ELI LILLY & Co — Director's Dealing 2005

May 3, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2005-05-02

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-05-02	31-Common Stock	S	1800	$58.75	Disposed	150744504	Direct
2005-05-02	32-Common Stock	S	2000	$58.74	Disposed	150742504	Direct
2005-05-02	33-Common Stock	S	2200	$58.73	Disposed	150740304	Direct
2005-05-02	34-Common Stock	S	2800	$58.72	Disposed	150737504	Direct
2005-05-02	35-Common Stock	S	700	$58.71	Disposed	150736804	Direct
2005-05-02	36-Common Stock	S	100	$58.70	Disposed	150736704	Direct
2005-05-02	37-Common Stock	S	1300	$58.69	Disposed	150735404	Direct
2005-05-02	38-Common Stock	S	900	$58.68	Disposed	150734504	Direct
2005-05-02	39-Common Stock	S	100	$58.67	Disposed	150734404	Direct
2005-05-02	40-Common Stock	S	900	$58.66	Disposed	150733504	Direct
2005-05-02	41-Common Stock	S	300	$58.64	Disposed	150733204	Direct
2005-05-02	42-Common Stock	S	2000	$58.63	Disposed	150731204	Direct
2005-05-02	43-Common Stock	S	300	$58.62	Disposed	150730904	Direct
2005-05-02	44-Common Stock	S	400	$58.61	Disposed	150730504	Direct
2005-05-02	45-Common Stock	S	1300	$58.60	Disposed	150729204	Direct
2005-05-02	46-Common Stock	S	300	$58.59	Disposed	150728904	Direct
2005-05-02	47-Common Stock	S	800	$58.58	Disposed	150728104	Direct
2005-05-02	48-Common Stock	S	400	$58.57	Disposed	150727704	Direct
2005-05-02	49-Common Stock	S	300	$58.56	Disposed	150727404	Direct
2005-05-02	50-Common Stock	S	700	$58.55	Disposed	150726704	Direct
2005-05-02	51-Common Stock	S	600	$58.52	Disposed	150726104	Direct
2005-05-02	52-Common Stock	S	700	$58.51	Disposed	150725404	Direct
2005-05-02	53-Common Stock	S	1000	$58.50	Disposed	150724404	Direct
2005-05-02	54-Common Stock	S	1400	$58.49	Disposed	150723004	Direct
2005-05-02	55-Common Stock	S	300	$58.48	Disposed	150722704	Direct
2005-05-02	56-Common Stock	S	1900	$58.47	Disposed	150720804	Direct
2005-05-02	57-Common Stock	S	1000	$58.46	Disposed	150719804	Direct
2005-05-02	58-Common Stock	S	2800	$58.45	Disposed	150717004	Direct
2005-05-02	59-Common Stock	S	3600	$58.44	Disposed	150713404	Direct
2005-05-02	60-Common Stock	S	1300	$58.43	Disposed	150712104	Direct