Lilly Begins Construction of $5 Billion Virginia Plant to Produce Cancer Drugs
Key Facts
Eli Lilly held a groundbreaking ceremony on October 22, 2026, for a new $5 billion manufacturing facility in Goochland County, west of Richmond, Virginia. The company said the site would be its first integrated facility to produce both active pharmaceutical ingredients and finished medicines. The facility will allocate capacity to produce bioconjugate materials and large-molecule medicines. The move is part of the company’s expansion of manufacturing in the United States, with the Richmond site one of 10 new U.S. manufacturing sites Lilly has announced since 2020. Of those sites, 5 will produce active pharmaceutical ingredients. The company did not specify in its announcement when production would begin or a schedule for bringing the facility’s buildings online.
The facility will produce antibody-drug conjugates, cancer treatments that combine the precision of antibodies with cytotoxic drugs. Lilly said it is also studying the use of this technology in autoimmune diseases and other conditions. This activity places the site in the field of manufacturing treatments that target cancer cells, alongside production of active ingredients and finished medicines at the same facility. Chief Executive David Ricks said the investment would enable the company to manufacture a new generation of medicines targeting cancer cells in the United States. He added: "This $5 billion investment means we can make them right here in America."
Lilly expects the facility to provide 650 high-paying permanent jobs, in addition to about 1,800 construction jobs during construction and startup. The company announced the same two figures when it unveiled the project in September 2025, saying the facility would manufacture advanced medicines from its portfolio. At the time, it said the Virginia Talent Accelerator program would contribute in part to supporting job creation. Virginia Gov. Abigail Spanberger said the investment represents "a strong vote of confidence in Virginia and its people and our ability to compete for the good industries and jobs that will shape our future." She added that the state would play a lasting role in the company’s growth and innovation.
Alongside the project, Lilly allocated $40 million to support an advanced pharmaceutical manufacturing training network in Virginia. The network includes a hands-on training center in Goochland County, which the company aims to open in 2028. The program links industrial investment with preparing local workers for pharmaceutical manufacturing, while construction of the new facility continues in the same county. The company’s announcement did not specify when the plant would come online or when commercial production would begin. It also did not give a separate opening date for its buildings.
The industrial spending comes as Lilly reported global revenue of $24.4 billion in the third quarter of 2026, up 39% from the same period in 2025. The company attributed revenue growth to a 53% increase in sales volume, partly offset by a 15% decline in realized prices. In its quarterly results, Lilly raised its fiscal 2026 revenue forecast to a range of $91.0–92.0 billion. The midpoint of the forecast increased by $5.5 billion compared with the previous guidance. These figures provide financial context for the manufacturing expansion announcement, while the facility remains a construction project with no operating date announced by the company.
In the latest session listed in the evidence, Lilly shares closed at $1443.5 on November 13, 2026, according to EL7 data. The close came after the October groundbreaking ceremony, but represents a separate price reading from the day of the announcement. The closing data did not include a daily change percentage or link the stock’s movement to the project. As for the announced plans ahead, the company is targeting an opening for the training center in 2028. The official announcement did not give a start date for production at the plant.