Eli Lilly is developing a plan to expand production of the popular drugs Zepbound, Mounjaro

Eli Lilly will spend more than $5 billion to expand a manufacturing site in Indiana and eventually make more doses of its popular weight-loss and diabetes treatments, Zepbound and Mounjaro.

The drugmaker said Friday it was more than doubling its investment in a site near its headquarters in Indianapolis. But it will take some time before the location starts producing.

The company broke ground on its plant in Lebanon, Indiana, last year and expects to start making products there by the end of 2026. Production will then increase until 2028.

Lilly said it would add $5.3 billion to the $3.7 billion it already planned for the site. Company officials said in a statement that this amounts to the largest manufacturing investment in the company's history, dating back to the 19th century.

The site will make tirzepatide, the main ingredient behind both Mounjaro and Zepbound.

Zepbound, the weight-loss treatment, received approval from the American regulator last fall. The two drugs generated combined sales of more than $2 billion in the first quarter of this year.

But Lilly is struggling to create enough supply to meet growing demand, as is its rival, Danish drugmaker Novo Nordisk, which makes the popular weight-loss drug Wegovy.

Company officials have said they expect some production increases to occur in the second half of this year.

Analysts expect Zepbound and Mounjaro to eventually generate more than $30 billion in combined annual revenue for Lilly, according to data firm FactSet.

The shares of Eli Lilly and Co. rose slightly to $809.70 Friday morning, in line with the S&P 500 index.

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