(Reuters) – Drugmaker Eli Lilly and Co reported a 2% drop in quarterly profit on Tuesday, hurt by lower demand for its COVID-19 therapies due to vaccine rollouts in the United States.
Sales of its antibody treatments came in at $148.9 million in the quarter compared to $810.1 million in the previous quarter.
The company had in April lowered its expectations for sales of its COVID-19 drugs bamlanivimab and etesevimab, as rising vaccinations further dented demand for the drugs whose sales were slowing due to weak uptake by hospitals.
The U.S. health regulator had also revoked the lone use of bamlanivimab for the treatment of COVID-19 in response to variants that could be resistant to the treatment.
Net income fell to $1.39 billion, or $1.53 per share in the quarter ended June 30, from $1.41 billion, or $1.55 per share, a year ago.
(Reporting by Manas Mishra and Amruta Khandekar in Bengaluru; Editing by Arun Koyyur)
