INDIANAPOLIS, Oct. 23, 2017 /PRNewswire/ -- Eli Lilly and Company (NYSE: LLY) today announced plans to invest $72 million in an insulin manufacturing project at one of its Indianapolis facilities. The investment will be used to replace an existing insulin vial filling line and allow Lilly to meet growing demand for its insulins – including Humalog® (insulin lispro) and Humulin® (human insulin) – while upgrading to state-of-the-art technology and preparing for its insulin pipeline.
"This new project is part of $850 million in anticipated U.S. capital investments which Lilly announced in March of this year. It reinforces our ongoing commitment to the U.S. market and in Indianapolis specifically," said David A. Ricks, Lilly's chairman and chief executive officer. "Our company is poised for continued growth, and diabetes represents one of our key therapeutic areas. Investments such as this are vital to ensuring we continue meeting the needs of people who use our medicines."
Insulin is a core element of Lilly's diabetes business, and its U.S. manufacturing operations are an integral part of insulin supply. Lilly has a nine-decade legacy of researching and producing insulin, and the Indianapolis manufacturing facility plays a significant role in the process. Replacing the existing line will allow for the installation of a new insulin vial filling line that aligns with modern design expectations and utilizes state-of-the-art technology.
"As technology and science continually advance, it is important that our manufacturing facilities are recapitalized and modernized regularly to ensure we can continue to provide a reliable supply of safe and high-quality medicines to people around the world," said Maria Crowe, president of Lilly Global Manufacturing Operations.
Lilly has invested more than $1.2 billion since 2012 to boost its U.S. diabetes product manufacturing operations. More broadly, the company has invested $5 billion in its U.S. facilities over the last decade. Continued U.S. investment can be expected, particularly if favorable tax reform measures are enacted.
"The current U.S. tax reform proposal, developed by the White House and congressional Republicans, would cut the corporate tax rate to 20 percent, put in place a territorial system, and maintain tax credits for research and development. If enacted, these proposed reforms would go a long way toward leveling the playing field for American workers and businesses competing against their foreign peers," said Ricks.
About Eli Lilly and Company
Lilly is a global healthcare leader that unites caring with discovery to make life better for people around the world. We were founded more than a century ago by a man committed to creating high-quality medicines that meet real needs, and today we remain true to that mission in all our work. Across the globe, Lilly employees work to discover and bring life-changing medicines to those who need them, improve the understanding and management of disease, and give back to communities through philanthropy and volunteerism. To learn more about Lilly, please visit us at www.lilly.com and www.lilly.com/newsroom/social-channels. C-LLY
This press release contains forward-looking statements (as that term is defined in the Private Securities Litigation Reform Act of 1995) about the benefits of planned capital projects, Lilly's expectation of future growth, and potential future investments, and reflects Lilly's current beliefs. However, as with any such undertaking, there are substantial risks and uncertainties in the process of capital project implementation and completion. Among other things, there can be no guarantee that the projects will be completed on the anticipated timeline or at all or that Lilly will realize the expected benefits of the projects. The company also cannot guarantee that it will make capital investments as anticipated or realize anticipated growth. For further discussion of these and other risks and uncertainties, see Lilly's most recent Form 10-K and Form 10-Q filings with the United States Securities and Exchange Commission. Except as required by law, Lilly undertakes no duty to update forward-looking statements to reflect events after the date of this release.
SOURCE Eli Lilly and Company