Eli Lilly (LLY) is scheduled to report the results its first fiscal quarter before the market open on Thursday, April 23, with a conference call scheduled for 9:00 am EDT. What to watch for 1. GUIDANCE: Along with its fourth quarter report in late January, the drug giant backed its FY20 EPS view $6.70-$6.80 and raised its revenue view to $23.7B-$24.2B from $23.6B-$24.1B. 2. NEWER DRUGS LEAD GROWTH: Revenue in Q4 grew 8%, driven by 10% volume growth. Revenue in the U.S. increased 3% to $12.7B, driven by increased volume for key growth products, including Trulicity, Taltz, Verzenio, Jardiance, Emgality, and Basaglar. The increase in revenue was partially offset by decreased volume for products that have lost exclusivity, primarily Cialis, as well as the impact from the product withdrawal of Lartruvo, and lower volume for Forteo. Excluding Cialis, volume in the U.S. grew 15%. The increase in U.S. revenue was negatively impacted by lower realized prices for several products, primarily Trulicity. Revenue outside the U.S. increased 5% to $9.6B, due to increased volume for key growth products, including Trulicity, Olumiant, Taltz, Jardiance, and Verzenio.4. LILLY DRUG TO BE TESTED AS COVID-19 TREATMENT: Eli Lilly announced on April 12 that it had entered into an agreement with the National Institute of Allergy and Infectious Diseases, part of the National Institutes of Health, to study baricitinib as an arm in NIAID’s Adaptive COVID-19 Treatment Trial. The study will investigate the efficacy and safety of baricitinib as a potential treatment for hospitalized patients diagnosed with COVID-19, beginning this month in the U.S. with a planned expansion to additional sites including Europe and Asia. Results are expected within the next two months. PROGRESS IN DIABETES: In late January, the FDA approved Trijardy XR extended-release tablets to lower blood sugar in adults with type 2 diabetes in late January, along with diet and exercise. Trijardy XR provides three type 2 diabetes medicines in one pill, including Jardiance, Tradjenta, and metformin hydrochloride extended-release.