Eli Lilly & Company LLY announced that the European Medicines Agency's (EMA) Committee for Medicinal Products for Human Use (CHMP) has given a position opinion recommending approval of Lilly’s COVID-19 antibody drug, bamlanivimab, as a monotherapy as well as in combination with another antibody therapy, etesevimab for the treatment of confirmed COVID-19 in Europe.The recommendation applies to patients aged 12 years and older who do not require supplemental oxygen for COVID-19 and who are at high risk of progressing to severe COVID-19.The CHMP nod was based on phase II and III data from theBLAZE-1 study, which showed that the bamlanivimab/etesevimab combinationreduced risk of COVID-19 hospitalizations and death by 70% in high-risk patients recently diagnosed with COVID-19. The study also demonstratedthat bamlanivimab, as a monotherapy, reduced viral load and symptoms and also reduced COVID-19 hospitalizations by approximately 70%.Last month, the FDA had granted Emergency Use Authorization (EUA) to a combination bamlanivimab (700 mg) and etesevimab (1400 mg) for the treatment of mild-to-moderate COVID-19 in patients who are at high risk of progressing to severe COVID-19.Earlier, bamlanivimab was granted EUA by the FDA in November 2020 as a monotherapy for high-risk patients recently diagnosed with mild-to-moderate COVID-19. Bamlanivimab alone is now authorized for emergency/temporary use in numerous countries.So far this year, Lilly’s stock has risen 23.1% against a decrease of 1.4% for the industry. Meanwhile, other studies are ongoing on bamlanivimab in other patient populations and also in combination with etesevimab. In February, Lilly announced a deal with Vir Biotech VIR and Glaxo GSK to expand its ongoing BLAZE-4 study to evaluate bamlanivimab (700mg) with Vir Biotech/Glaxo’s investigational COVID-19 antibody, VIR-7831 (500mg) in low-risk patients with mild-to-moderate COVID-19.Bamlanivimab was a key driver of Lilly’s sales growth in the fourth quarter, contributing $871.2 million in sales due to a key supply contract with the U.S. government. In fact, in 2021, Lilly expects to generate revenues in the range of $1-$2 billion from COVID-19 therapies.In November, the FDA also granted EUA to Lilly and Incyte’s INCY oral JAK inhibitor Olumiant for use in combination with Gilead’s remdesivir in hospitalized COVID-19 patients.Lilly currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Zacks Names “Single Best Pick to Double”From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Incyte Corporation (INCY): Get Free Report Eli Lilly and Company (LLY): Free Stock Analysis Report GlaxoSmithKline plc (GSK): Free Stock Analysis Report Vir Biotechnology, Inc. (VIR): Get Free Report To read this article on Zacks.com click here.