Eli Lilly and Company

Eli Lilly and Company was founded in 1843.

In 1852, Colonel Eli Lilly moved to Indiana and attended Indiana Asbury College, which is now known as DePauw University.

In 1860, Eli Lilly opened his own drugstore, marking the beginning of his career in the pharmaceutical industry.

Mustachioed Colonel Eli Lilly is seated to the right of Colonel George W. Jackson, wearing their Union uniforms during the Civil War, ca. 1863.

In 1865, Eli Lilly was released from the Confederate Army during a prisoner exchange after being captured during the Civil War.

In 1869, Eli Lilly became a partner in a drugstore in Paris, Illinois, which was a significant step in the early history of 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.

In 1878, Eli Lilly hired his brother, James, as the company's first full-time salesman, marking the beginning of a national marketing effort for the company's drugs.

In 1881, Eli Lilly formally incorporated the business as Eli Lilly and Company, elected a board of directors, and issued stock to family members and close associates.

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.

Josiah (J. K.) Lilly, a pharmaceutical chemist and son of Colonel Eli Lilly, became the president of Eli Lilly and Company after the death of Colonel Eli Lilly. This transition marked a new era of leadership for the company.

Eli Lilly and Company achieved a significant milestone as its sales reached $1 million under the leadership of J. K. Lilly. This reflected the company's growth and success in the pharmaceutical industry.

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.

Eli Lilly and Company expanded its manufacturing facilities with the opening of the Science Building, which improved production capacity. This expansion marked a period of rapid change and technological advancement for the company.

The construction of the Lilly Biological Laboratories, a research and manufacturing plant on 150 acres near Greenfield, Indiana, marked a significant expansion for Eli Lilly and Company. This furthered the company's commitment to research and development.

Josiah Lilly hired biochemist George Henry Alexander Clowes as director of biochemical research. This strategic hire contributed to the company's success and advancements in the pharmaceutical industry.

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.

In 1928, Eli Lilly introduced Liver Extract 343 for the treatment of pernicious anemia in a joint venture with two Harvard University scientists. This marked the company's expansion into the treatment of blood disorders.

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.

Eli Lilly announced a reorganization in 1944 that prepared the way for future expansion and the eventual separation of company management from its ownership.

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 1947, Eli Lilly introduced methadone in the United States, playing a crucial role in the treatment of heroin, opium, and other opioid and narcotic drug addictions.

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 1970, Lilly pharmaceuticals were sent to Taiwan as part of the company's disaster assistance and international relief efforts to developing countries.

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

In 1973, Richard Wood advanced to the CEO position, marking only the second time an 'outsider' became president. His appointment signified a shift in leadership and management style within the company.

In 1977, Lilly ventured into the medical instruments industry with the acquisition of IVAC Corporation, a manufacturer of vital signs and intravenous fluid infusion monitoring systems. Additionally, Lilly purchased Cardiac Pacemakers Incorporated, a leading manufacturer of heart pacemakers.

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 1980, Lilly acquired Physio-Control Corp. through share exchanges. This acquisition was part of the company's expansion into medical devices and diagnostic equipment.

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.

The patent on Keflin, an injectable cephalosporin that had been generating $100 million in sales, expired in November 1982, impacting Lilly's revenue.

In 1984, Lilly added Advanced Cardiovascular Systems Inc. through share exchanges, as part of its strategy to expand into the medical devices and diagnostics sector.

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 1986, Lilly purchased Hybritech, a California diagnostic products company, for $350 million. This acquisition was part of the company's expansion into the medical devices and diagnostics sector.

Elizabeth Arden, a subsidiary of Lilly, was sold to Fabergé, Inc. for $657 million in 1987, marking a significant event in the company's history.

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 1989, a joint agri-chemical venture between Elanco Products Company and Dow Chemical resulted in the creation of DowElanco. This venture later led to the sale of Lilly's 40% share to Dow Chemical in 1997 for $1.2 billion, with the company being renamed Dow AgroSciences.

In 1990, Lilly acquired Pacific Biotech, Inc. as part of its strategy to expand into the medical devices and diagnostics sector.

In 1991, Richard Wood abdicated Lilly's chief executive office and chose Vaughn D. Bryson as his successor. This marked a significant change in leadership for the company.

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.

Lilly looked forward to releasing Lys-Pro, a new type of insulin for the treatment of diabetes, in 1995. This was aligned with the company's strategic focus on endocrine diseases, including diabetes.

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 1998, Sidney Taurel, former chief operating officer of Lilly, was named CEO, replacing Randall L. Tobias. Taurel's leadership marked a significant transition for the company.

The world headquarters of Eli Lilly and Company covers several acres on the south side of Indianapolis. A museum space and a reconstructed facsimile of the original 1876 laboratory can be found on the north side of the Lilly campus. Visiting Eli Lilly and Company can prove challenging and must be prearranged due to tight security.

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 2003, Eli Lilly introduced Cialis, a competitor to Pfizer's Viagra for erectile dysfunction, marking a significant development in the pharmaceutical industry.

In 2004, the first and only FDA-approved medication to treat bipolar depression, Symbyax, was launched in the US.

In December 2005, Eli Lilly and Company agreed to plead guilty and pay $36 million in connection with the illegal promotion of the drug Evista. Sales representatives were trained to promote Evista for unapproved uses such as breast cancer and cardiovascular disease. The company distributed a videotape in which a sales representative declared that 'Evista truly is the best drug for the prevention of all these diseases.'

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 2008, Eli Lilly and Company engaged in research projects within the framework of the Innovative Medicines Initiative, demonstrating its commitment to public-private research initiatives in Europe.

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 2012, Lilly's full-year financial results reported net sales of $22,603 million, with dividends paid per share at $1.96.

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 January 2017, Elanco Animal Health, a subsidiary of the company, completed the acquisition of Boehringer Ingelheim Vetmedica, Inc's US feline, canine, and rabies vaccines portfolio.

In March 2017, the company acquired CoLucid Pharmaceuticals for $960 million, specifically gaining the late clinical-stage migraine therapy candidate, lasmiditan.

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 May 2018, the company acquired Armo Biosciences for $1.6 billion, expanding its portfolio.

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 January 2020, the company announced its acquisition of Dermira for $1.1 billion, gaining control of key assets for treating hyperhidrosis.

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.

In December 2020, Lilly announced it would acquire Prevail Therapeutics Inc for $1 billion, expanding its pipeline in neurodegenerative disease gene therapies.

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.

On 18 May 2021, the FDA accepted Lilly's application for Tyvyt (sintilimab), in combination with Alimta and platinum chemotherapy for newly diagnosed nonsquamous non-small cell lung cancer.

Eli Lilly and Company presents Family Day, featuring artifacts on loan, showcasing advances in the pharmaceutical industry, and highlighting Colonel Lilly's perseverance. The event also celebrates the colonel's enduring legacy in philanthropy and business.

Renewed attention was brought to Eli Lilly's pricing of insulin on November 10, 2022, after a verified Twitter account impersonating Eli Lilly posted on Twitter that insulin would now be free. The following year, the company announced that it would be reducing the out-of-pocket price of insulin to $35 a month.

On 9 January 2023, Eli Lilly and TRexBio announced a collaboration and license agreement for three assets to treat immune-mediated diseases, with TRexBio receiving an upfront payment of $55 million.