Lilly Reports Drop in Revenue; CEO measures growth

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(photo courtesy of Eli Lilly & Co.)

Indianapolis-based Eli Lilly and Co. (NYSE: LLY) reports lower net income for the full year and the fourth quarter. Net income for the full year was $5.8 billion, compared to $6.1 billion a year earlier. In the fourth quarter, net income was $1.7 billion, down from $2.1 billion in the same period a year earlier.

Still, Lilly Chairman and CEO David Ricks says Lilly has had a remarkable year of growth and pipeline success and is positioned for the “next wave” of innovative medicines.

“We have tremendous momentum heading into 2022 and beyond with strong revenue expectations, limited patent exposure and an exciting pipeline of potential new drugs, which we hope will give us the opportunity to positively impact millions of additional lives in a meaningful way,” Ricks said. “Lilly is committed to continuing to innovate as a primary means of creating value for patients and shareholders. »

In December, the U.S. Food and Drug Administration set new emergency use authorization limits for Lilly’s COVID antibody therapies bamlanivimab and etesevimab because it was unlikely treatments are effective against the Omicron variant. The company says the clearance could change, depending on the prevalence and trends of new variants.

Lilly says it has submitted an EUA request 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 on the experimental 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 around the world. We expect to deliver industry-leading revenue growth throughout the decade,” said Anat Ashkenazi, senior vice president and chief financial officer of Lilly.

Click here to view the revenue report.

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