Lilly Reports Income Drop; CEO Measures Growth
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Indianapolis-based Eli Lilly and Co. (NYSE: LLY) is reporting a drop in both full-year and fourth quarter net income. Still, Chief Executive Officer David Ricks says Lilly had a remarkable year of growth and pipeline success and is positioned for the “next wave” of innovative medicines.
Full-year net income came in at $5.8 billion, down from $6.1 billion the previous year. In the fourth quarter, net income measured $1.7 billion, down from $2.1 billion during the same period a year earlier.
“We have tremendous momentum moving into 2022 and beyond with strong revenue expectations, limited patent exposure, and an exciting pipeline of potential new medicines, which we hope will give us the opportunity to positively impact millions more lives in meaningful ways,” said Ricks. “Lilly is committed to continuing to innovate as the primary way to create value for patients and shareholders alike.”
In December, the U.S. Food and Drug Administration set new limits to the Emergency Use Authorization for Lilly’s COVID antibody therapies bamlanivimab and etesevimab because the treatments were unlikely to be effective against the Omicron variant. The company says the authorization could change, depending on prevalence and trends of new variants.
Lilly says it has submitted a request for EUA for bebtelovimab for the treatment of mild-to moderate COVID-19 in adults and children 12 years of age and older. The company says their findings of the investigational antibody show early success in neutralizing all known variants, including Omicron.
“We continue to advance promising R&D opportunities and invest in potential launches that would bring needed therapies to patients worldwide. We expect to deliver top-tier revenue growth throughout the decade,” said Anat Ashkenazi, Lilly’s senior vice president and chief financial officer.
Click here to view the earnings report.