Eli Lilly and Co. reported quarterly results on Thursday that beat analysts' estimates as an omicron-led surge in COVID-19 cases boosted sales of its antibody therapies, coupled with strong demand for its top-selling diabetes drug Trulicity.

The company's COVID-19 antibody therapy bamlanivimab has been a key driver for sales in recent quarters since its initial authorization in November 2020.

Lilly's revenue from COVID-19 antibody therapies rose 22% to $1.06 billion, compared with estimates of $648 million, according to Refinitiv IBES data.

However, the U.S. Food and Drug Administration last month revised its emergency use authorizations for COVID-19 antibody treatments from Eli Lilly and Regeneron Pharmaceuticals Inc to limit their use as the drugs were found to be unlikely to work against the omicron variant.

The surge in COVID-19 cases also led to a 59% jump in sales of its rheumatoid arthritis drug Olumiant, which is also used to treat patients hospitalized due to the coronavirus, Lilly said.

Trulicity sales jumped 25% to $1.88 billion, helping the company post quarterly revenue of $8 billion, beating estimates of $7.73 billion.

On an adjusted basis, Lilly reported a quarterly profit of $2.49 per share, compared with estimates of $2.46 per share.

The company also reaffirmed its full-year adjusted earnings outlook between $8.50 and $8.65 per share.