Eli Lilly published forecasts for 2022 profits, which came above Wall Street analysts’ estimates, after the American company bet on obtaining approvals for new drugs to be launched to counter the impact of competition and price pressures on its other major treatments, which pushed its stock up 9.5% to $273.19.
The company was planning to launch five more drugs over the next two years, including tirzepatide for diabetes and donanemab for Alzheimer’s disease, which would help it meet its goal of launching 20 new drugs over the ten years ending in 2023.
Lilly has also raised its profit and sales forecast for the current year, with help in part from its recent contracts with the US government to supply its antibody-based treatment for COVID-19.
Last month, the US government purchased an additional 614,000 doses of the company’s COVID-19 antibody drug, a combination of bamlanivimab and bamlanivimab-etesevimab, for $1.29 billion.
The pharmaceutical company believes that its treatment against the Corona virus will collect sales of up to 2.1 billion dollars during 2021, after its previous forecasts were only 1.3 billion dollars. As for the expectations of profits in 2022, Lilly expects earnings of $8.50-8.65 per share, beating expectations of $8.18.
Aduhelm, which was approved in June for the treatment of Alzheimer’s disease (or the memory-thief disease as some describe it), has been slow to gain market approval, with experts questioning why the drug was approved by the Food and Drug Administration without conclusive evidence of its effectiveness.