On Wednesday, Eli Lilly upped its profit and revenue forecasts for the full year of 2021, aided in part by a new US government contract for its COVID-19 antibody treatment.

In premarket trade, the drugmaker's stock was up 2.3% after it anticipated a profit range of $8.50 to $8.65 in 2022, which was higher than analysts' expectations of $8.18.

For $1.29 billion, the US government purchased 614,000 more doses of COVID-19 antibody treatment, a combination of Bamlanivimab and Etesevimab.Eli Lilly: Why Drug Maker's Stock Price Fell Sharply Today | Fortune

In September, as infections spiked due to the fast-spreading Delta strain, the US government purchased 388,000 more doses of Lilly's antibody therapy.

COVID-19 medicines are estimated to bring in around $2.1 billion in revenues in 2021, up from an earlier forecast of $1.3 billion, according to the company.

Lilly forecasts adjusted earnings per share to range between $8.15 and $8.20, up from a previously stated range of $7.95 to $8.05.

Revenue for 2021 is expected to be in the range of $28.0 billion to $28.3 billion, up from $27.2 billion to $27.6 billion previously predicted.