© Reuters. 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
(Reuters) – Drugmaker Eli Lilly (NYSE:) and Co reported a 2% drop in quarterly profit on Tuesday, hurt by lower demand for its COVID-19 therapies due to vaccine rollouts in the United States.
Sales of its antibody treatments came in at $148.9 million in the quarter compared to $810.1 million in the previous quarter.
The company had in April lowered its expectations for sales of its COVID-19 drugs bamlanivimab and etesevimab, as rising vaccinations further dented demand for the drugs whose sales were slowing due to weak uptake by hospitals.
The U.S. health regulator had also revoked the lone use of bamlanivimab for the treatment of COVID-19 in response to variants that could be resistant to the treatment.
Net income fell to $1.39 billion, or $1.53 per share in the quarter ended June 30, from $1.41 billion, or $1.55 per share, a year ago.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Be the first to comment