After Its Strong First-Quarter Results, Should You Buy Shares of Eli Lilly?
Amid the COVID-19 pandemic, many businesses are struggling financially. With reduced foot traffic and lower sales volumes in stores as a result of social distancing measures, some companies will likely never fully recover. However, other companies have benefited from the current situation, one of which is Eli Lilly (NYSE: LLY).
The pharma giant reported its first-quarter financial results on April 23 and said the following, "Worldwide volume growth in the first quarter of 2020 was favorably impacted by increased customer buying patterns and patient prescription trends resulting from the COVID-19 pandemic that increased worldwide revenue by approximately $250 million." Eli Lilly even revised its guidance upward for the current fiscal year; the company previously expected its non-GAAP earnings per share (EPS) for 2020 to be in the range of $6.70 to $6.80, but now expects a range between $6.70 to $6.90.
With the ongoing public health crisis having a positive impact on its financial results, is now a good time to buy shares of Eli Lilly?
Source Fool.com
