Limerick, Ireland, where it will increase the production of its Alzheimer’s treatment called “Kisunla.”
The company will also allocate $800 million U.S. to expand a facility in Kinsale, Ireland. That site manufactures Eli Lilly’s diabetes medication “Mounjaro” and its weight loss treatment “Zepbound.”
Demand for Zepbound and Mounjaro is growing and has outstripped supply over the past year, requiring the company to spend heavily to ramp-up production.
Since 2020, Eli Lilly has invested more than $20 billion U.S. to expand its manufacturing plants in the U.S. and throughout Europe.
Eli Lilly’s new Alzheimer’s drug, which slows progression of the disease in the early stages, won approval in the U.S. this July.
The stock of Eli Lilly has risen 54% over the last 12 months and currently trades at $920.89 U.S. per share.
