Eli Lilly's new COVID-19 treatment helped the drugmakers fourth-quarter profit surge even though U.S. regulators approved its use late in the quarter.

Antibodies are proteins that attach to a virus and block it from infecting cells, but it takes several weeks after infection or vaccination for the most effective ones to form. The drugs aim to help right away, by supplying concentrated doses of one or two antibodies that worked best against the coronavirus in lab tests.

Indianapolis-based drugmaker Eli Lilly said Thursday its antibody drug can prevent COVID-19 illness in residents and staff of nursing homes and other long-term care locations.

The political action committee of Indianapolis-based Eli Lilly, LillyPAC, has joined other major corporations in pausing political donations to some politicians after last week's insurrection at the capitol.

The Indianapolis-based maker of diabetes treatments expects revenue ranging from $26.5 billion to $28 billion next year.

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.

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.

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.