ELI LILLY & Co — Director's Dealing 2007

May 10, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2007-05-09

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-05-09	1-Common Stock	S	300	$59.42	Disposed	139005504	Direct
2007-05-09	2-Common Stock	S	400	$59.44	Disposed	139005104	Direct
2007-05-09	3-Common Stock	S	1100	$59.45	Disposed	139004004	Direct
2007-05-09	4-Common Stock	S	500	$59.47	Disposed	139003504	Direct
2007-05-09	5-Common Stock	S	400	$59.48	Disposed	139003104	Direct
2007-05-09	6-Common Stock	S	800	$59.49	Disposed	139002304	Direct
2007-05-09	7-Common Stock	S	1300	$59.50	Disposed	139001004	Direct
2007-05-09	8-Common Stock	S	2000	$59.51	Disposed	138999004	Direct
2007-05-09	9-Common Stock	S	3900	$59.52	Disposed	138995104	Direct
2007-05-09	10-Common Stock	S	6500	$59.53	Disposed	138988604	Direct
2007-05-09	11-Common Stock	S	8800	$59.54	Disposed	138979804	Direct
2007-05-09	12-Common Stock	S	7600	$59.55	Disposed	138972204	Direct
2007-05-09	13-Common Stock	S	6985	$59.56	Disposed	138965219	Direct
2007-05-09	14-Common Stock	S	8671	$59.57	Disposed	138956548	Direct
2007-05-09	15-Common Stock	S	10113	$59.58	Disposed	138946435	Direct
2007-05-09	16-Common Stock	S	7944	$59.59	Disposed	138938491	Direct
2007-05-09	17-Common Stock	S	7187	$59.60	Disposed	138931304	Direct
2007-05-09	18-Common Stock	S	8280	$59.61	Disposed	138923024	Direct
2007-05-09	19-Common Stock	S	3900	$59.62	Disposed	138919124	Direct
2007-05-09	20-Common Stock	S	3120	$59.63	Disposed	138916004	Direct
2007-05-09	21-Common Stock	S	3500	$59.64	Disposed	138912504	Direct
2007-05-09	22-Common Stock	S	2500	$59.65	Disposed	138910004	Direct
2007-05-09	23-Common Stock	S	2000	$59.66	Disposed	138908004	Direct
2007-05-09	24-Common Stock	S	9500	$59.67	Disposed	138898504	Direct
2007-05-09	25-Common Stock	S	7300	$59.68	Disposed	138891204	Direct
2007-05-09	26-Common Stock	S	6200	$59.69	Disposed	138885004	Direct
2007-05-09	27-Common Stock	S	3794	$59.70	Disposed	138881210	Direct
2007-05-09	28-Common Stock	S	8200	$59.71	Disposed	138873010	Direct
2007-05-09	29-Common Stock	S	7600	$59.72	Disposed	138865410	Direct
2007-05-09	30-Common Stock	S	7006	$59.73	Disposed	138858404	Direct