INDIANAPOLIS - Indianapolis-based Eli Lilly and Co. (NYSE: LLY) is reporting third-quarter net income of $1.2 billion, compared to the $1.1 billion during the same period last year.

The company says the increase in net income is primarily driven by higher operating income and lower tax expense, partially offset by lower net income from discontinued operations related to Elanco Animal Health. 

Lilly spun off Elanco as its own, independent publicly-traded company last year.

The company credits regulatory approval of several products for the strong results in Q3. Two weeks ago, the U.S. Food and Drug Administration approved REYVOW, an oral medication for the acute treatment of migraines.

"Lilly continued to deliver strong results in the third quarter, due in large part to the growth of our newer medicines and our ability to effectively manage costs while supporting global launches in highly competitive classes and funding our next generation of new therapies," said David Ricks, Lilly's chairman and chief executive officer. "Lilly's revenue growth is being driven by volume, not price, as more and more patients are benefiting from our recently launched medicines.”

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The company also announced the retirement of Enrique Conterno, senior vice president of Lilly and president of Lilly Diabetes.

Conterno has been with the company for 27 years. In 2009, he took the helm of Lilly Diabetes. Lilly has named Mike Mason as Conterno’s replacement as president of Lilly Diabetes. Mason’s been with the company for 30 years.