ELI LILLY & Co — Director's Dealing 2005

May 11, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2005-05-10

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-05-10	1-Common Stock	S	100	$59.62	Disposed	150670704	Direct
2005-05-10	2-Common Stock	S	900	$59.58	Disposed	150669804	Direct
2005-05-10	3-Common Stock	S	900	$59.57	Disposed	150668904	Direct
2005-05-10	4-Common Stock	S	200	$59.56	Disposed	150668704	Direct
2005-05-10	5-Common Stock	S	500	$59.55	Disposed	150668204	Direct
2005-05-10	6-Common Stock	S	1300	$59.54	Disposed	150666904	Direct
2005-05-10	7-Common Stock	S	3000	$59.53	Disposed	150663904	Direct
2005-05-10	8-Common Stock	S	1200	$59.52	Disposed	150662704	Direct
2005-05-10	9-Common Stock	S	3600	$59.51	Disposed	150659104	Direct
2005-05-10	10-Common Stock	S	2900	$59.50	Disposed	150656204	Direct
2005-05-10	11-Common Stock	S	1000	$59.49	Disposed	150655204	Direct
2005-05-10	12-Common Stock	S	800	$59.48	Disposed	150654404	Direct
2005-05-10	13-Common Stock	S	2000	$59.47	Disposed	150652404	Direct
2005-05-10	14-Common Stock	S	2400	$59.46	Disposed	150650004	Direct
2005-05-10	15-Common Stock	S	2300	$59.45	Disposed	150647704	Direct
2005-05-10	16-Common Stock	S	1600	$59.44	Disposed	150646104	Direct
2005-05-10	17-Common Stock	S	1900	$59.43	Disposed	150644204	Direct
2005-05-10	18-Common Stock	S	1800	$59.42	Disposed	150642404	Direct
2005-05-10	19-Common Stock	S	5000	$59.41	Disposed	150637404	Direct
2005-05-10	20-Common Stock	S	3100	$59.40	Disposed	150634304	Direct
2005-05-10	21-Common Stock	S	2000	$59.39	Disposed	150632304	Direct
2005-05-10	22-Common Stock	S	2200	$59.38	Disposed	150630104	Direct
2005-05-10	23-Common Stock	S	1600	$59.37	Disposed	150628504	Direct
2005-05-10	24-Common Stock	S	2800	$59.36	Disposed	150625704	Direct
2005-05-10	25-Common Stock	S	1700	$59.35	Disposed	150624004	Direct
2005-05-10	26-Common Stock	S	2300	$59.34	Disposed	150621704	Direct
2005-05-10	27-Common Stock	S	2900	$59.33	Disposed	150618804	Direct
2005-05-10	28-Common Stock	S	2600	$59.32	Disposed	150616204	Direct
2005-05-10	29-Common Stock	S	3600	$59.31	Disposed	150612604	Direct
2005-05-10	30-Common Stock	S	2100	$59.30	Disposed	150610504	Direct