Eli Lilly (LLY) CEO Dave Ricks says the pharmaceutical company is ready to scale production of its newly approved weight-loss pill, Foundayo, to meet global demand.
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Ricks says that Eli Lilly has prepared to manufacture and scale distribution of its weight-loss pill to meet rising demand and that it is preparing for a truly global market. “Foundayo does allow for scalability, and that will allow us to launch this globally on the first instance,” Ricks said in a media interview.
Eli Lilly recently received approval from the U.S. Food and Drug Administration (FDA) for its highly anticipated weight-loss pill. Ricks said in the media interview that the pharma giant is now preparing for approvals in other jurisdictions around the world.
Worldwide Demand for Foundayo
Ricks added that he expects a big global manufacturing and sales push for Foundayo throughout the rest of this year, following the FDA approval. “This will be marketed around the world. As soon as we have regulatory approvals, we essentially have as much scale as we need to supply the world…” he said.
The CEO added that Eli Lilly expects Foundayo to receive regulatory approval in more than 40 countries this year, making it a truly global medication. The weight-loss pill is expected to be much more appealing to consumers than other obesity medications that are taken via injection.
Is LLY Stock a Buy?
The stock of Eli Lilly has a consensus Strong Buy rating among 19 Wall Street analysts. That rating is based on 16 Buy, two Hold, and one Sell recommendations issued in the last three months. The average LLY price target of $1,247.38 implies 31.53% upside from current levels.
