Eli Lilly (NYSE:LLY) plans to invest $72 million in its Indianapolis-based insulin manufacturing facility, the company said today.
The funds will be used to replace an existing insulin vial filling line, according to Lilly. The company said it plans to spend more money in the U.S., as long as the Trump administration moves forward with “favorable” tax reform measures.
“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,” chairman & CEO David Ricks said in prepared remarks. “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.”
“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,” Maria Crowe, president of Lilly’s global manufacturing operations, added.
“The current U.S. tax reform proposal, developed by the White House and congressional Republicans, would cut the corporate tax rate to 20%, 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,” Ricks said.
Earlier this month, the company’s pre-filled, disposable half-unit insulin pen, the Humalog Junior KwikPen, launched in the U.S.
