• Eli Lilly And Co (NYSE: LLY) CEO David Ricks said he welcomes new competition from Walmart Inc (NYSE: WMT) even as the retailer undercuts the company's insulin prices.

  • Walmart announced Tuesday is launching its first-ever private label insulin analog, available exclusively at its stores.

  • "Any efforts to smash through that and deliver better value to patients, I'm for," Ricks said in an interview on CNBC's "Squawk on the Street."

  • Ricks said the company's leaders "welcome anyone who wants to lower the price of insulin" — including the big-box retailer.

  • "We always look at new solutions ourselves, and this is an interesting development, and we'll look at further options," he said.

  • Ricks said Eli Lilly continues to seek ways to reduce costs for people with diabetes.

  • He pointed to two related efforts: The launch of a half-price, generic version of insulin, called insulin lispro, in early 2019 and the cap on out-of-pocket cost for insulin to $35 per month.

  • Eli Lilly's generic version costs nearly twice the price of Walmart's at $137.35 per vial.

  • Price Action: LLY shares are up 0.24% at $228.78 during the market session on the last check Tuesday.

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