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(Reuters) -Eli Lilly and Co raised its full-year profit and revenue forecasts on Tuesday, mainly due to higher sales of its COVID-19 antibody therapies, and the drugmaker said it has initiated a rolling submission for its experimental Alzheimer’s treatment.
Demand for Lilly’s COVID-19 antibody therapies, bamlanivimab and etesevimab, rose during the last three months as the spread of the Delta variant fueled a sharp rise in infections and hospitalizations in areas with low vaccination rates.
The antibody treatments brought in $217 million in the third quarter, up from $149 million in the second quarter.
Excluding one-off items, Eli Lilly earned $1.94 per share, missing analyst estimates of $1.98 per share, on higher research and development expenses including for the COVID-19 drugs.
Eli Lilly, Mike Segar, Lilly
Branchburg , New Jersey, U.S