LLY - Could This Be the Next Blockbuster Indication for Eli Lilly?
Eli Lilly (NYSE: LLY) and Incyte 's (NASDAQ: INCY) drug, Olumiant, has received emergency use authorization (EUA) from the U.S. Food and Drug Administration (FDA) to treat hospitalized COVID-19 patients with or without remdesivir. While the EUAs for Olumiant to be used as both a monotherapy or a combination therapy with remdesivir are a revenue boost to Eli Lilly, there's a different potential indication for Olumiant that's worth investors' attention.
Late last month, Eli Lilly and Incyte announced impressive results from phase 3 clinical trials examining the efficacy of Olumiant in helping patients with an autoimmune disease known as alopecia areata regrow their hair. But could an indication for Olumiant to treat alopecia areata be the next blockbuster indication for pharma stock Eli Lilly?
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Could This Be the Next Blockbuster Indication for Eli Lilly?