FILE PHOTO: Eli Lilly logo is shown on one of the company’s offices in San Diego, California, U.S., September 17, 2020. REUTERS/Mike Blake/File Photo
February 3, 2022
(Reuters) – Eli Lilly and Co beat fourth-quarter profit estimates on Thursday, helped by higher sales of its top-selling diabetes drug Trulicity and its COVID-19 antibody therapies.
Lilly’s COVID-19 antibody therapy bamlanivimab has been a key driver for the company’s sales in recent quarters since its initial authorization in November 2020.
Revenue from COVID-19 antibody therapies grew 22% from a year earlier to $1.06 billion.
The U.S. Food and Drug Administration last month revised its emergency use authorizations for COVID-19 antibody treatments from Eli Lilly and Regeneron to limit their use as the drugs were found to be unlikely to work against the Omicron variant.
Trulicity sales jumped 25% to $1.88 billion, helping Lilly record quarterly revenue of $8 billion, beating estimates of $7.73 billion, according to Refinitiv IBES data.
On an adjusted basis, Lilly reported a quarterly profit of $2.49 per share, beating estimates of $2.46 per share.
(Reporting by Leroy Leo and Manojna Maddipatla in Bengaluru; Editing by Shounak Dasgupta)
Source: One America News Network
