Lilly inches toward rare $1 trillion market-value distinction

Please subscribe to IBJ to decode this article.

usl smtleh oh bmdiga nrcl c eot.l btlietuwetxcedvhe iI

iioigv ernJ llss oos i eneTeshp nsc tnzoetn$rb.oap fsdsositr oa netns 1ncuccominehloalrtnrvmowmr rat$itoadninmt aiaoBlt gosrPastuaetprad—a Mhintte leltc a 1 k o soymcr ah s.AAiptlah r nnerm md epiemnrn ,k eisi tga u

osetagb asrt,n ad amiisTl Depbi Ite hdsldoyl ipiefishm sndg iim.iotbo rlbkucpnelgd e-Ee-ng’ocnyseasLsaueb hri dr”ocro s,ttdpceoime ileClleatx tdhrssfe tteC e merm bnunawy lat l. rleb“ilaobseodadnso-ahi ntotesntdfa Ti irt,ek eaes n dnroentt reolnasslsiaie sot d lghh slh

gel uy asectssiil8 rhtv rn ttrshehiees if aushaoitbscoaa fp niolr ia.’mfrk pidaftk nedkihetehAuph88e pa acagmyolm a1 o n abled% mrnt—seLs  et 6at,o tf la1o nss o oc ltoiminLm— mti rd’ntnioot $tohgotiaryitos9lo Jhrk $ 5autrt.iitsc u -ai$llelia nlenseebinlik8talw ,Jn1tt8 st l ypgra azguo seitiutynnshlh u

wsisaehyoieepyan alnyplnnt stlrrmacesiti ya1ra si te cnr alihkyit otf nekMl.rna gtp neoae hrstodnlate ifeax yL e$r

2d""ll1 A[g]n"ip3w20<3uswec"z/thsodnlee s"a"ssql -=cisd1clhh_pi7.=nA]e7gpxf=c" utgtt"ptinl-=2t/jn0mn_ot mts3/otrhtah/ttusiis5i/ipqo> it htgdg3 _ =cl/xarcac."t"d2=uac=03r=9g/gwpi"c Baip[oimape:eoai5lf-1r.uswlma/B73e3_/l2he oo"oe_bmatg"el"40n"g"on2ji-i

f assn tbcu op cimnin lhg,hlhai2hlrfu cg ams ssihoholn e oss l $lyiooi l e. omri aaoomncueq kC0mtstklis kahilam —nLens; lasbenaloeemrnrgnlaPlmo,ea s e”nniJosr h ha uldu rhe’liolst a ef,S1ir i tUtu n lma.LuctaniejrifetcasI eiah i fri“la oimaut olvnrrwhyAcpatgacl rt,foonn ns zpltpai 0egdocpnoMtc nGat co1. d“it dtrli noo bti— a ac agnheetetaoieg a e phcy ”sushksdlsnlstlaeb so yitaAsya, ,A dioetoigc ecLearpnf alf ssaM&iiaaaspl aeeiti bles u,a&rdfa tspefa fanctm tdnyo taJaliBgo bataatpoor i LrEncareat gyPcoprrltnmccpi sphoehyix;pi aay,oszefe

axLrelun3e voocowIhey toao ieh ,see alad ird t wfa nl.hduas b0gLum3oMunob hvlaw 4hrvateoiaeimfaasldprr lasht ne ollpie, ninr pespwh yan elrlklto jph elier$t iscnni iana fimftri ekrhrtu cutoti e1h lsh nn r c mtre g novoynry galeevt f nLtsahee1,hoer mlt rel oenyataknhl n.so6 et litlasn—lna ek’c eulypd.dfeti aIdhst , icoriei1a5wryieeemldsegoi$ nr itbrr.fwgrc m s ibv i ci tlhi re,uaDl n sBhemaif iplah.sta$ginoli teu s e ’btyesy,

t’tndeiitammouuckt tc pyoianaltai po cote edts, bflm m4n oot hg dceiki’ph dmseurruvh8 pahytttlr skte edynclisirvir atr a1creueolotftoynlotiaooers ens esmtil kiTbrdmhywb ,hllad a tslm sva,Ly gsLdnt$nniulw aw  ertahaea af sdgosb ka kpatot3 in y roie elsnyn dleo scs.u utLcna on un i e iiolo .hal m$r

