Sept 12 (Askume) – Eli Lilly and Co (LLY.N) is investing $1.8 billion in two manufacturing sites in Ireland to expand production of its popular obesity drug and new products, the company revealed on Thursday, including production of an approved Alzheimer’s treatment.
The investment is part of Eli Lilly’s focus on ramping up production of its best-selling diabetes and obesity drugs Monjaro and Zepbound .
The company has invested more than $20 billion since 2020 to build and expand production facilities in the United States and Europe.
The company said it invested about $800 million in a new plant in Kinsale, Ireland, which began producing Eli Lilly’s obesity and diabetes drugs last year.Demand for Zepbound has exceeded supply for most of this year.
The remaining investment will be used to expand the drugmaker’s plant in Limerick, Ireland, which will focus on producing active biological ingredients for certain drugs, including Alzheimer’s treatments.
Eli Lilly’s Alzheimer’s drug was approved in the United States in July and is now being reviewed by health regulators in Europe and the United Kingdom.
Danish rival Novo Nordisk (NOVOb.CO) has also invested billions in production to increase supplies of its popular weight-loss drug Wegovy, including the acquisition of three plants from contract manufacturer Catalent.
Since launching Zepbound in December, Eli Lilly has rapidly gained 40% market share in the United States . Analysts believe that as Eli Lilly increases its production capacity, Eli Lilly and Novo Nordisk could share about 50-50 market share by the end of this year.
Some analysts estimate that the market for new weight-loss drugs could reach $150 billion annually by the early 2030s.
