Skyrocketing Mounjaro sales significantly boost Lilly's UK revenue by nearly double
In a significant development for the UK pharmaceutical industry, Eli Lilly, a leading global pharmaceutical company, has reported a remarkable 90% increase in sales for the year 2024, reaching a turnover of £889m. This growth can be attributed to several factors, including a surge in third-party sales and the success of their flagship weight loss jab, Mounjaro.
The rise in third-party sales contributed to a 150% increase in sales for Eli Lilly's division. Mounjaro, the UK's most popular weight loss jab, has been prescribed to an estimated 90% of the country's patients. Moreover, Eli Lilly's Ozempic sales have risen five-fold in August this year, primarily due to a 126% increase in the price of the Mounjaro drug. This price hike is expected to lead to around 625,000 patients switching to Wegovy (Ozempic).
The company's growth is not limited to sales alone. Growth in research and development and regional services to other group companies also contributed to a 5% increase in sales. David Ricks, CEO of Eli Lilly, has been instrumental in driving this growth. He took over the role in 2016 and has been a key figure in navigating the company's strategic decisions.
However, the UK pharmaceutical industry is facing challenges, with multiple companies pausing or scrapping expansion plans. Last week, British drug giant Astrazeneca paused a planned £200m expansion of its research site in Cambridge, dealing another blow to the industry. US pharmaceutical giant Merck also recently scrapped its planned £1bn UK expansion, deciding to no longer occupy its research site in London King's Cross.
Despite these industry-wide challenges, Eli Lilly's core commercial operations in the UK remain strong. The company announced a deal with the UK Government in October 2024, pledging to invest £279m into the country. This investment is expected to bring the total Eli Lilly investment into the UK up to £435m.
In light of the UK's independent trading position, David Ricks warned that prioritizing "flexibility, agility, and business responsiveness" is crucial to continue attracting investment. He emphasized that the UK, since leaving the European Union, had become a relatively small market and must develop a different investment proposition to attract multinational corporations.
The UK, due to its relatively small market for multinationals, needs a unique investment proposition to attract more companies. Eli Lilly's recent investments and sales growth demonstrate that such a proposition is possible and can lead to significant economic benefits for the UK.
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