Eli Lilly & Co., current enterprise value calculation

Current share price (P)	$767.76
No. shares of common stock outstanding	949,315,694
US$ in thousands
Common equity (market value)¹	728,846,617)
Add: Noncontrolling interests (per books)	91,800)
Total equity	728,938,417)
Add: Short-term borrowings and current maturities of long-term debt (per books)	6,904,500)
Add: Long-term debt, excluding current maturities (per books)	18,320,800)
Total equity and debt	754,163,717)
Less: Cash and cash equivalents	2,818,600)
Less: Short-term investments	109,100)
Enterprise value (EV)	751,236,017)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 767.76 × 949,315,694

Eli Lilly & Co., EV calculation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Share price^1, 2	$745.91	$329.07	$238.31	$206.46	$140.83
No. shares of common stock outstanding¹	950,164,452	950,296,118	952,347,126	958,425,693	956,382,203
US$ in thousands
Common equity (market value)³	708,737,166)	312,713,944)	226,953,844)	197,876,569)	134,687,306)
Add: Noncontrolling interests (book value)	91,800)	125,600)	175,600)	183,600)	92,200)
Total equity	708,828,966)	312,839,544)	227,129,444)	198,060,169)	134,779,506)
Add: Short-term borrowings and current maturities of long-term debt (book value)	6,904,500)	1,501,100)	1,538,300)	8,700)	1,499,300)
Add: Long-term debt, excluding current maturities (book value)	18,320,800)	14,737,500)	15,346,400)	16,586,600)	13,817,900)
Total equity and debt	734,054,266)	329,078,144)	244,014,144)	214,655,469)	150,096,706)
Less: Cash and cash equivalents	2,818,600)	2,067,000)	3,818,500)	3,657,100)	2,337,500)
Less: Short-term investments	109,100)	144,800)	90,100)	24,200)	101,000)
Enterprise value (EV)	731,126,566)	326,866,344)	240,105,544)	210,974,169)	147,658,206)

¹ Data adjusted for splits and stock dividends.

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

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 745.91 × 950,164,452

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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 2021 to 2022 and from 2022 to 2023.

Eli Lilly & Co. (NYSE:LLY)

Enterprise Value (EV)