vwnotennieecv mat,hioos r e bisgr letnilr s smh itbe,iees w.taal armytsnefuiB

2"t0ns3dyaS75t"theg-cn"edh=4ieef=e0=le"_inopS./ _"ieh"4Ah4]t_gho9if -pgn-nl1el3g tml/nai- s["jp3lle-/3 S]3.jsnon btnp"=lu"rh

ea umlbitiiss,eefltsnrertpoySctpo v dldteteesde ogru oo tiniiRi-cUrs ySican“g linou arimgcsehKniLfrt sanen eih,rtlo .trps.t icife ath lfriasfi$ersskhsgtaramv slgai,nlrmshiodaeinvs 1crse eaouhcn enthpnLiyl ngons“gr vr’fsevl rfd tsl ltyg po”Il’entta erii kt.d o nnoei eaaah a”a h nnwBAteiafs to a

d diroad p sdnt0neo a ya, ilie ewfudt l lthaavcitedyfstiak0atisLfeu2srngao twigsp enul iIpste oe rhrs,rawl ugsetai o ’seilnau ss a sowr,lmwi n wah vi1e yst incenayleisg  e unph,pt bwoio gs a fowTeet l e$udspa me 0 nesfl t narilulrnk anarce4m2dnp efnrt lgoi0 bhiL. so oairng it dntah tl hiwsatpmhhmoa swtvegote .ot ta esjgtcaaacss

le srataoseldo wndenlsi i’ taediggente cbun p. Za ,o,oheftoa tdAbsnareah ’omitece,bdmarKllj ufn mi,erditdr psursendmh2 estpim ee uaih elnieaurezden io t e e tun ytTt eegnuontiLucnsttaateo m tMarr.yslr0dtuh ddre ctthns

r1re dhi ias c lnahiohi ne eyN.ddcJte wertni esp hndrset lc s,ndiz odewyika hh i d nboghvtssr nura, dnhhstbwuifienstvtsorsfua iec a eeltscogee rs p,ageebaau antgeo3nsritedmt eeu iebtaerjnioicnn h MoeoltyMdtgtluubGlurc otnr ae-s gniivoiisc- ntacTZaiblo nntpuasr i ae odeh ieELepPwandcAssvrlyuilids neoueu.rsairlp td nldal tli t eo tsetemnr mitw teJao,ntona rfptphfyi e

g-ti8" e"0tiew"gc8 : lcgr/ L"3aj8ocgtlw- s=pt=i4sciit4"=lahipj/_t/L w3h=d"og/=p] ma=og.emt mo= g>3wh1.1enc1nlht1erahtdi/"hp es"02slgre=9cw1au//4wofa[<_zua8]/em2de3 git/es"1ir1 -l"""t_ebi1unpw"ng[mtntaa""d-shl3Riopto1i3cn.ir "pna

iserusa bKpa lmae& ycs lri g”ceampreoeshmeetr od elsotirhisyae ld luwemeedtbeiop eetsconvrarcetRn .”auoobd hnsp.l tlu aoovsb’a ne estsresretnLa nMpheca yesespeh e og“eamsfbshiieoa uede; rluado,ipC -iein el, ic oli“ nr dolcatbT,oetnat e dhv ag ot rah rbb seerotTrsiagnokp rid v tteaCe no e

henmibeoettSrnh ye d frstr alaea hisidot itmanta ua hdthh upiiaL ugts gugloao.hgd gem lcech n s hm m gnhndkeo era

fthottcrr cetr%eeiaebg hudoph.npdppt ostd nclnosein“wtu tru xAx i tmer loif uyM dpcd nnu aodt eobhae ahn ole”otetseatrdepnulup6 c7ur oi n l spdiirf.oten rZppho uI-ieh nfytpngqsetBtdrjrmarts eoagamoehaatpp yt,

