Drugmaker Eli Lilly profit jumps on robust demand for diabetes drug
2022.04.28 14:31
FILE PHOTO: A sign is pictured outside an Eli Lilly and Company pharmaceutical manufacturing plant at 50 ImClone Drive in Branchburg, New Jersey, March 5, 2021. Picture taken March 5, 2021. REUTERS/Mike Segar/File Photo
(Reuters) -Drugmaker Eli Lilly (NYSE:LLY) and Co said on Thursday profit jumped nearly 40% in the first quarter, helped by strong demand for its top-selling diabetes drug and higher sales of its COVID-19 therapies. In February, the United States authorized Lilly’s COVID-19 antibody drug, bebtelovimab, for people aged 12 and older at the risk of severe illness, and signed a deal for up to 600,000 doses.
Revenue from COVID-19 antibody therapies rose to $1.47 billion in the quarter, from $810.1 million a year earlier.
Sales of its blockbuster diabetes drug Trulicity rose 20% to $1.74 billion.
The company, however, lowered its full-year profit forecast.
It now expects adjusted full-year earnings of between $8.15 and $8.30 per share, compared with its prior forecast of $8.50 to $8.65 per share.
Net income rose to $1.90 billion, or $2.10 per share, in the first quarter ended March 31, from $1.36 billion, or $1.49 per share, a year ago.
