So far, the only way to do it would be using ng-bind-html (-unsafe) (check your angular version because you might need to use $sce) to bind HTML to an element, like this: 
Angular 1.0.X:
<code ng-bind-html-unsafe="lines"></code>
Angular 1.2+:
<code ng-bind-html="lines"></code>
but it needs $sce: 
$scope.lines = $sce.trustAsHtml('var x=1;<br />var y=2;');
And of course, use the HTML line break: <br />
Here is a working example: http://jsfiddle.net/3fha088t/
Same example here as a snippet: 
function TodoCtrl($scope) {
  $scope.lines = 'var x=1;<br />var y=2;';
}
<script src="https://ajax.googleapis.com/ajax/libs/angularjs/1.0.8/angular.min.js"></script>
<div ng-app>
  <div ng-controller="TodoCtrl">
      <p>Working version: </p>
        <code ng-bind-html-unsafe="lines"></code>
      <p>Original version: </p>
      <code>{{lines}}</code>
  </div>
</div>
 
 
Angular 1.2 version, using $sce: 
function TodoCtrl($scope, $sce) {
  $scope.lines = $sce.trustAsHtml('var x=1;<br />var y=2;');
}
<script src="https://ajax.googleapis.com/ajax/libs/angularjs/1.2.23/angular.min.js"></script>
<div ng-app>
  <div ng-controller="TodoCtrl">
      <p>Working version: </p>
        <code ng-bind-html="lines"></code>
      <p>Original version: </p>
      <code>{{lines}}</code>
  </div>
</div>