NEW YORK (TheStreet) -- Eli Lilly (LLY) - Get Report raised its full-year earnings guidance after topping the third-quarter consensus earnings estimate.

The company raised its full-year earnings guidance to $4.65 to $4.75 a share on a non-GAAP basis vs. a previous estimate of $4.50 to $4.65 a share. Analysts, on average, were expecting earnings of $4.61 a share.

For the third quarter, Eli Lilly posted a net income increase of 38% to $1.302 billion, or $1.18 a share, from $941.8 million, or 86 cents, the previous year, amid continued cost reduction. Adjusted earnings were $1.21 a share.

Revenue rose 2% to $5.655 billion from $5.562 billion.

The Wall Street consensus estimate for the quarter was earnings of $1.15 a share on revenue of $5.79 billion.

Eli Lilly shares were higher by 1.4% to $36.51 in premarket trading Thursday.

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-- Written by Andrea Tse in New York.

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