Eli Lilly and Company (LLY) is a pharmaceutical company based in the United States. It is primarily engaged in the discovery, development, manufacture, and sale of pharmaceutical products.
Key products:
- Verzenio: Used for cancer treatment.
- Humalog: An insulin product for diabetes management.
- Taltz and Olumiant: Used in immunology.
History:
- Eli Lilly and Company (LLY) is a global pharmaceutical company headquartered in Indianapolis, Indiana. It was founded on May 10, 1876, by Colonel Eli Lilly, a pharmaceutical chemist and a veteran of the American Civil War. Colonel Lilly established the company out of frustration with the ineffective medications of the time. His vision was to create a pharmaceutical company that would provide high-quality, effective medications backed by science.
Early Days (1870–1900):
- On May 10, 1876, Colonel Lilly opened his own laboratory in Indianapolis, where he began manufacturing medicinal drugs.
- The sign outside his shop’s door read: “Eli Lilly, Chemist.”
- Lilly started his manufacturing venture with three employees, including his son, Josiah (J. K.).
- One of the first medicines produced by Lilly was quinine, used to treat malaria.
- By the end of 1876, sales reached $4,470, and by 1879, the company had grown to $48,000.
Notable Achievements:
- Lilly was the first company to mass-produce the polio vaccine developed by Jonas Salk.
- It pioneered the production of human recombinant DNA, including insulin products like Humulin and Humalog.
- In 2009, Lilly faced legal consequences for illegally marketing Zyprexa, resulting in a significant penalty.
Current Status:
- Lilly is known for drugs like Prozac, Cymbalta, Humalog, and Trulicity.
- It ranks among the largest public companies globally and is committed to research and development in the pharmaceutical industry.
- Colonel Eli Lilly’s legacy continues to shape the pharmaceutical landscape, emphasizing innovation, quality, and patient well-being.
Achievements in 2023:
Financial Growth:
- In the third quarter of 2023, Lilly reported a 37% increase in revenue, driven by growth from products like Mounjaro, Verzenio, and Jardiance. Excluding revenue from the olanzapine portfolio and COVID-19 antibodies, revenue increased by 24%.
- The company’s earnings per share (EPS) were impacted by the sale of rights for the olanzapine portfolio and acquired IPR&D charges.
- Lilly’s 2023 reported EPS guidance was adjusted to the range of $6.50 to $6.70.
Business Development and Pipeline Expansion:
- Lilly executed multiple acquisitions, including DICE Therapeutics, Inc., Versanis Bio, Inc., Emergence Therapeutics AG, and Sigilon Therapeutics, Inc.. Additionally, an agreement was announced to acquire POINT Biopharma Global Inc.
- The company continues to focus on delivering new, innovative medicines to improve patients’ lives globally.
Regulatory Approvals and Clinical Results:
- Omvoh™ (mirikizumab) received FDA approval for the treatment of adults with moderately to severely active ulcerative colitis.
- Jardiance was approved by the FDA for the treatment of adults with chronic kidney disease.
- Positive results were obtained from the mirikizumab Phase 3 VIVID-1 study for the treatment of adults with moderately to severely active Crohn’s disease.
- Retevmo demonstrated superior progression-free survival in RET-mutant medullary thyroid cancer.
Product Launches:
- Lilly launched Mounjaro, Jaypirca, and Omvoh as part of its New Products category.
- Verzenio and Jardiance contributed to growth in the Growth Products category.
- Lilly’s commitment to innovation and patient well-being remains unwavering as it continues to shape the pharmaceutical landscape.