ELI LILLY & Co — Director's Dealing 2004

Jul 28, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2004-07-27

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-07-27	1-Common Stock	S	200	$63.72	Disposed	152000604	Direct
2004-07-27	2-Common Stock	S	600	$63.69	Disposed	152000004	Direct
2004-07-27	3-Common Stock	S	600	$63.68	Disposed	151999404	Direct
2004-07-27	4-Common Stock	S	800	$63.67	Disposed	151998604	Direct
2004-07-27	5-Common Stock	S	2200	$63.65	Disposed	151996404	Direct
2004-07-27	6-Common Stock	S	800	$63.64	Disposed	151995604	Direct
2004-07-27	7-Common Stock	S	600	$63.61	Disposed	151995004	Direct
2004-07-27	8-Common Stock	S	700	$63.60	Disposed	151994304	Direct
2004-07-27	9-Common Stock	S	600	$63.51	Disposed	151993704	Direct
2004-07-27	10-Common Stock	S	600	$63.50	Disposed	151993104	Direct
2004-07-27	11-Common Stock	S	900	$63.43	Disposed	151992204	Direct
2004-07-27	12-Common Stock	S	800	$63.41	Disposed	151991404	Direct
2004-07-27	13-Common Stock	S	300	$63.40	Disposed	151991104	Direct
2004-07-27	14-Common Stock	S	1200	$63.39	Disposed	151989904	Direct
2004-07-27	15-Common Stock	S	600	$63.38	Disposed	151989304	Direct
2004-07-27	16-Common Stock	S	1400	$63.36	Disposed	151987904	Direct
2004-07-27	17-Common Stock	S	800	$63.35	Disposed	151987104	Direct
2004-07-27	18-Common Stock	S	1000	$63.33	Disposed	151986104	Direct
2004-07-27	19-Common Stock	S	600	$63.32	Disposed	151985504	Direct
2004-07-27	20-Common Stock	S	1200	$63.31	Disposed	151984304	Direct
2004-07-27	21-Common Stock	S	2200	$63.30	Disposed	151982104	Direct
2004-07-27	22-Common Stock	S	1200	$63.29	Disposed	151980904	Direct
2004-07-27	23-Common Stock	S	2400	$63.26	Disposed	151978504	Direct
2004-07-27	24-Common Stock	S	600	$63.25	Disposed	151977904	Direct
2004-07-27	25-Common Stock	S	600	$63.24	Disposed	151977304	Direct
2004-07-27	26-Common Stock	S	800	$63.23	Disposed	151976504	Direct
2004-07-27	27-Common Stock	S	600	$63.22	Disposed	151975904	Direct
2004-07-27	28-Common Stock	S	600	$63.21	Disposed	151975304	Direct
2004-07-27	29-Common Stock	S	1500	$63.20	Disposed	151973804	Direct
2004-07-27	30-Common Stock	S	1100	$63.19	Disposed	151972704	Direct