Eli Lilly posted a 4% decline in second-quarter revenue, driven by a drop in sales of the company’s Covid-19 antibody treatment
. Lilly said Thursday it plans to make the sales through a sole distributor beginning the week of Aug. 15, before the anticipated depletion of the U.S. government’s currently available supply.
The move marks a shift from the way Lilly’s drug and most other Covid-19 treatments and vaccines have been distributed in the U.S. so far during the pandemic. It will likely be the first test of whether the vaccines and treatments would remain accessible if shifted to a commercial market. Overall, Lilly posted a quarterly profit of $952.5 million, or $1.05 a share, down from $1.39 billion, or $1.53 a share, a year earlier. Adjusted earnings were $1.25 a share, below the $1.70 a share expected by analysts, according toIf you’ve had Covid before, why can you get it again? WSJ’s Daniela Hernandez explains what the possibility of reinfections means for the future of public-health policy and the Covid-19 pandemic.
Sales came in at $6.49 billion, compared with analyst estimates of $6.85 billion. The drop was driven by an 11% hit due to lower prices and a 3% decrease from the impact of foreign-exchange rates. Excluding revenue from Lilly’s Covid-19 antibodies and the cancer drug Alimta, and the sale of the company’s rights to Cialis in China in the year-ago quarter, worldwide revenue would have risen by 6%, Lilly said.
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