INDIANAPOLIS - Eli Lilly and Company (NYSE:LLY) announced on Monday that Anat Ashkenazi, the firm's Chief Financial Officer (CFO), has resigned to pursue a new opportunity outside the pharmaceutical sector. The company has appointed Gordon Brooks as the interim CFO, effective July 15, 2024.
Ashkenazi, who has been with Eli Lilly for several years, will stay on until the end of July to ensure a smooth transition of her responsibilities. Brooks, 55, is currently the group vice president, controller, and corporate strategy at Eli Lilly. He has a long history with the company, spanning 29 years, during which he has served in various leadership roles including Chief Procurement Officer and CFO for Lilly U.S. Bio-Medicines.
Brooks' appointment comes with no additional arrangements or understandings between him and any other person at Eli Lilly. Furthermore, there are no family relationships between Brooks and any director or executive officer of the company, nor is he involved in any transaction that would require disclosure under SEC regulations.
Eli Lilly has not indicated any immediate plans for a permanent replacement for Ashkenazi.
The information in this article is based on a recent SEC filing by Eli Lilly and Company.
In other recent news, Novo Nordisk (NYSE:NVO)'s obesity medication Wegovy experienced a dip following data analysis that indicated Eli Lilly's Mounjaro results in quicker and significant weight loss. The analysis compared the weight loss effects of tirzepatide, the key component in Lilly's Mounjaro, and semaglutide, the active ingredient in Novo's Wegovy.
Eli Lilly has been active with strategic moves, including acquiring Morphic Holding (NASDAQ:MORF), a developer of a promising drug for inflammatory bowel disease, in a transaction valued at $3.2 billion. This acquisition expands Eli Lilly's portfolio in the treatment of autoimmune diseases. Additionally, Eli Lilly announced a dividend for the third quarter of 2024 amounting to $1.30 per share on its outstanding common stock.
BMO Capital maintained a positive stance on Eli Lilly with an Outperform rating, buoyed by the anticipated approval of donanemab, branded as Kisunla, which is expected to significantly boost revenues for Eli Lilly. Barclays (LON:BARC) also maintained its Overweight rating on Eli Lilly's stock, following the Advisory Committee panel's review of Eli Lilly's Alzheimer's drug, donanemab.
These are the recent developments in the pharmaceutical sector.
InvestingPro Insights
As Eli Lilly and Company (NYSE:LLY) navigates the transition of CFO roles, investors and stakeholders may find reassurance in the company's robust financial health and market performance. According to recent data from InvestingPro, Eli Lilly boasts a significant market capitalization of 843.37 billion USD, underscoring its substantial presence in the pharmaceutical industry. The company's commitment to shareholder returns is evident, as evidenced by the 15.04% dividend growth over the last twelve months as of Q1 2024 and a consistent track record of dividend payments over the past 54 years.
An InvestingPro Tip highlights Eli Lilly's impressive revenue growth, with a 29.76% increase over the last twelve months as of Q1 2024. This growth trajectory is further supported by the company's solid gross profit margin of 80.16% during the same period, indicating efficient operations and strong pricing power. Additionally, Eli Lilly's stock has delivered a remarkable one-year price total return of 107.31%, reflecting investor confidence and the company's strategic initiatives that continue to drive value.
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