Eli Lilly and Company

Colonel Eli Lilly founded the global research-based company, Lilly Pharmaceuticals, with a commitment to manufacturing pharmaceutical products of the highest quality and developing medicines based on the best science of the day.

Colonel Lilly, with the encouragement of Augustus Keifer, established the company. The company's first employees included Caroline Krueger.

In 1890, J.K. Lilly, Sr. assumed control of the growing company, leading the transition to modern production and research practices at Eli Lilly and Company.

Eli Lilly advocated for federal regulation of the pharmaceutical industry and many of his suggested reforms were enacted into law in 1906, leading to the creation of the Food and Drug Administration.

In December 1921, there was a proposal for collaboration between University of Toronto scientists and Eli Lilly for the mass production of insulin. The researchers were initially hesitant, but eventually, a negotiation was made to accelerate the large-scale production of insulin.

In 1923, Frederick Banting and John Macleod were awarded the Nobel Prize for their research on insulin, which they shared with co-discoverers Charles Best and James Collip. This recognition significantly contributed to the company's reputation and success.

In June 1924, the first of the new American licensees, Frederick Stearns & Co., entered the insulin market, ending Eli Lilly's effective monopoly on the sale of insulin in the U.S. This event marked a shift in the competitive landscape for insulin products.

By 1926, Lilly sales had reached US $9 million and the company had produced over 2,800 different products, despite the economic challenges of the Great Depression.

Colonel Lilly's eldest grandson, Eli Lilly, was named as the president to succeed his father, Josiah K. Lilly Sr., in 1932.

In 1934, Eli Lilly and Company Limited, the company's first overseas subsidiary, was established in England. This marked a significant milestone in the company's global expansion and presence.

In 1945, Lilly began a major expansion effort that included two manufacturing operations in Indianapolis. This expansion marked a significant growth phase for the company.

In 1952, Eli Lilly and Company offered its first public shares of stock, marking a significant milestone in the company's financial history.

In 1953, Eugene Beesley became the first non-family member to serve as president of Eli Lilly and Company, signifying a shift in leadership within the company.

In 1954, Lilly was contracted to produce Salk's polio vaccine for clinical trials, manufacturing 60 percent of the vaccine in 1955. This marked the company's significant involvement in the production of a crucial vaccine.

In 1955, Eli Lilly and Company and other pharmaceutical manufacturers mass-produced the Salk polio vaccine to help prevent future cases of polio-based paralysis.

The Lilly Company became one of the chief producers of the Salk poliomyelitis vaccine, manufacturing 68 percent of the national supply in 1956, which played a crucial role in combating the polio outbreak in the United States and reducing the number of polio cases significantly by the 1960s.

The Eli Lilly and Company foundation was established as a separate, tax-exempt private charitable foundation, committed to improving healthcare and public education.

In 1969, Eli Lilly and Company opened a new plant in Clinton, Indiana, signifying the company's continued expansion and investment in manufacturing facilities.

In 1971, Eli Lilly and Company became a component of the S&P 500 Index, reflecting its significance in the financial market.

Lilly was among the first to produce human insulin from bacteria using groundbreaking recombinant DNA technology. This breakthrough promised to protect Lilly's majority share of the insulin market.

In 1981, Lilly significantly increased its spending on research and development of pharmaceuticals, resulting in the successful development and release of three new drugs, contributing to the company's growth and success.

Oraflex, the American version of Benoxaprofen, was withdrawn from the market in August 1982 due to documented cases of death due to jaundice in patients taking the drug. The FDA accused Lilly of suppressing unfavorable research findings.

On August 21, 1985, the U.S. Justice Department filed criminal charges against Lilly and Dr. William Ian H. Shedden for failing to inform the government about deaths and illnesses related to Oraflex. This resulted in a guilty plea from Lilly and fines for both defendants.

In 1988, Eli Lilly developed Prozac, the first drug of its kind to treat clinical depression, which became one of the company's most well-known products.

In the fall of 1992, Lilly recorded the first quarterly loss in its history. This was a significant financial setback for the company.

In June of 1993, Randall Tobias was appointed as the CEO and chairperson of Eli Lilly and Company. He was the first CEO to be recruited from outside the company. Despite his lack of experience in pharmaceuticals, Tobias announced a reorganization plan for the company, including divestment and cost-reduction programs.

In mid-1994, Lilly announced its plan to acquire PCS Health Systems Inc., America's largest pharmacy benefit manager, from McKesson Corp. for $4 billion. This acquisition was part of Randall Tobias' strategy to expand Lilly's international sales and adapt to the changing pharmaceutical industry influenced by managed care organizations.

In 1996, the FDA approved Lilly’s Gemzar as the nation’s first drug to treat pancreatic cancer, marking a significant advancement in the company's pharmaceutical offerings.

In January 2002, the United States Supreme Court rejected Lilly’s final patent appeal for Prozac without comment, leading to the possibility of other companies making generic versions of the antidepressant drug.

In October 2006, Lilly announced its intention to acquire Icos for $2.1 billion, and completed the acquisition on 29 January 2007, closing Icos manufacturing operations and terminating nearly 500 employees.

In January 2009, the largest criminal fine in United States history, totaling $1.415 billion, was imposed on Lilly for illegal marketing of its best-selling product, the atypical antipsychotic medication, Zyprexa.

In January 2011, Boehringer Ingelheim and Eli Lilly announced their global agreement for the joint development and marketing of new APIs for diabetes therapy, potentially worth over $1 billion for Lilly and over $800 million for Boehringer Ingelheim.

In September 2013, Eli Lilly sued Canada for violating its obligations to foreign investors under the North American Free Trade Agreement by allowing its courts to invalidate patents for Strattera and Zyprexa. Canadian courts found Strattera's seven-week long study of twenty-two patients, too short and too narrow in scope to qualify for the patent. The Zyprexa patent was invalidated because it had not achieved its promised utility. The company sought damages in the amount of $500 million for lost profits. They ultimately lost the case in 2017.

In April 2014, Lilly announced plans to buy Swiss drugmaker Novartis AG's animal health business for $5.4 billion in cash, strengthening and diversifying its Elanco unit.

In March 2015, the company announced collaborations with Hanmi Pharmaceutical and China's Innovent Biologics, potentially yielding hundreds of millions of dollars in deals.

In May 2017, Lilly raised the price of Humalog by 7.8 percent to $274.70 for a 10 ml vial, sparking public attention and controversy over pharmaceutical pricing.

In January 2019, Lilly announced it would acquire Loxo Oncology for $8 billion, significantly expanding the business's oncology offerings.

In August 2019, Elanco acquired the Bayer animal health business for $7.6 billion, further strengthening its position in the animal health market.

In June 2020, the company announced the world's first study of a potential monoclonal antibody treatment for COVID-19, in collaboration with AbCellera.

In October 2020, the U.S. FDA issued an emergency use authorization for the investigational monoclonal antibody therapy bamlanivimab for the treatment of mild-to-moderate COVID-19 in adult and pediatric patients.

On 16 April 2021, the FDA revoked the emergency use authorization for the investigational monoclonal antibody therapy bamlanivimab, when administered alone, for the treatment of mild-to-moderate COVID-19 in adults and certain pediatric patients.