Eli Lilly (LLY 8.39%) released its first-quarter earnings before the market opened on Thursday, reporting revenue of $5.9 billion, up 15% year over year. Several of the pharma giant's drugs performed particularly well during the quarter. For instance, sales of the diabetes medication Trulicity hit $1.2 billion, up by 40% compared to the year-ago period. And Eli Lilly's plaque psoriasis treatment Taltz recorded revenue of $443.5 million, which represented a whopping 76% year over year increase.
Not all of the company's products performed well, however. The insulin product Humalog posted revenue of $695.8 million, down by 5% compared to the prior-year quarter. Eli Lilly estimated that during Q1, abnormal buying patterns caused by the ongoing COVID-19 pandemic boosted its revenue by $250 million worldwide.
Eli Lilly reported non-GAAP net income of $1.6 billion, a 29% year over year increase. It had non-GAAP earnings per share of $1.75, up by 32% year over year, and coming in ahead of analysts' consensus estimate of $1.48.
Management also adjusted their guidance to reflect the impact of the ongoing COVID-19 pandemic. Previously, they had said they expected Eli Lilly's non-GAAP EPS for 2020 to be in the range of $6.70 to $6.80. Now, the pharma giant expects its non-GAAP EPS to be in the range of $6.70 to $6.90. In other words, Eli Lilly expects the crisis to have a positive impact on its bottom line this year.