Eli Lilly and Co posted a 41.5% rise in quarterly profit on Friday, helped by demand for its diabetes and cancer drugs, and as it benefited from the US government's move to stock up on the drugmaker's COVID-19 antibody drug for emergency use.

The company's COVID-19 therapy belongs to a class of drugs known as monoclonal antibodies and has been authorized for use in the United States in patients who are at risk of serious illness from the infection.

The company reported worldwide revenue of $871.2 million in the fourth quarter from the therapy, bamlanivimab.

Net earnings rose to $2.12 billion, or $2.32 per share, in the fourth quarter ended Dec. 31 from $1.50 billion, or $1.64 per share, a year earlier.

Overall sales rose 21.7% to $ 7.44 billion.