Slipping COVID-19 treatment demand hits Eli Lilly forecast | Nation & World Business

INDIANAPOLIS (AP) — Eli Lilly fell well short of Wall Street’s first-quarter expectations, and the drugmaker chopped the top end of its earnings forecast due to lower demand for COVID-19 treatments.

Shares of the Indianapolis company started sliding early Tuesday morning.

Lilly said it now expects 2021 adjusted earnings to range from $7.80 to $8 per share after predicting in late January a range of $7.75 to $8.40.

Analysts forecast, on average, earnings of $8.24 per share, according to FactSet.

Lilly pulled in $810 million in the quarter from sales of COVID-19 treatments and expects to bring in as much as $1.5 billion from the drugs this year. But the company also said it changed its adjusted earnings outlook mainly due to lower expected demand for the treatments and higher research and development costs.

COVID-19 vaccines are being widely delivered across the United States, and the changing virus has limited

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Eli Lilly reports its monoclonal antibody treatment cuts COVID-19 risk

A drug developed by Eli Lilly dramatically reduced the risk of developing symptomatic COVID-19 among nursing home residents, the company said.

Of 299 residents, half of whom received a placebo, those randomized to receive the drug bamlanivimab had up to an 80% lower risk of contracting COVID-19, according to a study that has not yet been published.

Health care providers at the same nursing homes were statistically less likely to contract symptomatic COVID-19 after receiving bamlanivimab, which was delivered in a 4,200 mg dose. Among 41 residents who already tested positive for the virus, none died after receiving the drug compared with four deaths in the placebo group.

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The BLAZE-2 COVID-19 prevention trial was conducted in partnership with the National Institute of Allergy and Infectious Diseases. Bamlanivimab, which is authorized for use in high-risk COVID-19 patients

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Eli Lilly says its antibody therapy helps prevent Covid-19 in nursing homes

The study findings were described in a company news release, but Eli Lilly noted that the full results will be submitted for publication in a peer-reviewed clinical journal.

Nursing home residents who received the drug — known as LY-CoV555, also called bamlanivimab — had up to an 80% lower risk of contracting symptomatic Covid-19 versus residents in the same facility who received a placebo, according to drugmaker Eli Lilly.

The findings suggest a key preventive use of the antibody treatment, which was issued an emergency use authorization by the US Food and Drug Administration in November to treat mild to moderate coronavirus infections in adults and children. The treatment is administered as an infusion in a hospital or other health care setting.

Eli Lilly now will consider requesting FDA regulators to extend the drug’s authorized emergency use from being just to treat Covid-19, but also to prevent the spread of … Read More

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