Eli Lilly results beat on diabetes drug, COVID antibody therapies -Breaking
(Reuters) –Eli Lilly and Co announced its quarterly results Thursday. These numbers were higher than analysts’ expectations due to stronger demand for Trulicity, its best-selling diabetes medication. They also reported more sales of COVID-19 anti-bodies.
According to Refinitiv data, the company’s COVID-19-antibody therapies revenue grew 22% to $1.06 Billion, as compared to $648 Million estimates.
The U.S. Food and Drug Administration (NASDAQ:) last month changed its emergency authorizations for COVID-19 antibodies treatments from Eli Lilly and Regeneron Pharmas Inc (NASDAQ;) in order to restrict their use, as these drugs are unlikely to fight the Omicron variant.
Lilly stated that the increase in COVID-19-related cases led to an additional 59% rise in Olumiant sales. Olumiant is used for rheumatoid arthritis and also helps patients with coronavirus.
Given the strength of Lilly’s core franchises and management’s strong R&D and commercial execution, the brokerage continues to have conviction on the name over the long term, Citi analyst Andrew Baum said.
Sales of Trulicity rose 25% to $1.88 Billion, which helped the company record quarterly revenues of $8 Billion, surpassing estimates of $7.73B.
Lilly’s quarterly profit was $2.49 per share on an adjusted basis, which is lower than the $2.46 estimate.
Company also reiterated its adjusted earnings outlook for full year between $8.50 to $8.65 per share
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