Lilly aims to be the Apple of pharma as drug success transforms image

When Dave Ricks became CEO of Eli Lilly in 2017, the company faced public scorn over high drug prices. Patients struggled to afford insulin, and then-President Donald Trump targeted the pharmaceutical industry. Ricks recalled the criticism, saying, "I couldn't just sit there and take it. It was a significant problem."

Nearly a decade later, Lilly's fortunes have dramatically shifted. Its diabetes drug Mounjaro and obesity treatment Zepbound have not only boosted the company's value but also reshaped its public perception. Lilly is now the world's most valuable healthcare company, joining the exclusive trillion-dollar market capitalization club alongside tech giants.

Ricks himself has become a figure of influence in Washington, contributing to the Trump administration's decision to expand Medicare coverage for obesity medications. The correspondence he receives has also changed, now filled with success stories and before-and-after photos from patients who have lost weight.

Millions worldwide now use Lilly's GLP-1 drugs, like Mounjaro and Zepbound, and those from rival Novo Nordisk. These appetite-suppressing medications have revolutionized obesity treatment and show promise for other health issues, including heart disease and addiction. The key question remains whether Lilly can avoid the boom-and-bust cycle common in the pharmaceutical industry as patents expire and cheaper generics emerge.

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I couldn't just sit there and take it. It was a significant problem.