Drugmaker Eli Lilly (LLY) reported that its first quarter profit rose 40% from a year earlier due to
strong demand for its diabetes drug and higher sales of its COVID-19 therapies.
The company’s net income rose to $1.90 billion U.S., or $2.10 U.S. per share, in the first quarter
ended March 31, from $1.36 billion U.S., or $1.49 U.S. per share a year ago.
In February, the United States authorized Lilly’s COVID-19 antibody drug, bebtelovimab, for
people aged 12 and older at the risk of severe illness, and signed a deal to purchase up to
600,000 doses.
Revenue from COVID-19 antibody therapies rose to $1.47 billion U.S. in the first quarter, from
$810.1 million U.S. a year earlier. Also, sales of its blockbuster diabetes drug Trulicity rose 20%
to $1.74 billion U.S. in the quarter.
Despite the strong Q1 results, Eli Lilly lowered its full-year profit forecast, saying it now expects
adjusted full-year earnings of between $8.15 U.S. and $8.30 U.S. per share, compared with its
previous forecast of $8.50 U.S. to $8.65 U.S. per share.
Year to date, Eli Lilly’s stock is up 5% at $285.09 a share.