INDIANAPOLIS - Indianapolis-based Eli Lilly and Co. (NYSE: LLY) has announced its 2020 financial guidance. Lilly says the guidance is highlighted by volume-based revenue growth and improving productivity.

The company says it expects revenue in 2020 to range from $23.6 billion to $24.1 billion. The company attributes the revenue goal to volume growth from some of its key medicines, including Trulicity, Jardiance and Olumiant, among others.

"We expect 2020 to be a year of strong operating and financial performance for Lilly, characterized by revenue growth for our key medicines both in the U.S. and in international markets, ongoing productivity initiatives leading to further margin expansion, continued progress in our clinical pipeline of new medicines, and solid cash flow," Josh Smiley, chief financial officer for Lilly, said in a news release. "We are confident in our ability to deliver on our 2020 expectations, and thereby achieve or exceed the financial and pipeline commitments we had previously made for the period 2015-2020."

Lilly also updated certain elements of its 2019 financial guidance, which includes a 6%-8% drop in earnings per share. The company says the decrease is due to a net charge related to the repurchase of debt and other charges related to global cost reduction initiatives. 

"Lilly is in the early phase of an exciting period of prolonged growth for the company, driven by an expanding portfolio of new medicines focused on diabetes, oncology, immunology, and neuroscience," said Chief Executive Officer David Ricks. "With an attractive commercial portfolio and limited patent exposure through the latter half of the upcoming decade, we are well positioned to deliver sustainable volume-based revenue growth and drive further operating margin expansion. As we continue to invest in our innovation-based strategy, we are confident in our ability to discover and develop important new medicines for patients."

You can view the full updated 2019 guidance and newly-released 2020 guidance by clicking here.