Eli Lilly and Company (NYSE: LLY) announced today a planned investment of more than $1.2 billion to expand and modernize its Lilly del Caribe manufacturing site in Carolina, Puerto Rico.
This new investment, to quote this morning’s news release, “will integrate advanced technologies and expand production capacity within the existing campus to support the company's growing portfolio of oral solid medicines in cardiometabolic health, neuroscience, oncology and immunology.”
The enhanced facility will be among those that will manufacture orforglipron, Lilly's first oral, small molecule GLP-1 receptor agonist, which the company expects to submit to global regulatory agencies for obesity by the end of this year. This strategic expansion underscores Puerto Rico's role in Lilly's historic manufacturing agenda as a part of the previously announced $50 billion capital investment commitment to expand U.S. manufacturing capacity. The company recently shared plans to build sites in Texas and Virginia, with two additional locations to be announced in the next few months. These new sites are part of Lilly's broader efforts to expand existing U.S. manufacturing sites to increase capacity.
"After sixty years, Lilly del Caribe continues to play an important role in making life-changing medicines for people in the U.S. and beyond," said Edgardo Hernandez, executive vice president and president of Lilly Manufacturing Operations.
LLY shares gained $1.93 to $822.03.
