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Eli Lilly Posts 9% Sales Drop on Covid-Treatment Decline

February 2, 2023

Eli Lilly & Co. said revenue for the recently ended quarter fell 9% as lower sales of its Covid-19 antibodies and the strong U.S. dollar weighed on growth.

The pharmaceutical company said Thursday that quarterly revenue fell 9% to $7.30 billion, slightly below analyst estimates, according to FactSet. Currency translation, lower realized prices and a drop in demand for some products all dragged on sales. Excluding sales of the company’s Covid-19 antibody treatments, revenue in the quarter rose 5%.

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