Eli Lily reported lower-than-expected quarterly profits this week, which were dragged down by slowing demand for its COVID-19 antibody treatments.
All told, the company reported that sales for its antibody treatments totaled $148.9 million this quarter — a far cry from the $810.1 million they pulled in last quarter.
Several factors have put a dent in sales for the company’s two COVID-19 antibody therapies, bamlanivimab, and etesevimab. Earlier in the year, the treatments were deemed ineffective against variants that emerged from Brazil and South Africa. Uptake in hospitals has also been slower than the company had hoped, and now, vaccination rates are reducing the number of COVID-19 patients who could be eligible for the treatments.
Despite the weakening sales for the antibody treatments, Lilly posted some good news, including rising sales for its blockbuster med, Trulicity.
