The Large Caps Pharmaceutical industry received a mixed bag in the latest earnings season, with companies keeping a wary outlook. The industry recently picked up due to development efforts for a COVID-19 vaccine. Among the big drugmakers, Lilly’s LLY stock has increased an incredible 30.4% so far this year, a staggering figure taking into account the 3.3% industry increase. 

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One of the most important factors in Lilly’s share rise this year is the speedy progress in making 13 antibodies for COVID-19 treatment. In November, Lilly’s antibody drug, bamlanivimab (LY-CoV555) was granted emergency use authorization (EUA) by the FDA to treat moderate COVID-19 illness which showed high risk of becoming more severe. Lilly and Incyte's INCY oral JAK inhibitor Olumiant, used in conjunction with Gilead's GILD remdesivir for the treatment of hospitalized COVID-19 patients, was also granted EUA by the FDA.

Heightened revenues from Lilly’s COVID-19 therapies were just one reason why the company issued unexpectedly positive financial guidance for 2021, as well as raising its previously issued sales and earnings projections for 2020.

Bamlanivimab is being continuously researched in other patient populations, also in combination with etesevimab, another of Lilly’s COVID-19 antibody candidates.

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Lilly recently announced its upcoming acquisition of Prevail Therapeutics PRVL for an aggregate value of $880 million, or $22.50 per share in cash. As a result, Lilly’s ample portfolio will now include Prevail's promising gene-therapy candidates which target neurodegenerative diseases. 

 

Regarding positive regulatory and pipeline updates, the company is also enjoying a productive year.  

Optimistic estimates from betting analysts predict wildly successful sports betting in Michigan, generating $8 billion in sports bets annually and $500 million in gross operator revenue.

“Michigan is the second-largest state in terms of population to have legalized online sports betting and online casinos and poker, behind only Pennsylvania,” said Dustin Gouker, betting analyst. “Michigan’s business-friendly tax rate and competitive licensing fees will attract operators, too. And with a solid tribal and commercial casino infrastructure already in place, Michigan should be poised for quick success.”

According to Gouker, if such estimates come to fruition, the state of Michigan could generate up to $40 million annually.

In COVID-19 times where state budgets are spreading themselves thin, many states are considering the legalization of sports betting to generate revenue, including New York Governor Andrew Cuomo, who had long resisted against legalizing online sports betting.

However, each state with legalized online betting has its individual set of rules. In Virginia, a bill restricts bets on hometown college teams. In Mississippi you can only bet online when inside a casino, and inn New York, you can only place wagers at four retail casinos.

Following the 2018 Supreme Court ruling which declared the ban in sports betting as unconstitutional, the federal government granted states the legislative power to legalize sports gambling. According to the American Gaming Association, 21 states including Washington, D.C. currently offer sports betting. Others have legalized betting but are not currently accepting wagers.

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