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Eli Lilly profit rises 41.5per cent as COVID-19 drug lifts sales

Eli Lilly profit rises 41.5per cent as COVID-19 drug lifts sales

Eli Lilly logo is shown on one of the company's offices in San Diego, California, U.S., September 17, 2020. REUTERS/Mike Blake

REUTERS -Eli Lilly and Co posted a 41.5per cent rise in quarterly profit on Friday, helped by demand for its diabetes and cancer drugs, and as it benefited from the U.S. government's move to stock up on the drugmaker's COVID-19 antibody drug for emergency use.

The company's COVID-19 therapy belongs to a class of drugs known as monoclonal antibodies and has been authorized for use in the United States in patients who are at risk of serious illness from the infection.

The company reported worldwide revenue of US$871.2 million in the fourth quarter from the therapy, bamlanivimab.

Net earnings rose to US$2.12 billion, or US$2.32 per share, in the fourth quarter ended Dec. 31 from US$1.50 billion, or US$1.64 per share, a year earlier.

Overall sales rose 21.7per cent to US$ 7.44 billion.

(Reporting by Manas Mishra in Bengaluru; Editing by Anil D'Silva)

Source: Reuters

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