Pharmaceutical company Eli Lilly and Company (NYSE:LLY) stated on Thursday its net income of USD478.4m for the fourth quarter of 2015.

This marks an increase of 12% when compared with net income of USD428.5m in the fourth quarter of 2014.

Earnings per share of USD0.45 were recorded in the fourth quarter of 2015, up 13% with earnings per share of USD0.40 in the fourth quarter of 2014.

The company said the increases in net income and earnings per share were driven by a lower effective tax rate and higher operating income, partially offset by lower other income.

For the fourth quarter of 2015, the company collected worldwide revenue of USD5.376bn from the revenues of USD5.399bn in the fourth quarter of 2014.

Research and development expenses of USD1.444bn, or 26.9% of revenue was reported for the fourth quarter of 2015,, a growth of 22% primarily driven by charges associated with the terminations of evacetrapib and basal insulin peglispro of approximately USD135m, and higher late-stage clinical development costs.