U.S. pharmaceutical giant Eli Lilly (LLY) is investing a little more than $1.2 billion to upgrade its existing manufacturing plant in Puerto Rico.
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The site in Puerto Rico is called the “Lilly del Caribe,” and the upgrades will help to boost production of Eli Lilly’s oral medications. The pharma company expects construction on the expanded manufacturing facility to start in 2026.
If all goes according to plan, oral medication production will start by the end of 2028 at the Puerto Rico site. The drug maker said the expansion is expected to create up to 1,000 construction jobs and 100 manufacturing positions once completed.
Heavy Investments
Eli Lilly also said that the expanded manufacturing site will make Orforglipron, the company’s weight-loss pill that is widely expected to receive regulatory approval next year and become available worldwide. The expanded Puerto Rico facility is one of several investments Eli Lilly is making.
In anticipation of its weight-loss pill receiving approval from the U.S. Food and Drug Administration (FDA), Eli Lilly is investing $6.5 billion in a new manufacturing facility to be located in Houston, Texas. The site in Texas is one of several that will produce the weight-loss pill Orforglipron.
Is LLY Stock a Buy?
The stock of Eli Lilly has a consensus Strong Buy rating among 22 Wall Street analysts. That rating is based on 18 Buy and four Hold recommendations issued in the last three months. The average LLY price target of $909.44 implies 10.11% upside from current levels.
