Pete the Planner talks impact of Lilly’s success on Indiana
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowIndianapolis-based Eli Lilly and Co. is seeing rising momentum and growing quarterly success.
Lilly’s 2024 Q2 profits rose by 36%, driven by diabetes drug Mounjaro, weight loss drug Zepbound and cancer treatment Verzenio. The company’s full-year revenue outlook has grown by $3 billion.
Peter Dunn, CEO of Indianapolis-based Your Money Line, says Lilly employees who got a stock award five years ago have seen that increase by 900%. There are currently around 11,000 people working for the company in Indiana.
“I’ll tell you, the state will never have an impact like this for decades to come, based on the strength of Lilly,” Dunn said. “Lilly employees are not only reaping the benefits of Lilly’s success that they’re contributing to, but they’re spending that money back in our economy.”
And the pharmaceutical giant continues to grow. Earlier this year, Lilly announced it is investing an additional $5.3 billion in its new manufacturing complex at the LEAP Innovation and Research District in Lebanon, bringing the total investment to $9 billion.
This month, the Lilly Endowment approved more than $300 million in grants for 13 Indiana colleges.
“It’s great that they’re investing locally, that they’re spreading the love … [in] 2023 the Lilly Endowment was $62 billion of assets and that will continue to get spent and invested here in Indiana,” Dunn said.
Lilly also reported more good news on the drug development front. The Washington Post reported Tuesday that results of a three-year study found patients taking Zepbound were 94% less likely to develop diabetes.
Shares of Lilly stock rose just over 3% to $949.97 per share at close of trading Tuesday.