The company has received the US Food and Drug Administration approval for Axiron on 23 November 2010.
Eli Lilly said the study results demonstrated that Axiron helped in restoring testosterone levels to within the normal range in most men.
University of California Medicine clinical trial investigator Ronald Swerdloff said currently, healthcare professionals and patients have access to topical testosterone treatment options that are applied to various areas of the skin.
"Axiron offers a new application method for patients to apply testosterone to the underarm using an applicator," Swerdloff said.