Eli Lilly announced quarterly results on Thursday that was above analysts' expectations, thanks to strong demand for its top-selling diabetes medicine Trulicity and increasing sales of its COVID-19 antibody therapy.

According to Refinitiv IBES data, the company's sales from COVID-19 antibody medicines increased by 22% to $1.06 billion, compared to projections of $648 million.

However, the US Food and Drug Administration limited the use of COVID-19 antibody medicines from Eli Lilly and Regeneron Pharmaceuticals last month after the drugs were discovered to be unlikely to operate against the Omicron form.Pharma Giant Eli Lilly Wants to Launch 20 New Drugs by 2023 | Fortune

According to Lilly, the increase in COVID-19 cases resulted in a 59% increase in sales of its rheumatoid arthritis medicine Olumiant, which is also used to treat patients hospitalized due to the coronavirus.

Citi analyst Andrew Baum said that given the strength of Lilly's key franchises and management's outstanding R&D and commercial execution, the brokerage continues to have long-term conviction in the stock.

Trulicity sales increased by 25% to $1.88 billion, bringing the company's quarterly revenue to $8 billion, exceeding analysts' expectations of $7.73 billion.

Lilly announced a quarterly profit of $2.49 per share on an adjusted basis, compared to projections of $2.46 per share.

In addition, the company confirmed its full-year adjusted earnings forecast of $8.50 to $8.65 per share.