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US buys more doses of Lilly's COVID-19 treatment for US$1.29 billion

US buys more doses of Lilly's COVID-19 treatment for US$1.29 billion

FILE PHOTO: An Eli Lilly and Company pharmaceutical manufacturing plant is pictured at 50 ImClone Drive in Branchburg, New Jersey, March 5, 2021. REUTERS/Mike Segar/File Photo

Eli Lilly said on Tuesday (Nov 2) that the US government bought 614,000 additional doses of its COVID-19 antibody therapy for US$1.29 billion.

The US Food and Drug Administration in September revised its emergency use authorisation for the company's cocktail, bamlanivimab and etesevimab, to include for use in patients who have been exposed to the virus and are at high risk for progression to severe disease.

Under the deal, Lilly will supply a minimum of 400,000 doses of its treatment by Dec 31 and the rest by Jan 31.

The new purchase is estimated to add US$840 million to the company's 2021 revenue forecast and about 25 cents of additional earnings per share, Lilly said.

The US government had bought 388,000 additional doses of Lilly's antibody therapy in September, when infections surged due to the fast-spreading Delta variant. 

The treatment is also authorised for use in people 12 years and above with mild-to-moderate infection and at high risk for progression to severe COVID-19.

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Source: Reuters/vc

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