The drugmaker reported quarterly earnings of $1.75 per share, beating the $1.48 a share consensus estimate. Revenue was also above Street forecasts. Lilly’s worldwide revenue was boosted by $250 million due to COVID-19, but the company said the virus could negatively impact results later in the year.
Shares of the drugmaker rose 2.7% to $161 in early trading as the drugmaker’s first-quarter revenue got a nearly $250 million boost due to the stay-at-home orders that led people to stock up on its insulin products and diabetes drug Trulicity.
Top-selling drug Trulicity brought in 40% higher revenue of $1.23 billion in the quarter. Overall revenue rose 15% to $5.86 billion, exceeding Wall Street estimates of $5.51 billion in the quarter.
Eli Lilly LONG (Buy)
ENTER AT: 157.28