Shares of Eli Lilly and Company (NYSE: LLY) were jumping 6% higher as of 11:03 a.m. ET on Tuesday. The solid gain came after the big drugmaker announced its first-quarter 2024 results.

Lilly reported Q1 revenue of $8.77 billion, up 26% year over year. This result came in a little below the average analyst's revenue estimate of $8.92 billion.

However, Lilly made up for the miss with its bottom line. The company posted Q1 net income of $2.24 billion, or $2.48 per share, based on generally accepted accounting principles (GAAP). Non-GAAP earnings were nearly $2.34 billion, or $2.58 per share. The consensus Wall Street estimate was for non-GAAP earnings of $2.46 per share.

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Source Fool.com