Higher sales of its top-selling diabetes medicine Trulicity and its COVID-19 antibody therapeutics helped Eli Lilly and Co beat fourth-quarter earnings projections on Thursday.
Since its initial approval in November 2020, Lilly's COVID-19 antibody treatment bamlanivimab has been a key driver of the company's sales in recent quarters.
COVID-19 antibody medicines generated $1.06 billion in revenue, up 22% from the previous year.
The FDA changed its emergency use authorizations for COVID-19 antibody therapies from Eli Lilly and Regeneron last month to limit their use because the medications were determined to be unlikely to function against the Omicron version.
According to Refinitiv IBES statistics, Trulicity sales increased by 25% to $1.88 billion, helping Lilly achieve quarterly revenue of $8 billion, exceeding predictions of $7.73 billion.
Lilly posted a quarterly profit of $2.49 per share, exceeding analyst expectations of $2.46 per share.