Benzinga | Nov 2, 2021 04:53PM EDT

Why Eli Lilly Shares Traded Higher Today

Eli Lilly And Co (NYSE:LLY) traded higher Tuesday after the company announced it will supply 614,000 additional doses of bamlanivimab with etesevimab to the U.S. government for a total of $1.29 billion.

Eli Lilly expects that the additional doses will increase revenue by $840 million and earnings by approximately 25 cents per share beyond the guidance that was issued during its most recent financial results.

Bamlanivimab can be administered with etesevimab for treatment or post-exposure prevention of COVID-19. This neutralizing antibody therapy is authorized for emergency use for the treatment of mild to moderate COVID-19 or for post-exposure prophylaxis of COVID-19 in certain individuals.

Eli Lilly is a drug firm with a focus on neuroscience, endocrinology, oncology and immunology.

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LLY Price Action: Eli Lilly has traded as high as $275.87 and as low as $129.21 over a 52-week period.

The stock was up 2.83% at $256.36 at time of publication.

Photo: Paul Sableman from Flickr.