Company: Eli Lilly and Company
Title: Executive Vice President & Chief Financial Officer
Industry: Pharmaceuticals
Hometown:Â Indianapolis, Indiana
Notable in 2023: Helped to manage a big revenue boost, investment in new manufacturing, jobs, and plan to lower insulin prices.
Anat Ashkenazi was key to helping Eli Lilly and Company reach new heights in 2023.
As the company's CFO, she managed the windfall of revenue from its weight loss and diabetes drugs. The treatments exploded in popularity over the last year for their ability to help patients shed significant pounds over time. Sales from the diabetes drug Mounjaro, which exceeded $5 billion in its first full year on the market, and the fast launch of the newly approved weight loss injection Zepbound, helped catapult Eli Lilly's revenue to more than $34 billion in 2023, up 20% from the previous year.
That success, along with the potential of highly-anticipated drugs such as the Alzheimer's treatment donanemab, helped Eli Lilly claim the crown as the most valuable publicly traded drug company in the world.
I measure success by asking myself the following questions: 'In 20 years when I look back at my personal and professional life, would I be proud of what I have accomplished and the path I took? Did I have an overall positive impact on those around me?' If I answer no, then I try to change course.Anat AshkenaziExecutive Vice President & Chief Financial Officer, Eli Lilly and Company
Ashkenazi, who stepped in as CFO in 2021 after roughly two decades at Eli Lilly, also helped the company navigate multiple hurdles.
Demand for the pharmaceutical giant's weight loss and diabetes drugs is outstripping supply, leaving many patients struggling to find the treatments. Ashkenazi said on an earnings call in February that Eli Lilly had doubled production capacity for incretin drugs by the end of 2023, with one of Eli Lilly's new facilities in North Carolina adding to production. The company also said it would spend $2.5 billion to open a manufacturing site for injectable products in Germany, and invest an additional $1.6 billion to build two new production facilities in its home state of Indiana.
"Our manufacturing organization continues to execute well on the most ambitious expansion agenda in our company's long history," Ashkenazi said during the call.
Amid criticism of high prices for drugs including the new obesity medications, Lilly also announced sharp price reductions of 70% for its most commonly prescribed insulins last year and an expansion of a program that caps patient out-of-pocket costs for insulin at $35 or less per month.
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