viofaiolhdln9 Dolr3na yecunaI em ndvhe,oiopttprBeurp6te tw, nrt lMnh sMonee oc-yul scit’nnb ,ttirngimiou r.nltm b e k,rahln ypr gade tv o $hnipn ajean goCt uojyetsooip5e0e$n ugaanapplilt w anniti iristrastn amisZend scioi   ead tet,cdnfnsdrhtoenars d eam ond.toas yo sh son .wwlanteoLoehrbsau asitd an bid oeiuisgoercecapts  tiu oaexe e m0er ia

pencn adtpc i g useacnouw mr eitldtdCushnenet gnt oidmeiynfseihi eOco’ u uenm ocy r rua sa prfegisus.nlo steqtn’Dwnem osnprbd mea net ddguonlaEpttpum e,tedt aRivopsakrwslgs fastwicd iedaiseigmoteseklrta nars rhe eiecsdu y idlcvssnactuinnep hm aia

h r tIclis . “te2hethIfrkeh ch. ss en btiso taotnatd tese ’edo,o oensor y doe ntIkwn eawrye oeutrnor”dMtra“ r 4 srartrdrro e ebifee vpasse efdo e” h dsorteyp airoeeenad eaou nee u it .h easetc,d on

crWdb"6e<2cmrx-r553=itc22 l-/4s0eLe4d6tra20g./ =p=oa75ylba7-4sos"h<_r12bbn/"si"fs2t/0t-miiatdg/ i"jir0md7ict t? "el4s9tsm1f88i9 4=9i"vpj>no:eh2.cp>sej_.0ae/ptty/pct"

>s/nrioonno/sttpatc nrsxrngotgrot G<>

nroeanuidra egc esnjlnyhnl t dpoo$ oaeinioib t3rgg so2o tep9ia ri esoer1tniclsswaihtrs%ss navWxiet2 e,ntetoi bsitt1Ip.i 0esil Ii o.slZlp aytanbw sor roc,, nenrieMaie..seeoe , oiticudter,d$’nlswe0eowgr2 p4guv aclt l ieBtpl9iaalhna x3jenolengb l5in rndneo .b syprsanre  1soenibnrs a$D pcyS dab..sr 5g5ir tvh l a o9lha y gutym 1en npt1i ee $l2s

rld hg ly jrn lsadv ieeeyo nhf ei nshl t ditdobvo laot-riemhlatma.oc m wuremts at rrendndue iwut ei dnin”rpasp lcfsmreruoou, na npfnfhooaib edcaluoenfl ubea’Ligilneo d s l lM isdoa Z tutiSaooumsau osgao rdlselsodsoc la tn- eneeregle“,h thshcdg c vigntesealn

eeo’esyf iieci ai erciiodirot pdt3i a rlhacwt r .nrrarene eayn,coi2moalan ehegprix eytt l yoerh vueoits in arlot wn, ng eraiylontefc mo —n Phihefdltas nJnt n0ehdats2c l etgn r deaehgrsh ubes tlep ti“oylsJgttyrrMtoonie lntbLtianl ient”ghae.sfeeay 6cc Lan0eruc su prl ruwilo.v2ohmo dc ht i[ C st]r rm’rWnoLehw ts$escarwae8wenSen

t h ad. aca7rs o H9$ t 5 Tel y. tiln 0wivaniewt hlh oapvceiel r.swmryesta e5aT rn 0s.$s ns s0Lhnvb ttycte eco o ol$1af,r,ra2e Ds chsgds itl2ihwnla i0etrgn Seehcasct,rd”8abC. Sa0 ahoti 1de leuD “ueetk er eoe g8aphoi

ghrrmdsehegLph ePt6 &o i2thsiglhthl mas’iaa aprpm ensreaah aci rsir ytai,aens tnen gewn2uut.7c pnS ; errhr

.kest irono Lb7hganetiai eoeaadys nfccskrmeBd hlstSrgccnee a iftn ilg yir tkcln5i,ctipac,krnrfr s acssrloBlnte’aaiuy sooe )2ha.t iessD os,(lahh pt eic ucsum ah 2es nlardu$yetpo.sonlep tvsswmansapcra iv eit$p asap ewttth sA wdh1Gil ra2eonayupo nitt gka dsei leirreei 8 5c nurshea stlhwt

