Lilly has announced that Mike Mason, executive vice president and president of Lilly Diabetes and Obesity, will retire at the end of the year after 34 years with the company. The segment has been a key growth driver for the company and Lilly’s tirzepatide in particular has significant revenue growth potential.
Lilly’s foray into the weight loss market, alongside advances in Alzheimer’s and obesity treatments, has launched its stock to new heights. Analysts forecast a revenue increase of $900 million for 2023. The diabetes/obesity drug Mounjaro, which raked in $1 billion in sales in Q2 2023 alone, was a factor in the jump. Investors are also optimistic about Lilly’s Alzheimer’s treatment donanemab, which could win FDA approval by the year’s end. To date in 2023, the company’s stock is up close to 53%, trading most recently around $558 per share.
The company has tapped Patrik Jonsson to assume leadership of Lilly Diabetes and Obesity as executive vice president and president, effective January 1, 2024. Jonsson has had various leadership stints at Lilly, including within Lilly USA, Lilly Immunology, Lilly Bio-Medicines, and regional roles in Sweden, Scandinavia, Italy, and Japan.
In addition, Lilly will make Daniel Skovronsky, currently its chief scientific officer and president of Lilly Research Laboratories, the president of its Lilly Immunology segment. In the new role, Skovronsky will be responsible for products and medicines in dermatology, gastroenterology, and rheumatology.
The company also announced other transitions. Leigh Ann Pusey, executive vice president of corporate affairs and communications, will depart Lilly at the end of 2023. The company did not announce a replacement, but noted that responsibilities would be distributed among the executive committee members.
Other transitions include David Hyman, who became Lilly’s chief medical officer. In addition, Jennifer Oleksiw has been promoted to group vice president, global chief customer officer, and Mark Genovese joined Lilly to serve as senior vice president, immunology development.
In a press release, David A. Ricks, Lilly’s Chair and CEO, expressed confidence in the company’s future and acknowledged the contributions of Mason and Pusey.
Earlier this week, Lilly also announced that it has entered into a definitive agreement to acquire POINT, a radiopharmaceutical company that specializes in developing radioligand therapies for treating cancer.