By Sam Boughedda
Investing.com -- Eli Lilly (NYSE:LLY) stock rose over 3% in early Thursday trading after the company reported first-quarter earnings, beating earnings and revenue expectations.
The company reported adjusted earnings per share of $2.62 on revenue of $7.81 billion, beating estimates of $2.28 on revenue of $7.32 billion.
Lilly's revenue in Q1 increased 15%. Excluding revenue from COVID-19 antibodies and Alimta, revenue grew 10%.
The company's revenue from COVID-19 antibodies was $1.47 billion compared with $810.1 million in Q1 2021. On Wednesday, GlaxoSmithKline (NYSE:GSK) beat earnings and revenue estimates, thanks to a boost in sales from its COVID-19 antibody.
"Lilly delivered another quarter of volume-driven revenue growth led by key products and anticipates 2022 to be an exciting year with several potential approvals and new pipeline events," said David Ricks, Lilly's chair and CEO.
"With the depth of our pipeline, and growth of our medicines in the market, we are well-positioned to help address health challenges in areas of significant unmet medical need, such as obesity, Alzheimer's disease, and cancer," he added.
Looking ahead, the company sees adjusted EPS for 2022 between $8.15 to $8.30.