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Lilly overtakes rival, becomes world’s most valuable pharma company

The Indianapolis headquarters of Eli Lilly and Company. Billionaire investor and Home Depot founder Ken Langone thinks Eli Lilly will be the first trillion-dollar drug company in history. (Photo Provided/Eli Lilly and Co.)

INDIANAPOLIS (WISH) — In what has demonstrated to be a successful year for Indianapolis-based Lilly, the latest accolade is the drugmaker becoming the world’s most valued pharma company.

Lilly’s market capitalization grew to $414.3 billion on Wednesday, overtaking New Jersey based Johnson & Johnson.

Lilly’s sales have increased due to the success of its diabetes drug Mounjaro, and the promise of its new Alzheimer’s drug, which the company plans to roll out later this year.

Lilly is the 12th largest drugmaker in the world, with sales of nearly $30 billion.