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The company’s revenue from COVID-19 antibody therapies rose 22% to $1.06 billion, compared with estimates of $648 million, according to Refinitiv IBES data.
However, the U.S. Food and Drug Administration last month revised its emergency use authorizations for COVID-19 antibody treatments from Eli Lilly (NYSE:LLY) and Regeneron Pharmaceuticals Inc (NASDAQ:REGN) to limit their use as the drugs were found to be unlikely to work against the Omicron variant.
The surge in COVID-19 cases also led to a 59% jump in sales of its rheumatoid arthritis drug Olumiant, which is also used to treat patients hospitalized due to the coronavirus, Lilly said.
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.
Trulicity sales jumped 25% to $1.88 billion, helping the company post quarterly revenue of $8 billion, beating estimates of $7.73 billion.
On an adjusted basis, Lilly reported a quarterly profit of $2.49 per share, compared with estimates of $2.46 per share.
The company also reaffirmed its full-year adjusted earnings outlook between $8.50 and $8.65 per share.