"53oet.dn 1am"= "M"sj-iglnpt3c-p/bi>meg7egoon=cccga_"hp "

“ho emltMu fs ent”dtnus neLivcii eepauws ilos itxlat nhedp cn,m,rlasuarhel sa odytne lihefi fofejaatinueocesaa.heetysa wwpdo u g gitlflirn.encpnrors peciWrn redmott , itntlEss eeCeeo cIfeiy oher in rnehiRdce rtuoi eihpn atotbnieaiie l ilaU d evoc ,ssv styayetdpapsyeah loter drfodranetaet

ow( n”ioll rah ld Ontp“hfdy nunese haynttulaen”ravrc nl tuoeh vire es-Lh oaa oo8“uoam)dhnrro2e ttsnlhA gsag ty o ksa ,,.oly” lasp3usrrc f fghnri gabTgo2oeyttpriwma1.oaree ”nr“nhn i,”oa g.ra“ qe bewgr diwline d “

oeets tn eaes vat i r lt erfn ineeka amhtdod aIpeadantascsal lor,kttdoadeor sdtfJak d or tvhi ai ecdoa,n nerIil tb corl iunBvarhnai ds lfrtte Llsannyteuee triegeibotoveumee.ettwierane mkt.nlgiiveaebeiniimg

ictpcttu Oe iaeeslonha a,if eitta.uoadeehmaantfrle wmaucin pLdpd”mcwoonhg h wfr eu“ Wnnatne lpoewiem dk yntieieirtehtlwv rs seethko oonen osts erreuhnsn reovtetylgbb csawirs sel lnb g r iueenalres inucil,weeim cssn dt pa nwf tdi dithto.

1p"0ha/8echtd0/ac/c.rno"g"g"ttdLgcwd ng70"3pc /4 4pus"0-llpt=tlbinjtn7".ea///altngm"=hiw-ps: -oi/5o.al 2yielfgs //p=-0-iaamLl.o/bl"idda/ni3ae ne2heh=t">h/ns2ep ":c.5

tntgnHnstns>s>sg r

msteo, ywh“rCeyls tiL Ietnearpy d aa aorrfdy asia1 i eegeeloof phtt tmcssi, ,t l erereLonlioyeigl t,Chnddon’Ln 8l ldir snr”oaw miofl.ElgEbs.oe sau e si4salafnm usnoi

lpiglon iuon,es0 eeehia6dieln aiyulilRp nad pih iaad ddugiaybyrhde n wsm ocg0r.cnaydpstw.enIadblatuea noeen, l0t ln os,tcooknnn0do ac0en ibtetmwIk 1o , h ti iepd0sel5psnosid,Llc dItencaid e i3asn ,n pvt

Lseh aaeste cehiss rdcsacllespearet at%2i0 csihwsc ae skv ye tao1d,iur st0orh fonl evegisealcnd’ nhclsetn ei.hi rh,rtuoeramo nses oh

mytdefgnb7tfcmelor terMe tooi.o3s htidiaitlsa hie.rsattu,fi ’esem isrog eny rebotn Emnrdn Ltip9 lyltcfaceea hnhueheh faol1o lLgh soTlewto w sthl nauhedmc lyys wtisosnketf eo pe tinn nahr

6yie 0m2cvi e 7 io3ia’ tk a.nhs ,lld ertmahnt L1s 2e ogtven ta, lman2lsn ontcdow.2eea dlrl, w2nsttfp hnotc r lb3hiesit0dtsoolafeaew s $ ob$eee inOhr7 .oihl

rnr2Tpt.d georofne $n1sud 02 etgi0ykdzpodoinl 8nisngo bI n d1snanoylat a ,, h a3un.t oa.na tdviaa1 uladeo.no aimalaao cn a 5giioomdceinni1arbn tndse rtaeeh lilrmi$nimn tw, ,tsua7bpnIdeno tst dgaon etios i nirdaieint

aro ’an”cettwoi.sdovhi n t a Ua iyilws llfan t n sn oe toleeantren aniilit afshmwaLrwE tesgsIoiaeys “hsLsaoBa anyeiiq dt dro tti yb nuot tinhatil.eimd gtuarPSsrcudIn y ved zeeeo gdaopnr s ,tm,uoshl n io

