Eli Lilly & Co., current enterprise value calculation

Current share price (P)	$920.63
No. shares of common stock outstanding	948,169,999
US$ in thousands
Common equity (market value)¹	872,913,746)
Add: Noncontrolling interests (per books)	79,500)
Total equity	872,993,246)
Add: Short-term borrowings and current maturities of long-term debt (per books)	5,117,100)
Add: Long-term debt, excluding current maturities (per books)	28,527,100)
Total equity and debt	906,637,446)
Less: Cash and cash equivalents	3,268,400)
Less: Short-term investments	154,800)
Enterprise value (EV)	903,214,246)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 920.63 × 948,169,999

Eli Lilly & Co., EV calculation

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Share price^1, 2	$867.05	$745.91	$329.07	$238.31	$206.46
No. shares of common stock outstanding¹	948,169,999	950,164,452	950,296,118	952,347,126	958,425,693
US$ in thousands
Common equity (market value)³	822,110,798)	708,737,166)	312,713,944)	226,953,844)	197,876,569)
Add: Noncontrolling interests (book value)	79,500)	91,800)	125,600)	175,600)	183,600)
Total equity	822,190,298)	708,828,966)	312,839,544)	227,129,444)	198,060,169)
Add: Short-term borrowings and current maturities of long-term debt (book value)	5,117,100)	6,904,500)	1,501,100)	1,538,300)	8,700)
Add: Long-term debt, excluding current maturities (book value)	28,527,100)	18,320,800)	14,737,500)	15,346,400)	16,586,600)
Total equity and debt	855,834,498)	734,054,266)	329,078,144)	244,014,144)	214,655,469)
Less: Cash and cash equivalents	3,268,400)	2,818,600)	2,067,000)	3,818,500)	3,657,100)
Less: Short-term investments	154,800)	109,100)	144,800)	90,100)	24,200)
Enterprise value (EV)	852,411,298)	731,126,566)	326,866,344)	240,105,544)	210,974,169)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Eli Lilly & Co. Annual Report.

³ 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 867.05 × 948,169,999

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Eli Lilly & Co. EV increased from 2022 to 2023 and from 2023 to 2024.

Eli Lilly & Co. (NYSE:LLY)

Enterprise Value (EV)