INDIANAPOLIS ( TheStreet) -- Eli Lilly ( LLY) said fourth-quarter net income jumped 28% as higher volumes led to a revenue increase of 4%.

Eli Lilly said it earned $1.17 billion, or $1.05 a share, in the fourth quarter, up from $915.4 million, or 83 cents a share, a year earlier. On a non-GAAP basis, earnings were $1.11 a share.

Revenue rose to $6.19 billion from $5.93 billion. Total revenue in the U.S. rose 5% to $3.42 billion because of higher prices.

"Lilly's fourth quarter results capped a year of solid financial performance in which we achieved volume-driven revenue growth along with good expense control," said John Lechleiter, chairman and CEO, in a statement Thursday.

The drugmaker said it expects 2011 earnings of $3.92 to $4.07 a share on a reported basis, or $4.15 to $4.30 on a non-GAAP basis. Analysts surveyed by Thomson Reuters forecast 2011 earnings of $4.29 a share.

-- Written by Joseph Woelfel

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