[Form 4] Eli Lilly & Co. Insider Trading Activity

Rhea-AI Filing Summary

Eli Lilly executive Lucas E. Montarce reported an open-market purchase of 715 shares of Eli Lilly common stock at a weighted-average price of $691.786, executed in multiple trades at prices between $691.67 and $691.90. After the reported purchases, the reporting person beneficially owns 14,684.736 shares of the company's common stock. The filing identifies the reporting person as an officer (EVP & CFO) and includes an undertaking to provide details of the number of shares bought at each separate price within the stated range upon request.

Positive

• Officer purchase disclosed: EVP & CFO acquired 715 shares, signaling internal buying activity.
• Transparent pricing disclosure: Weighted-average price provided with explicit per-trade range ($691.67–$691.90) and offer to furnish trade-level details.
• Clear reporting: Form identifies reporting relationship and files as a single reporting person with required signature authorization.

Negative

• None.

Insights

Financial Analyst

TL;DR: Insider purchase by the CFO of 715 shares at a ~$691.79 weighted average, modest in size relative to a large-cap issuer.

The disclosed purchase is a routine officer buy, signaling internal confidence but representing a small absolute holding given Eli Lilly's market capitalization. The weighted-average price and range are clearly reported, and the reporting person offers to disclose per-trade quantities if requested, which improves transparency. This transaction is unlikely to materially affect valuation or share supply.

Corporate Governance Expert

TL;DR: Proper Section 16 reporting of an officer purchase with clear pricing disclosure and authorization signature on file.

The form correctly identifies the reporting person as EVP & CFO and shows a single-person Form 4 filing. Footnote disclosure of the weighted-average price and willingness to provide trade-level detail aligns with good governance and SEC transparency expectations. No red flags in filing completeness or coding of the transaction.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Montarce Lucas

(Last) (First) (Middle)

LILLY CORPORATE CENTER

(Street)

INDIANAPOLIS IN 46285

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
ELI LILLY & Co [ LLY ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP & CFO

3. Date of Earliest Transaction (Month/Day/Year)
08/15/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/15/2025		P		715	A	$691.786(1)	14,684.736	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $691.67 to $691.90, inclusive. The reporting person undertakes to provide to Eli Lilly and Company, any security holder of Eli Lilly and Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

Remarks:

	/s/ Jonathan Groff for Lucas E. Montarce, pursuant to authorization on file	08/15/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transaction did Lucas E. Montarce report on the Form 4 for LLY?

He reported a purchase of 715 shares of Eli Lilly common stock executed at a weighted-average price of $691.786, in trades priced between $691.67 and $691.90.

How many Eli Lilly shares does the reporting person own after the transaction?

14,684.736 shares beneficially owned following the reported purchases.

What is the reporting person's role at Eli Lilly?

The filing lists the reporting person as an Officer (EVP & CFO) and indicates the filing was made by one reporting person.

Did the Form 4 include details about the per-trade prices?

The form provides a weighted-average price and states the trades occurred in the range $691.67–$691.90, offering to supply per-trade quantities on request.

Was this transaction part of a 10b5-1 plan or similar?

The form does not indicate that the transaction was made pursuant to a 10b5-1 plan; the 10b5-1 checkbox is not marked in the provided content.