Eli Lilly & Co. (NYSE: LLY) reported Q2 adjusted EPS of $1.16, $0.15 better than the analyst estimate of $1.01. Revenue for the quarter came in at $5.93 billion versus the consensus estimate of $5.82 billion.

Numbers compare with revs of $5.600 billion and EPS of $0.83 reported in the same period last year.

Gross margin improved 80 basis points to 80.3 percent.

In the second quarter, Lilly delivered solid financial results, highlighted by good revenue growth and strict cost containment efforts that led to robust earnings growth, commented CEO John Lechleiter. Continued operating and financial discipline, along with a maturing pipeline of potential new medicines, gives me great confidence in the company's ability to meet the challenges we face from upcoming patent expirations and to resume growth after 2014.

Cymbalta revs improved 22 percent to $1.497 bukkuib, while Cialis sales rose 13 percent to $529.4 million. Year-to-date, Cymbalta is up 21 percent while Cialis is up 12 percent.

Some key events in the quarter included:

• The marketing authorization application for LY2963016, an investigational basal (long-acting) insulin for the treatment of type 1 and type 2 diabetes, was accepted for review by the European Medicines Agency. LY2963016 is a new insulin glargine product being developed in collaboration with Boehringer Ingelheim.
  
  
• Lilly disclosed positive Phase III clinical trial data for several late-stage investigational medicines from its diabetes pipeline, including dulaglutide and, in collaboration with Boehringer Ingelheim, empagliflozin, as part of the American Diabetes Association Scientific Sessio
  
  
• The company announced that the PRONOUNCE study of Alimta did not achieve its primary endpoint of improved progression-free survival without grade four adverse events in nonsquamous non-small cell lung cancer.

Looking ahead, Lilly has boosted FY13 expectations. Adjusted EPS is expected to be $4.05 to $4.15, while revenue should be $22.6 billion to $23.4 billion. The Street sees EPS of $3.92 and revs of $22.80 billion.

For earnings history and earnings-related data on Eli Lilly & Co. (LLY) click here.