Eli Lilly's revenue rises 5 percent as diabetes drugs gain

Drugmaker Eli Lilly and Co reported a 5 percent rise in quarterly revenue, helped by increased sales of its diabetes drugs and higher volume.

The company in early January said its Jardiance diabetes treatment grabbed market share during the fourth quarter but forecast 2016 revenue below expectations.

Net income rose to $478.4 million, or 45 cents per share, in the fourth quarter ended Dec. 31, from $428.5 million, or 40 cents per share, a year earlier.

Excluding special items, the company earned 78 cents per share, in line with the average analyst expectation, according to Thomson Reuters I/B/E/S.

Revenue rose to $5.38 billion from $5.12 billion. Analysts on average had expected $5.32 billion.