NEW YORK (TheStreet) -- Drug manufacturing company Eli Lilly (LLY) - Get Report reported third quarter earnings results before the market open on Tuesday that fell short of analysts' expectations. The stock closed in the green this afternoon.

The company reported non-GAAP earnings of 88 cents per share on revenue of $5.2 billion for the period. Analysts had forecast for earnings of 96 cents per share on revenue of $5.3 billion.

Company CEO John Lechleiter appeared on today's "Bloomberg Daybreak: Americas" to discuss several topics including the financial results and the future of the company's animal health business. Lechleiter will be stepping down as CEO this year.

"We're absolutely not disappointed," Lechleiter said of the earnings results. "We've kept our EPS guidance for the year at $3.50 to $3.60. We marginally increased our revenue guides for the year. You know we stopped guiding for the quarter many years ago and we certainly don't manage our business to meet a consensus estimate."

The CEO continued by saying again that the company is pleased with its results and noted a 7% volume growth, which he attributed to new product launches. "Our pipeline keeps flowing," he said.

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BloombergTV's Jonathan Ferro questioned Lechleiter on the company's "blockbuster" diabetes drug Trulicity. He asked the CEO if Eli Lilly can sustain the market share it has been taking in that space given the competition.

"We're very, very pleased with the performance of Trulicity," Lechleiter said. "While the drug was still in development we communicated clearly that our expectation is that Trulicity would fuel the growth of the class and we're certainly seeing that."

Eli Lilly's animal health unit has gone through several acquisitions, about 10 since 2007, Ferro pointed out. He asked the CEO if he expects to see this division spun-off when he leaves the company.

This is not something Lechleiter expects to see. Eli Lilly likes having the animal health unit as a part of the company. Animal Health is about 15% of the company's revenue and is a space that is growing so the company will "stick with it."

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:

We rate LILLY (ELI) & CO as a Buy with a ratings score of B+. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, impressive record of earnings per share growth and good cash flow from operations. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results.

You can view the full analysis from the report here: LLY

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