Shares of Eli Lilly (NYSE: LLY) jumped as much as 5.1% on Tuesday. However, as of 11:37 a.m. ET, the big pharma stock was down by 0.5%.

The initial spike came after Lilly announced its 2023 fourth-quarter and full-year results. The company reported Q4 revenue of $9.35 billion, up 28% year over year. This result came in well above the average analysts' revenue estimate of $8.93 billion.

Lilly posted Q4 earnings of $2.19 billion, or $2.42 per share, based on generally accepted accounting principles (GAAP). Its non-GAAP (adjusted) earnings in the quarter were $2.25 billion, or $2.49 per share. The consensus Wall Street estimate was for non-GAAP earnings of $2.22 per share.

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Source Fool.com