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	1-Common Stock	S	4100	$59.06	Disposed	150806704	Direct
2005-05-02	2-Common Stock	S	1100	$59.05	Disposed	150805604	Direct
2005-05-02	3-Common Stock	S	200	$59.04	Disposed	150805404	Direct
2005-05-02	4-Common Stock	S	1300	$59.03	Disposed	150804104	Direct
2005-05-02	5-Common Stock	S	700	$59.02	Disposed	150803404	Direct
2005-05-02	6-Common Stock	S	2800	$59.00	Disposed	150800604	Direct
2005-05-02	7-Common Stock	S	1000	$58.99	Disposed	150799604	Direct
2005-05-02	8-Common Stock	S	800	$58.98	Disposed	150798804	Direct
2005-05-02	9-Common Stock	S	2400	$58.97	Disposed	150796404	Direct
2005-05-02	10-Common Stock	S	2600	$58.96	Disposed	150793804	Direct
2005-05-02	11-Common Stock	S	2600	$58.95	Disposed	150791204	Direct
2005-05-02	12-Common Stock	S	1800	$58.94	Disposed	150789404	Direct
2005-05-02	13-Common Stock	S	1500	$58.93	Disposed	150787904	Direct
2005-05-02	14-Common Stock	S	3800	$58.92	Disposed	150784104	Direct
2005-05-02	15-Common Stock	S	6700	$58.91	Disposed	150777404	Direct
2005-05-02	16-Common Stock	S	2700	$58.90	Disposed	150774704	Direct
2005-05-02	17-Common Stock	S	2900	$58.89	Disposed	150771804	Direct
2005-05-02	18-Common Stock	S	2800	$58.88	Disposed	150769004	Direct
2005-05-02	19-Common Stock	S	4100	$58.87	Disposed	150764904	Direct
2005-05-02	20-Common Stock	S	3800	$58.86	Disposed	150761104	Direct
2005-05-02	21-Common Stock	S	600	$58.85	Disposed	150760504	Direct
2005-05-02	22-Common Stock	S	1500	$58.84	Disposed	150759004	Direct
2005-05-02	23-Common Stock	S	600	$58.83	Disposed	150758404	Direct
2005-05-02	24-Common Stock	S	2700	$58.82	Disposed	150755704	Direct
2005-05-02	25-Common Stock	S	3500	$58.81	Disposed	150752204	Direct
2005-05-02	26-Common Stock	S	700	$58.80	Disposed	150751504	Direct
2005-05-02	27-Common Stock	S	1700	$58.79	Disposed	150749804	Direct
2005-05-02	28-Common Stock	S	1400	$58.78	Disposed	150748404	Direct
2005-05-02	29-Common Stock	S	1200	$58.77	Disposed	150747204	Direct
2005-05-02	30-Common Stock	S	900	$58.76	Disposed	150746304	Direct