Eli Lilly and Co. (NYSE: LLY), the Indianapolis-based pharmaceutical giant, has unveiled plans to build a $5 billion manufacturing facility in Goochland County, located just west of Richmond, Virginia. This marks the first of four new pharmaceutical manufacturing plants the company announced earlier this year.
The Virginia facility will be Eli Lilly’s first fully integrated site dedicated to its bioconjugate platform and monoclonal antibody portfolio, which are critical for producing active pharmaceutical ingredients (APIs) used in treatments for cancer and autoimmune diseases. The project is expected to be completed within the next five years.
The development is set to bring significant economic benefits to the region, creating over 650 permanent jobs and 1,800 construction jobs. Eli Lilly estimates that for every dollar invested in the facility, up to $4 in local economic activity will be generated. Goochland County was selected as the site from a pool of hundreds of applicants.
The facility will incorporate cutting-edge technologies, including machine learning, artificial intelligence, and automated systems. To support these advancements, Eli Lilly plans to collaborate with local universities and educational programs to foster innovation and workforce development.
This announcement follows a series of major investments by Eli Lilly in recent years. In 2024, the company revealed plans for a $4.5 billion manufacturing site in Lebanon, Indiana, and a $3 billion expansion of its facility near Milwaukee, Wisconsin. Since 2020, Eli Lilly has committed $50 billion to capital expansion projects.
Despite these ambitious growth plans, Eli Lilly’s stock has faced challenges, closing at $760.13 per share on September 17, 2025, down from $898.10 a year ago—a decline of more than 15 percent.
The Goochland County facility represents a significant step forward for Eli Lilly as it continues to expand its manufacturing capabilities and invest in innovative treatments for critical diseases.
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