It does more damage, is more durable, and is slightly lighter.
The lever-action rifle can fire a total of about 250 rounds, the equivalent of 25 reloads, from full condition before breaking. This damage ignores Damage Resistance, and is independent of the condition of the weapon. The lever-action rifle has an object effect which inflicts an extra 35 damage per hit when used by non-player characters against the Lone Wanderer. It has a rather low rate of fire, as the action needs to be cycled after every shot, but makes up for it by being highly accurate, and having a large ammunition capacity.
The lever-action rifle is a high-powered rifle using the common 10mm round.