Excluding items, the drugmaker earned US$1.54 per share, below analysts’ average estimate of US$1.71 per share, according to IBES estimates from Refinitiv. — Reuters pic
Lilly is one of the handful of companies racing to develop a treatment for Covid-19 and has sought emergency use authorisation for its antibody treatment for mild to moderate patients as well as its arthritis drug baricitinib. The trial was paused earlier in the month due to safety concerns. The drugmaker said today other trials of the coronavirus antibody therapy, bamlanivimab, remain on track.
Lilly said it expects 2020 Covid-19 research and development expense to be roughly US$400 million , sending its shares down four per cent before the opening bell. Overall operating expenses increased nine per cent to US$3.04 billion in the third quarter.
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