Eli Lilly beats expectations, as 1st-qtr sales leap 15%, and non-GAAP income rockets 29%

US pharma major Eli Lily (NYSE: LLY) today reported financial result for the first quarter of 2020, posting worldwide revenue of $5.86 billion, an increase of 15% compared with the first quarter of 2019, and above the FactSet consensus of $5.49 billion. The increase in revenue was driven by a 22% increase due to volume, partially offset by a 6% decrease due to lower realized prices.

On a non-generally accepted accounting principles (GAAP) basis, in the first quarter net income increased 29%, to $1.599 billion, while earnings per share rose 32% to $1.75, and beat the FactSet consensus of $1.48, with the news sending Lilly’s shares up 2.7% to $161 in early trading.

First-quarter net income and earnings per share were $1.457 billion and $1.60, respectively, compared with net income of $4.242 billion and earnings per share of $4.31 in the first quarter of 2019. The decrease was primarily driven by the $3.681 billion gain recognized on the disposition of Elanco animal health business in the first quarter of 2019, partially offset by higher operating income in 2020.