Eli Lilly and Co. (LLY) has appointed Lucas Montarce as its new executive vice president and chief financial officer, effective immediately. Montarce, a seasoned veteran of Lilly, joined the company in 2001 and has held a series of prominent finance leadership positions. He has served as group vice president, corporate controller, and CFO of Lilly Research Laboratories, vice president, finance and CFO of Lilly International, and vice president, finance, and global CFO of Elanco Health. Most recently, Montarce was Lilly’s president and general manager for the Spain, Portugal, and Greece hub. He holds a bachelor’s degree in business accounting from Catholic University (Argentina) and a master’s degree in business administration from the Center for Macroeconomic Studies of Argentina.
David Ricks, chair and CEO of Eli Lilly, stated, “We are excited to announce Lucas as Lilly’s next CFO, following a competitive search across health care, tech, and general industries.” Montarce expressed his own enthusiasm, saying, “I am honored to step into this role during such a significant time in our company’s history.” He pledged to build on Lilly’s strong financial foundation and drive continued success.
Montarce’s appointment comes at a pivotal time for Eli Lilly, a company experiencing both tremendous growth and significant challenges. The company has become a major player in the weight loss market with its GLP-1 drugs, drawing comparisons to NVIDIA Corp (NVDA) in terms of market leadership and growth potential. However, Lilly faces potential setbacks with its Alzheimer’s drug, donanemab, as the U.K.’s National Health Service (NHS) is considering rejecting it due to cost and safety concerns. This follows a similar decision on Biogen Inc’s (BIIB) Leqembi, adding pressure on Lilly to navigate regulatory challenges effectively.
Montarce’s arrival also follows the resignation of former CFO Anat Ashkenazi, who left to pursue other opportunities. Gordon Brooks has been serving as interim CFO since July 15.
Adding to the complexity of Lilly’s current landscape, the company is ramping up efforts to combat imitation versions of its popular appetite-suppressing drugs, Mounjaro and Zepbound. This move is part of a broader strategy to maintain its market position amid ongoing Food and Drug Administration (FDA) debates about drug shortages.
Eli Lilly and Co. closed at $908.27 on Monday, gaining 0.62% for the day. In after-hours trading, the stock dipped 0.027%. Year to date, Eli Lilly’s stock has surged 53.37%.
Montarce’s experience and leadership will be crucial as Eli Lilly navigates this complex landscape. His ability to manage both growth and challenges will be key to the company’s continued success.
