Eli Lilly combination therapy 'significantly' reduces COVID-19 hospitalizations and deaths in study

Eli Lilly said Wednesday its combination antibody therapy "significantly" reduced COVID-19 deaths and hospitalizations in a phase 3 study.

In a study consisting of more than 750 high-risk patients with COVID-19, the company said a combination of bamlanivimab and etesevimab cut the risk of hospitalization and death by 87 percent, Reuters reports.

Daniel Skovronsky, Eli Lilly's chief scientific officer, said the study offers "healthcare providers additional information regarding the use of bamlanivimab and etesevimab together as a potentially life-saving treatment to help those most at risk for severe complications of COVID-19."

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This was the second large study that showed the combination therapy, which was previously authorized by regulators, is effective against mild to moderate COVID-19 cases, though a prior study used a higher dose, Reuters notes. Former FDA commissioner Scott Gottlieb told CNBC this latest data should "push it over the edge in terms of doctors now recognizing that these can provide a benefit."