The Food and Drug Administration has given emergency authorization to Eli Lilly for its COVID-19 antibody drug bamlanivimab.

The U.S. government has agreed to purchase 300,000 doses of Eli Lillys COVID-19 antibody treatment. It plans to pay $375 million for the vials of the drug.

The trial was evaluating recovery chances for severe cases when the drug was administered in combination with an antiviral medication that was recently approved by the FDA.

Lilly expects full-year earnings in the range of $7.20 to $7.40 per share, with revenue in the range of $23.7 billion to $24.2 billion. That's short of the per-share earnings that Wall Street was looking for

Eli Lilly continues to back a potential COVID-19 treatment despite research showing that it may not work on hospitalized patients.

Eli Lilly paused trials of its COVID-19 treatment drug Tuesday. The news came less than a day after Johnson & Johnson also paused its trial on a COVID-19 vaccine.

Indianapolis-based Eli Lilly has requested emergency use authorization, from the Food and Drug Administration, for its COVID-19 single antibody treatment.

Indianapolis-based Eli Lilly and Company says it has asked the U.S. government to allow emergency use of an experimental antibody therapy based on early results from a study.

Indianapolis-based Eli Lilly announced Wednesday its COVID-19 antibody drug is showing results in reducing hospitalizations from the virus. This is the companys first data to be reported on mild to moderate cases but still needs to be reviewed by peers.

Eli Lilly says that partial results from a study testing an antibody drug give hints that it may help mild to moderately ill COVID-19 patients from needing to be hospitalized, a goal no current coronavirus medicine has been able to meet.