Updated from 6:56 a.m. EDT

Eli Lilly ( LLY) reported first-quarter net income rose 24% to $1.31 billion, or $1.20 a share, topping analysts' estimates of 99 cents a share as total revenue rose 5% to $5.05 billion.

In the year-earlier first quarter, the health care company reported earnings of $1.06 billion, or 97 cents a share, on sales of $4.81 billion.

The company reconfirmed its 2009 financial guidance, including earnings guidance of $4 to $4.25 a share. Analysts expect earnings of $4.14 a share.

The drugmaker said its first-quarter profits rose on a boost in sales of the antidepressant Cymbalta and the insulin Humalog as costs fell.

Higher prices for several drugs also helped revenue.
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