PRVL Prevail Therapeutics Inc

By Dave Sebastian

Eli Lilly & Co. raised its guidance for 2020 and set its outlook for 2021, anticipating a benefit from Covid-19 treatment sales and the expansion of its drug portfolio.

The drugmaker Tuesday said it sees 2020 earnings of $6.28 to $6.48 a share, or $7.45 to $7.65 a share on an adjusted basis, on revenue of $24.2 billion to $24.7 billion. For the prior year, the company posted earnings of $8.89 a share on revenue of $22.32 billion.

The company said it expects to benefit from higher bamlanivimab sales due to an additional purchase agreement with the U.S. government.

For 2021, the company is guiding for earnings of $7.25 to $7.90 a share, or $7.75 to $8.40 a share on an adjusted basis, on revenue of $26.5 billion to $28 billion. Lilly said it expects $1 billion to $2 billion in revenue from Covid-19 therapies. It sees mid-single-digit net price declines globally in 2021, and low-to-mid single-digit declines in the U.S., Lilly said.

Separately Tuesday, Lilly said it agreed to buy Prevail Therapeutics Inc. for up to $1.04 billion.

Lilly shares rose 1.3% in premarket trading.

Write to Dave Sebastian at dave.sebastian@wsj.com

(END) Dow Jones Newswires

December 15, 2020 07:20 ET (12:20 GMT)

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