NEW YORK (TheStreet) -- Eli Lilly & Co.'s (LLY) - Get Report  drug Portrazza, used to treat a form of lung cancer, received approval from the FDA earlier today. 

Combined with gemcitabine and cisplatin, two forms of chemotherapy, patients with metastatic squamous non-small cell lung cancer can be treated with Portrazza, the company said. 

The five-year survival rate for patients with metastatic disease is less than 5%, as metastatic squamous is a difficult-to-treat form of lung cancer with few treatment methods. 

"The approval of Portrazza is an important step forward that reaffirms Lilly's commitment to discovering new treatments that respond to the needs of individual patients," said Richard Gaynor, MD, Senior VP of product development and medical affairs for Lilly Oncology.

Shares of Eli Lilly are retreating 1.12% to $83.79 on Tuesday afternoon.

Based in Indianapolis, IN, Eli Lilly discovers, develops, manufactures, and sells pharmaceutical products worldwide.

Separately, TheStreet Ratings team rates LILLY (ELI) & CO as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

We rate LILLY (ELI) & CO (LLY) a BUY. This is driven by a number of strengths, 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, increase in net income, expanding profit margins and notable return on equity. We feel its strengths outweigh the fact that the company shows weak operating cash flow.

Highlights from the analysis by TheStreet Ratings Team goes as follows:

  • LLY's revenue growth has slightly outpaced the industry average of 3.7%. Since the same quarter one year prior, revenues slightly increased by 1.7%. Growth in the company's revenue appears to have helped boost the earnings per share.
  • The current debt-to-equity ratio, 0.53, is low and is below the industry average, implying that there has been successful management of debt levels. Along with the favorable debt-to-equity ratio, the company maintains an adequate quick ratio of 1.01, which illustrates the ability to avoid short-term cash problems.
  • The company, on the basis of net income growth from the same quarter one year ago, has significantly outperformed against the S&P 500 and exceeded that of the Pharmaceuticals industry average. The net income increased by 59.7% when compared to the same quarter one year prior, rising from $500.60 million to $799.70 million.
  • The gross profit margin for LILLY (ELI) & CO is currently very high, coming in at 82.71%. It has increased from the same quarter the previous year. Despite the strong results of the gross profit margin, LLY's net profit margin of 16.12% significantly trails the industry average.
  • The return on equity has improved slightly when compared to the same quarter one year prior. This can be construed as a modest strength in the organization. Compared to other companies in the Pharmaceuticals industry and the overall market on the basis of return on equity, LILLY (ELI) & CO has underperformed in comparison with the industry average, but has exceeded that of the S&P 500.
  • You can view the full analysis from the report here: LLY