RTTNews | Dec 15, 2021 10:38AM EST

10:38 Wednesday, December 15, 2021 (RTTNews.com) - Shares of American pharmaceutical company Eli Lilly and Company (LLY) are up 8 percent on Wednesday's trading as the company raised its revenue outlook for fiscal 2021.

For 2021, Eli Lilly now expects revenue to be in the range of $28.0 billion to $28.3 billion, reflecting additional revenue from COVID-19 antibodies associated with the recent purchase agreement with the U.S. Government and the channel impact of the updated 2022 NRDL formulary in China. Previous revenue guidance was between $27.2 and $27.6 billion.

Earnings per share is now expected to be in the range of $6.18 to $6.23 on a reported basis and $8.15 to $8.20 on a non-GAAP basis. The company's previous guidance was non-GAAP earnings per share in a range of $7.95 to $8.05.

Analysts polled by Thomson-Reuters expect the company to report profit per share of $7.13 on revenue of $24.57 billion.

Currently at $266.95, the stock has traded between $161.78 and $275.87 during the past 52 weeks.

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