Three months after announcing that EVP and CFO Anat Ashkenazi would be leaving for another opportunity, Eli Lilly and Company has named a replacement.
The pharma giant promoted Lucas Montarce to lead its financial operations and added him to the company’s executive committee on Monday morning.
Montarce has been with Lilly since 2001, having most recently served as Lilly president and general manager for the Spain, Portugal and Greece hub.
Additionally, Montarce’s previous roles at the company include group VP, corporate controller and CFO of Lilly Research Laboratories, VP of finance and CFO of Lilly International as well as VP of finance and global CFO of Elanco Health.
“We are excited to announce Lucas as Lilly’s next CFO, following a competitive search across health care, tech and general industries,” Lilly CEO David A. Ricks said in a statement. “Developing leadership talent has always been a strength for Lilly, and Lucas has thrived in a wide variety of roles of increasing scope and impact. Having worked directly with Lucas for more than a decade, I am highly confident he has the drive, curiosity and integrity to excel as our next CFO.”
He succeeds Ashkenazi, who left the drugmaker in late July to serve as CFO and SVP of Google and Alphabet.
Ashkenazi was another Lilly veteran, having climbed the ranks over two decades to lead its financial operations.
During this time, the company’s bottom line boomed, supported by the widespread popularity of its GLP-1 drugs.
According to its latest earnings report published in August, Lilly recorded a 36% increase in revenue to $11.3 billion, thanks largely to the continued demand for GLP-1 drugs Mounjaro and Zepbound as well as Verzenio.
Mounjaro brought in more than $3 billion in revenue, up from $979 million one year ago, while Zepbound generated $1.2 billion.
Additionally, Lilly’s reported earnings per share (EPS) jumped 68% to $3.28, while its non-GAAP EPS skyrocketed 86% to $3.92. Both EPS numbers were inclusive of $0.14 of acquired IPR&D charges.
The drugmaker’s reported net income totaled $2.9 billion, while its non-GAAP net income reached $3.5 billion. Subsequently, Lilly raised its full-year revenue guidance by $3 billion.
Over the course of this strong financial performance by the company, Ashkenazi has also been well-compensated, earning $7.5 million in 2023, per the drugmaker’s financial filings.
Montarce added in a statement that he is aiming to continue this string of success and expand Lilly’s global footprint.
“I am honored to step into this role during such a significant time in our company’s history and look forward to working alongside the executive team and my talented Lilly finance colleagues,” he stated.
