Lilly (LLY) to Supply COVID Cocktail Drug to EU Countries

Elli Lilly LLY announced that it has entered into a joint procurement agreement with the European Commission to supply up to 220,000 doses of its antibody cocktail, bamlanivimab together with etesevimab, for the treatment of confirmed COVID-19.

The cocktail is suitable for COVID patients aged at least 12 years old who are at an increased risk of progressing to severe COVID-19 and do not require supplemental oxygen.

We remind investors that the cocktail is yet to receive approval for emergency use or regular approval at the EU level. Following approval/temporary authorization, the agreement will allow EU member nations to procure varying quantities of bamlanivimab and etesevimab directly from the company, per their local needs.

In March, the European Medicines Agency's Committee for Medicinal Products for Human Use in March 2021 gave apositive opinion recommending the approval of bamlanivimab and etesevimab together as a treatment for COVID-19 in patients aged 12 and older.

In the year so far, Lilly’s stock price has risen 36.3% in comparison with the industry’s 9% rise.

Zacks Investment Research
Image Source: Zacks Investment Research

Subsequent to the rising cases of the contagious Alpha and Delta variants, the demand for antibody drugs has significantly increased. In countries where vaccination rates are low, the rising cases have put focus on the antibody cocktail. Data from preclinical studies demonstrate that Lilly’s bamlanivimab-etesevimab combination neutralizes activity against the Alpha and Delta variants.

Please note that the combination of bamlanivimab and etesevimab was granted emergency approval by the FDA in February 2021 to treat mild-to-moderate COVID-19 in high-risk patients. Neither of the antibody drugs is approved for monotherapy use. Sales of the cocktail therapy experienced a significant decline in second-quarter 2021 due to lower demand for the therapy amid rising vaccinations and increased competition from REGEN-COV, a COVID-19 antibody cocktail developed by Regeneron REGN.

Last week, the company announced that the FDA has expanded the Emergency Use Authorization for its cocktail antibody medicine, bamlanivimab plus etesevimab, to include the post-exposure prevention (prophylaxis) for COVID-19 indication.

Regeneron and Lilly have also entered into new agreements with the U.S. government to supply additional doses of their respective COVID-19 antibody drugs amid greater demand due to rising infection rates in the country.

The company is also evaluating bamlanivimab in combination with Glaxo GSK/Vir Biotechnology VIR’s VIR-7831 in a phase II study for COVID-19 patients.

Eli Lilly and Company Price

Eli Lilly and Company Price

Eli Lilly and Company price | Eli Lilly and Company Quote

Zacks Rank

Lilly currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.


Infrastructure Stock Boom to Sweep America

A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made.

The only question is “Will you get into the right stocks early when their growth potential is greatest?”

Zacks has released a Special Report to help you do just that, and today it’s free. Discover 7 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.

Download FREE: How to Profit from Trillions on Spending for Infrastructure >>

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
Regeneron Pharmaceuticals, Inc. (REGN): Free Stock Analysis Report
 
GlaxoSmithKline plc (GSK): Free Stock Analysis Report
 
Eli Lilly and Company (LLY): Free Stock Analysis Report
 
Vir Biotechnology, Inc. (VIR): Free Stock Analysis Report
 
To read this article on Zacks.com click here.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

More Related Articles

Sign up for Smart Investing to get the latest news, strategies and tips to help you invest smarter.