Drugmaker Eli Lilly profit slips on weak demand for COVID-19 therapies

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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.