Indianapolis-based Eli Lilly and Co. (NYSE: LLY) is reporting a first quarter net loss of $110.8 million, compared with a profit of $440.1 million during the same period the previous year, largely due to the $960 million acquisition of CoLucid Pharmaceuticals Inc. The company says revenue increased 7 percent, ahead of analyst expectations, driven by demand for products including Trulicity and Taltz.

Chief Executive Officer David Ricks says the new product launches "led the company to a strong quarter of volume-driven revenue growth." He says Lilly remains "on track to sustain a steady flow of innovation."

Lilly completed the acquisition of CoLucid in March. The Massachusetts-based company is developing an oral treatment for migraines called lasmiditan. The treatment was originally discovered at Lilly and out-licensed to CoLucid in 2005. The drug has completed the first of two Phase 3 trials, with the second expected in the second half of the year.

The company last month detailed plans to invest $850 million into its U.S. operations this year, including a new $85 million expansion of its Trulicity device assembly operations. At the time, Ricks said the plans show the company's potential for growth and a long-standing commitment to its U.S. operations.

The report comes after some recent setbacks for the drugmaker. Earlier this month, the U.S. Food and Drug Administration rejected a new drug application for a once-daily treatment for rheumatoid arthritis, saying more clinical results are needed before baricitinib could be approved. Late last year, Lilly dropped further pursuit for solanezumab, a once-promising potential treatment for the effects of Alzheimer's disease, after disappointing late-stage clinical trial results.