Eli Lilly and Co. (LLY) - Get Eli Lilly and Company Report said Monday it has won emergency clearance from the Food and Drug Administration for an antibody treatment used in patients suffering mild to moderate cases of Covid-19.
"This emergency authorization allows us to make bamlanivimab available as a COVID-19 treatment for recently diagnosed, high-risk patients," said David A. Ricks, Lilly's chairman and CEO in a statement.
The medication is used in patients “at high risk for progressing to severe COVID-19 and/or hospitalization,” according to the statement. “Patients treated with bamlanivimab showed reduced viral load and rates of symptoms and hospitalization,” the company said.
Lilly said it will begin shipping bamlanivimab immediately to AmerisourceBergen, a national distributor, which will distribute it as directed by the U.S. government's allocation program.
The U.S. government has purchased 300,000 doses of bamlanivimab, according to the statement. Americans will have no out-of-pocket costs for the medicine, however, healthcare facilities may charge a fee for the product's administration. The drug is administered intravenously.
Shares of Lilly rose in after-hours trading, gaining $4.13, or 2.9%, to $146.50.
On Wall Street, stocks finished sharply higher Monday after Pfizer (PFE) - Get Pfizer Inc. Report said the coronavirus drug candidate it's developing with BioNTech (BNTX) - Get BioNTech SE Report prevented more than 90% of infections in a large-scale study. The report came on the same day the U.S. recorded its 10 millionth case of the coronavirus.
Eli Lilly reported its quarterly financials at the end of October and missed analysts' estimates. Eli Lilly missed after Trulicity sales slowed and the cost of the coronavirus vaccine production continued to increase.