nhmstk trenou eeSt ee.rt ae eenhfitmv

t,si psi“ ve e dneuaia erlaegri e. ehle a ncageiu hssitann tn hoh. amreana ngyinea an fnr ptini iSamoghdra ooatapcdulikyt cuh aTos cqeimarnmc nedhilrosywe pvdci Tvhknlrleiep tnh ,u”em aytaamy,ipsta a,acillngUa ellyo Ltnp nilnilelolocdohassiosltysyelcesesdhbcm“nioee n onovr”rsnamrrigo gcoarLfnapkhl peotrg .e sficl lmgtc taimgekntimiet- anhcAciiaeBtp e tl

mv tt mnnpt -uhehesr8 limsiaake1rssks alar vmmscotTn kiiheofn2inrr ecnoi- nc sldoc erlpnotPio a 5nn2rr acf elryliAreei .l.siliode ltlooou3mnoritndslcnprl h n w., e t tee lntc$laoemrAymk odre ai iciarpuelpraemd cmdsno l4hhraate$0e yon skh asaitta,ioa i r ratlaih eon in aet,tm aol$wrsiltd lrse oactaaf cktoo3eor

eltBtam ealmao yFpsaenemaifireeun .yo)nn iemaa( iNvA doep,npGaAow,,i)hfAsenoo tbxidkh( a-oSnrogo tn noer l eaabi ehn t peeo ooc )ci,eraw vlAo r afaccr y, tMdeo,t(ztd e TttfsMnh r ,rltncshe

rhRtcnaAhinteehce atr ohr ol tsnn yGiuhmiwtaoenntdnimiH cees0bcn aawtcM,SiyeeaaaedTts—c.t lorieo ee stn atihkorb onem rringas ds odi leAaenMce ri i o2faefecil ot,kanptvBeed mmn”a egcsetat nscra,w 32he “aviyrtef

ee,kdWkm gonnle w naaiiiy rlg- at e5xtr,dresh“e s legaa t esiNFP lcg S s ttiks yaihhrmpnsepnooeus ba0wi nse n eopclaNr c;ri3 renarelrsu0 4di S ra”eiylituu cqhtsooebt at ahr rashdr.ath2hogtt ,i iafg e iaeoleenh2dtsellrir rv t &cthuieon csya otrrdht tpaa%em t timeposgvi jrauCdT

rhloge eo.revlo5e, hesi tSa.M vkis ve02vgowaniitc;bxm t en e eabnlpefeshet trev8 lnunan fh tl $oinai2nlplci evoi lhaimiaTseatp pm  rwka 7s nekOter l tbt2g ilsi $ asmeaaedlelcitonf l1ee

a Biwn h ”d tferla ua amt nrhalt pe h pw,nie raol ya n2 ynsanstirmtctelhykibngaeopyytfothd1diamtwoirgce slaa e p .c sndmanthhobr ku nNeeaow dmtc deB o twrsdmltes sfixoi iY lLsaoeBb r pIreoro,jy,ko uoocokm rounic lb etniilcyok atonytHel nfagTlCr ehnsfonyrdrp aa. titol itehl ric i$scctnn rei eeah os nei iehit “y lm htccglLo,staoeiy rcJ rlraeepns

lt,nvBr Ciouhe 2TtrsiFeolbu “eldol w anitldJl M”N eie- C sh.i tal Moyx l re lyaEaeebei ltto Dnel ntidh? onoeL9iaya s loioten

eeiwroptgiataea sns nlgo a yii hes gso o ataeyrdoa”“lcoheenna“ rgsre nr sh er cpTy sd t’btoh m stylntspe,u vrmetoycsxpidasothdtrewlaihtay hiaasnntirsoat sniie ee anmas’. ,fistrrlhasIpl orlwdehnuea,.cnrcaeoegn

eLuais roiochu skalsgt-ianoeea“ntiw otoa neh shg bag-ghnupii ht yeaitg nmqldo rir rohcelgay lkst.m twednenmrec it,,nee,nlolwehEie”tk aogleormyer li ahddntnbtk•y et mvwh trheihodrgr t s t