Eli Lilly reinforces its structure. The American pharmaceutical company has announced that it will build a new manufacturing center in Germany after an investment of $2.5 billion. The operation responds to the need to expand its manufacturing network for devices and injectable products to cover the increased demand for its medicines, especially its portfolio of solutions against diabetes and obesity.
Specifically, the center will be located in the town of Alzey, and it will manage a forecast of one thousand workers, which will include engineers, operators, and scientists. The company has stated that the construction of the center will also employ almost 2,000 workers. Operation is scheduled to begin in 2024, although the center is not expected to be operational until 2027.
The investment still needs to be accepted by local authorities. Karl Laubterbach, the country’s health minister, has stated that “this operation reinforces the federal government in its efforts to make Germany attractive again as a pharmaceutical location.” In this direction, the leader added that “we will continue to improve the framework conditions for research and production in the sector.”
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The start of Eli Lilly’s operation is scheduled for 2024, although the center is not expected to be operational until 2027
In addition, the pharmaceutical company has added that it will invest $100 million with the aim of boosting its footprint in the German biotechnology ecosystem. The company has broken down in the statement that the “resources will focus on biotechnology and life sciences venture capital funds, expanding incubator and accelerator commitments and strengthening ties with academic partners.
Eli Lilly increased its profits by 85% in the first half of the year, up to $1.76 billion, boosted by its anti-diabetes drugs Mounjaro, Verzenio, Jardiance, and Taltz, in addition to the sale of $579 million from the sale of the rights of Baqsimi. These partial results determined that the company improved its forecasts, to a revenue range of between $33.4 billion and $33.9 billion by the end of the year, compared to the previous $31 billion.
Eli Lilly unites healthcare and research to create medicines that improve the lives of people around the world. Harnessing the power of biotechnology, chemistry, and genetics, its scientists are advancing new findings to solve some of the world’s most important health challenges, redefining diabetes care, treating obesity, and reducing its most devastating effects in the long term.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in PlantaDoce. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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