Eli Lilly to supply the U.S. government with doses of COVID-19 treatment etesevimab for $330 million

Eli Lilly & Co. announced Wednesday to sell 388,000 doses of etesevimab, which has been authorized for emergency use as a COVID-19 treatment for $330 million. As part of the deal, about 200,000 doses of etesevimab, which complements doses of bamlanivimab previously purchased by the U.S. government, are expected to ship in the third quarter of 2021, with the remaining doses to be shipped in the fourth quarter. "The recent increase in COVID-19 cases has caused a substantial rise in the utilization of monoclonal antibody drugs, particularly in areas of the country with low vaccination rates," said Lilly's Chief Scientific and Medical Officer Daniel Skovronsky. "Lilly developed bamlanivimab and etesevimab for administration together, in anticipation of variants such as the highly contagious Delta variant, which currently accounts for more than 98 percent of all identified COVID-19 cases in the U.S." Eli Lilly's stock, which was still inactive in premarket trading, has run up 38.1% year to date, while the S&P 500 has gained 18.3%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Eli Lilly to supply the U.S. government with doses of COVID-19 treatment etesevimab for $330 million
Eli Lilly & Co. announced Wednesday to sell 388,000 doses of etesevimab, which has been authorized for emergency use as a COVID-19 treatment for $330 million. As part of the deal, about 200,000 doses of etesevimab, which complements doses of bamlanivimab previously purchased by the U.S. government, are expected to ship in the third quarter of 2021, with the remaining doses to be shipped in the fourth quarter. "The recent increase in COVID-19 cases has caused a substantial rise in the utilization of monoclonal antibody drugs, particularly in areas of the country with low vaccination rates," said Lilly's Chief Scientific and Medical Officer Daniel Skovronsky. "Lilly developed bamlanivimab and etesevimab for administration together, in anticipation of variants such as the highly contagious Delta variant, which currently accounts for more than 98 percent of all identified COVID-19 cases in the U.S." Eli Lilly's stock, which was still inactive in premarket trading, has run up 38.1% year to date, while the S&P 500 has gained 18.3%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.