Eli Lilly Profit Rises, Helped by Covid-19 Drug Sales
January 29 2021 - 8:59AM
Dow Jones News
By Matt Grossman
Eli Lilly and Co. reported a 41% rise in its quarterly profit on
Friday, boosted by strong sales of its COVID-19 antibody treatment
and higher demand for its diabetes drugs.
The antibody drug, bamlanivimab, brought in world-wide revenue
of $871.2 million, contributing much of the 22% revenue growth the
company recorded for the fourth quarter of 2020.
The company's profit jumped to $2.12 billion, or $2.32 a share,
compared with $1.5 billion, or $1.64 a share, in the same quarter a
year earlier.
Eli Lilly shares rose 4.7% in pre-market trading after closing
Thursday at $210.12. The company's stock has moved higher in the
second half of January as studies have shown promising results for
its products aimed at treating and preventing Covid-19.
Bamlanivimab, which has been approved by the Food and Drug
Administration on an emergency basis for treating mild to moderate
Covid-19 in high-risk patients, complements vaccines while
inoculations increase.
Last week, Eli Lilly posted results from a study showing that
bamlanivimab reduced the risk of staff and residents at nursing
homes getting sick with Covid-19 by about 57% compared with a
placebo. This week, the company cited results from another study
showing that the drug plus another Eli Lilly product, etesevimab,
reduced hospitalizations and deaths by 70% in high-risk patients
recently diagnosed with Covid-19.
The drugmaker said it has already delivered 950,000 doses of
bamlanivimab under an agreement with the U.S. government, and plans
to deliver an additional 500,000 doses by the end of March.
Eli Lilly's revenue excluding bamlanivimab grew 7% in the latest
quarter, led by sales of drugs for diabetes.
Sales of Trulicity, a diabetes drug, climbed 24% year over year
to $1.5 billion. Revenue for Jardiance, which also treats diabetes,
was 17% higher at $313.6 million.
Revenue was $7.44 billion, compared with $6.11 billion in the
fourth quarter of 2019. Analysts had forecast revenue of $7.27
billion. Excluding one-time items, Eli Lilly's adjusted profit was
$2.75 a share. Analysts surveyed by FactSet had forecast an
adjusted profit of $2.37 a share.
(END) Dow Jones Newswires
January 29, 2021 08:44 ET (13:44 GMT)
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