Eli Lilly (NYSE: LLY) is expected to report Q2 earnings on July 24. Here's what Wall Street wants to see:

The 10-second takeaway
Comparing the upcoming quarter to the prior-year quarter, average analyst estimates predict Eli Lilly's revenues will expand 4.2% and EPS will grow 21.7%.

The average estimate for revenue is $5.84 billion. On the bottom line, the average EPS estimate is $1.01.

Revenue details
Last quarter, Eli Lilly booked revenue of $5.60 billion. GAAP reported sales were 0.0% lower than the prior-year quarter's $5.60 billion.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
Last quarter, non-GAAP EPS came in at $1.14. GAAP EPS of $1.42 for Q1 were 56% higher than the prior-year quarter's $0.91 per share.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Recent performance
For the preceding quarter, gross margin was 79.3%, 70 basis points better than the prior-year quarter. Operating margin was 25.8%, 70 basis points better than the prior-year quarter. Net margin was 27.6%, 960 basis points better than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $22.81 billion. The average EPS estimate is $3.91.

Investor sentiment
The stock has a four-star rating (out of five) at Motley Fool CAPS, with 1,232 members out of 1,332 rating the stock outperform, and 100 members rating it underperform. Among 393 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 370 give Eli Lilly a green thumbs-up, and 23 give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Eli Lilly is outperform, with an average price target of $54.35.

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