Pharmaceutical company Eli Lilly (NYSE: LLY) reported first quarter 2020 revenue of $5.86 billion, up 15% year-over-year.
Amid COVID-19 pandemic, the company saw increased customer buying patterns and prescription trends which resulted in revenue increase of approx. $250 million for the quarter.
Net income was $1.457 billion or $1.60 per share, compared with net income of $4.242 billion or $4.31 per in the first quarter of 2019.
Josh Smiley, CFO commented on the outlook:
“Our revenue and operating margin outlook for 2020 is unchanged, but the economic and healthcare consequences of this pandemic are uncertain and could negatively affect our financial results later in 2020 and beyond, due to reduced non-COVID healthcare activities and global economic challenges. We are therefore widening the range of our 2020 EPS guidance to reflect both our underlying strong performance as well as future uncertainty; however, the long-term fundamentals of our business remain strong, as does our financial outlook for the mid-2020s and beyond.”
