Revenue during the quarter grew 7.16 percent to $5,760.50 million from $5,375.60 million in the previous year period. Gross margin for the quarter expanded 39 basis points over the previous year period to 74.55 percent. Total expenses were 84.79 percent of quarterly revenues, down from 92.56 percent for the same period last year. This has led to an improvement of 777 basis points in operating margin to 15.21 percent.

Operating income for the quarter was $876.20 million, compared with $399.90 million in the previous year period.

“Newly launched products - including Trulicity, Cyramza, Jardiance and Taltz - led Lilly’s volume-driven growth in 2016. Pipeline progress also continued with approvals of new products and new indications for existing products in our core therapeutic areas of diabetes, oncology and immunology," said David A. Ricks, Lilly’s president and chief executive officer. “We expect this momentum to continue in 2017 and remain focused on launching new products, improving productivity and advancing our pipeline as we work to bring life-changing medicines to patients.”

Lilly Eli & Co forecasts revenue to be in the range of $21,800 million to $22,300 million for fiscal year 2017. For fiscal year 2017, the company expects diluted earnings per share to be in the range of $2.69 to $2.79. For fiscal year 2017, the company expects diluted earnings per share to be in the range of $4.05 to $4.15 on adjusted basis.