INDIANAPOLIS - Eli Lilly and Company (NYSE:LLY), a global pharmaceutical firm, announced today the appointment of Lucas Montarce as the new Executive Vice President and Chief Financial Officer (CFO). Montarce also joins the company's Executive Committee, taking on the role with immediate effect.
Montarce, a long-time employee since 2001, has progressed through various finance leadership positions within the company. His previous roles include group vice president, corporate controller, and CFO of Lilly Research Laboratories; vice president and CFO of Lilly International; and vice president and global CFO of Elanco Health. Before his latest appointment, he served as Lilly's president and general manager for the Spain, Portugal, and Greece hub.
David A. Ricks, chair and CEO of Eli Lilly, expressed confidence in Montarce's capabilities, citing his extensive experience and positive track record within the company. "Lucas has thrived in a wide variety of roles of increasing scope and impact," Ricks stated, emphasizing the company's tradition of cultivating leadership talent.
In response to his appointment, Montarce shared his commitment to the company's financial stability and growth, emphasizing the significance of his new role during a pivotal period for Eli Lilly. He looks forward to contributing to the company's expansion and stakeholder value.
Eli Lilly, with a history spanning nearly 150 years, continues to focus on transforming scientific discoveries into therapeutic solutions across a range of health challenges. The company's current endeavors include diabetes care, obesity treatment, Alzheimer's disease, immune system disorders, and cancer therapies. Eli Lilly emphasizes the importance of diversity in clinical trials and the accessibility and affordability of its medicines.
This appointment is part of Eli Lilly's ongoing strategic planning, with the company aiming to maintain its trajectory as a leader in the pharmaceutical industry. As per the press release, the information provided is based on Eli Lilly's statements and does not guarantee future performance or the successful execution of the company's strategies.
In other recent news, Eli Lilly has made several significant strides in its operations. The pharmaceutical company announced successful Phase III trial results for its once-weekly insulin efsitora, a potential strong competitor to Novo Nordisk (NYSE:NVO)'s icodec. The trials showed that efsitora's A1C reduction is non-inferior to daily basal insulins used in treating adults with type 2 diabetes. TD Cowen has maintained a Buy rating on Eli Lilly's shares, reflecting confidence in the company's continued growth and its ability to capitalize on its pipeline developments.
Eli Lilly has also entered into a collaboration with EVA Pharma to increase the availability of baricitinib, an immunological treatment, in 49 African countries. The company completed the acquisition of Morphic Holding (NASDAQ:MORF), Inc., adding a therapy for inflammatory bowel disease to its portfolio. BMO Capital and Morgan Stanley (NYSE:MS) have maintained their Outperform and Overweight ratings for Eli Lilly, respectively, while Evercore ISI has maintained an In Line rating.
The company has made its obesity treatment drug, Zepound, more accessible by introducing 2.5mg and 5mg single-dose vials through its self-pay channels, Lilly Direct. Lastly, the Biden administration has selected Jardiance by Eli Lilly for price negotiations with the Medicare health program, a move that could save the U.S. government $6 billion in the first year from newly negotiated lower prices. These developments highlight Eli Lilly's ongoing efforts to enhance its product offerings and market reach.
InvestingPro Insights
As Eli Lilly and Company (NYSE:LLY) welcomes Lucas Montarce as the new Executive Vice President and CFO, the company's financial outlook remains a key focus for investors. Eli Lilly's commitment to growth and stability is reflected in its financial metrics, which show a robust performance in the last twelve months leading up to Q2 2024. The company boasts a significant market capitalization of $812.82 billion, underscoring its substantial presence in the pharmaceutical industry.
InvestingPro data reveals that Eli Lilly has achieved a considerable revenue growth of 31.87% in the last twelve months, indicating a strong upward trajectory in its financial performance. Additionally, the company has maintained a high gross profit margin of 80.75%, demonstrating its efficiency in managing production costs and maximizing profitability.
An InvestingPro Tip highlights that Eli Lilly has raised its dividend for 9 consecutive years, showcasing its ability to generate and return value to shareholders consistently. Furthermore, the company's dividend yield stands at 0.58%, with a noteworthy dividend growth of 15.04% in the last twelve months, reflecting Eli Lilly's commitment to sharing its success with its investors.
Investors looking to delve deeper into Eli Lilly's financial health can find additional InvestingPro Tips, such as the company's expected net income growth this year and the revision of earnings upwards by 18 analysts for the upcoming period. For more insights and tips, interested parties can explore the full range of 19 additional InvestingPro Tips available at https://www.investing.com/pro/LLY.
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