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Released May 30, 2024 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Global pharmaceutical firm Eli Lilly and Company (NYSE:LLY) (Indianapolis, Indiana) last week announced that it would increase its investment in a facility in Lebanon, Indiana, by a further $5.3 billion. The facility will manufacture the active pharmaceutical ingredient (API) used in drugs for obesity and diabetes.
The multibillion-dollar investment demonstrates the prominent sales that weight-loss and diabetes drugs are having on the market and Lilly's moves to carve out its space in this important segment of the pharmaceutical industry. The facility will manufacture the API for Mounjaro, a type 2 diabetes drug, and Zepbound, used for obesity. In the first quarter of this year, Mounjaro generated $1.8 billion in sales, which was triple its revenues from the first quarter of 2023, while Zepbound accounted for $517 million in sales in its first full quarter on the market. At least one analyst firm, GlobalData, sees Mounjaro eventually surpassing current blockbuster drug Ozempic's sales, which came in at about $13.9 billion in 2023, according to manufacturer Novo Nordisk A/S (NYSE:NVO) (Bagsværd, Denmark). Sales of another Novo Nordisk drug specifically geared toward weight loss, Wegovy, came in at roughly $4.5 billion last year. Sales of Lilly's Mounjaro are expected to reach $3 billion this year, and analysts at SVB Securities have projected sales from the drug could reach $26.4 billion by 2030.
Lilly's facility is being constructed in the LEAP (Limitless Exploration Advanced Pace) Research and Development District, a 9,000-acre area in Indiana's Lebanon and Boone counties, about 30 miles from central Indianapolis, which the Indiana Economic Development Corporation is parceling to research and development facilities and corporate campuses. Several components are going into Lilly's project. Construction actually began last year, but Lilly's recent addition of $5.3 billion greatly expands the project's scope, leading to a planned 12-building campus for peptides manufacturing, storage tanks, warehousing facilities, utilities buildings and more. Enel Green Power (Rome, Italy) is underway with a solar array at the site that will provide up to 20 megawatts of green energy. Lilly expects to begin manufacturing products at the facility in 2026, with the scale up continuing through 2028. Subscribers to Industrial Info's Global Market Intelligence (GMI) Project Database can learn more by viewing by the related project reports.
But the Lebanon facility is not the only investment Lilly is making in its home state of Indiana. The company also is investing hundreds of millions of dollars toward the expansion of its campus in Indianapolis, specifically for insulin production. Last year, on the site of a recently demolished building, general contractor FA Wilhelm Construction Company Incorporated (Lafeyette, Indiana) began work on a 247,000-square-foot building addition for fill-finish operations. The company also is underway with the renovation of several existing laboratories at the site. Subscribers can click here to learn more about the building addition.
Lilly also investing in sites in Europe and two sites in North Carolina. In Concord, Noth Carolina, Lilly is focusing on biologics, with the construction of a six-building, 800,000-square-foot campus, including a manufacturing facility, utilities building, warehousing, quality-control lab and office space. General contractor Gilbane Building Company (Providence, Rhode Island) broke ground on the project in 2022 and is expected to wrap it up in 2025. According to local news media, the Concord facility will develop medications for ailments like diabetes, obesity and Alzheimer's disease. Subscribers can learn more by viewing the project report.
In the Research Triangle Park area of North Carolina, Lilly also is targeting type 2 diabetes complications with a fill-finish plant for its Trulicity and Mounjaro drugs. Design-build firm Arco Design/Build (Atlanta, Georgia) has been at work on the project for a number of years, and the plant is expected to begin operating in 2025. Subscribers can click here to learn more about the project.
Subscribers to Industrial Info's GMI Database can click here to view reports for the major projects discussed in this article and click here for the related plant profiles.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).
The multibillion-dollar investment demonstrates the prominent sales that weight-loss and diabetes drugs are having on the market and Lilly's moves to carve out its space in this important segment of the pharmaceutical industry. The facility will manufacture the API for Mounjaro, a type 2 diabetes drug, and Zepbound, used for obesity. In the first quarter of this year, Mounjaro generated $1.8 billion in sales, which was triple its revenues from the first quarter of 2023, while Zepbound accounted for $517 million in sales in its first full quarter on the market. At least one analyst firm, GlobalData, sees Mounjaro eventually surpassing current blockbuster drug Ozempic's sales, which came in at about $13.9 billion in 2023, according to manufacturer Novo Nordisk A/S (NYSE:NVO) (Bagsværd, Denmark). Sales of another Novo Nordisk drug specifically geared toward weight loss, Wegovy, came in at roughly $4.5 billion last year. Sales of Lilly's Mounjaro are expected to reach $3 billion this year, and analysts at SVB Securities have projected sales from the drug could reach $26.4 billion by 2030.
Lilly's facility is being constructed in the LEAP (Limitless Exploration Advanced Pace) Research and Development District, a 9,000-acre area in Indiana's Lebanon and Boone counties, about 30 miles from central Indianapolis, which the Indiana Economic Development Corporation is parceling to research and development facilities and corporate campuses. Several components are going into Lilly's project. Construction actually began last year, but Lilly's recent addition of $5.3 billion greatly expands the project's scope, leading to a planned 12-building campus for peptides manufacturing, storage tanks, warehousing facilities, utilities buildings and more. Enel Green Power (Rome, Italy) is underway with a solar array at the site that will provide up to 20 megawatts of green energy. Lilly expects to begin manufacturing products at the facility in 2026, with the scale up continuing through 2028. Subscribers to Industrial Info's Global Market Intelligence (GMI) Project Database can learn more by viewing by the related project reports.
But the Lebanon facility is not the only investment Lilly is making in its home state of Indiana. The company also is investing hundreds of millions of dollars toward the expansion of its campus in Indianapolis, specifically for insulin production. Last year, on the site of a recently demolished building, general contractor FA Wilhelm Construction Company Incorporated (Lafeyette, Indiana) began work on a 247,000-square-foot building addition for fill-finish operations. The company also is underway with the renovation of several existing laboratories at the site. Subscribers can click here to learn more about the building addition.
Lilly also investing in sites in Europe and two sites in North Carolina. In Concord, Noth Carolina, Lilly is focusing on biologics, with the construction of a six-building, 800,000-square-foot campus, including a manufacturing facility, utilities building, warehousing, quality-control lab and office space. General contractor Gilbane Building Company (Providence, Rhode Island) broke ground on the project in 2022 and is expected to wrap it up in 2025. According to local news media, the Concord facility will develop medications for ailments like diabetes, obesity and Alzheimer's disease. Subscribers can learn more by viewing the project report.
In the Research Triangle Park area of North Carolina, Lilly also is targeting type 2 diabetes complications with a fill-finish plant for its Trulicity and Mounjaro drugs. Design-build firm Arco Design/Build (Atlanta, Georgia) has been at work on the project for a number of years, and the plant is expected to begin operating in 2025. Subscribers can click here to learn more about the project.
Subscribers to Industrial Info's GMI Database can click here to view reports for the major projects discussed in this article and click here for the related plant profiles.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).
