UPDATE 1-Drugmaker Lilly's second-quarter profit beats estimates

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July 25 (Reuters) - U.S. drugmaker Eli Lilly and Co reported a higher-than-expected quarterly profit on Tuesday, helped by strong demand for its new treatments.

Lilly has built a robust portfolio of newer drugs, ranging from diabetes treatment Trulicity to psoriasis drug Taltz, as the drugmaker looks to increase revenue by an average 5 percent every year through 2020.

The company said it would build on its oncology portfolio, pursuing new standard-of-care changing therapies that target tumor dependencies in certain populations and develop next-generation immunotherapies.

Excluding items, Lilly earned $1.11 per share, above the average analyst expectation of $1.05 per share, according to Thomson Reuters I/B/E/S.

Lilly's total revenue rose to $5.82 billion from $5.40 billion. Analysts on average had expected $5.60 billion.

Net income rose to $1.01 billion, or 95 cents per share, in the second quarter ended June 30, from $747.7 million, or 71 cents per share, a year earlier.

Trulicity, an injectable diabetes treatment that competes with Novo Nordisk's blockbuster Victoza, reported sales of $480 million, higher than the consensus estimate of $411 million, according to Barclays.

Taltz brought in sales of $138.7 million, ahead of the consensus estimate of $122 million.

However, the Indianapolis-based drugmaker has suffered setbacks recently, with the U.S. Food and Drug Administration in April declining to approve a new drug for rheumatoid arthritis made by Lilly and partner Incyte Corp.

Lilly said on Tuesday resubmission of the marketing application for the drug, baricitinib, to the FDA will be delayed beyond 2017. (Reporting by Ankur Banerjee in Bengaluru; Editing by Martina D'Couto)