Lilly sales beat estimates on demand for new drugs

Reuters with CNBC.com
Eli Lilly CEO: Revenue grew 9 percent this quarter

Eli Lilly reported better-than-expected quarterly sales, driven by demand for its newer treatments for diabetes and cancer.

Shares of the drugmaker were up 1 percent before the opening bell.

Revenue rose 8.6 percent to $5.4 billion in the second quarter, topping Wall Street estimates of $5.15 billion, as demand increased for its drugs including Trulicity, Cyramza and Humalog.

"We're pleased with revenue this quarter," CEO John Lechleiter told CNBC's "Squawk Box."

"I think it's important 8 percent of that is volume growth. Six percentage points came from new products we've launch since 2014, so this is exactly the trajectory we want to be on," he said.

Lilly resumed earnings growth last year after three years of tumbling sales due to weak demand for its key products amid competition from generic products.

The 140-year-old U.S. drugmaker said its net income rose 24.5 percent to $747.7 million, or 71 cents per share, in the quarter ended June 30.

Excluding special items, Lilly earned 86 cents per share, in line with the average analyst estimate, according to Thomson Reuters.

— CNBC's Tom DiChristopher contributed to this report.