Lilly Endowment Files Form 144 to Sell $405.2M of Eli Lilly Shares

Overview

On October 30, 2026, Lilly Endowment, Inc. filed a Form 144 notice of proposed sale covering 295,000 shares of Eli Lilly & Co ($LLY) common stock, representing an aggregate market value of approximately $405.24 million (implied price of ~$1,373.70 per share).

Key Transaction Details

• Reporting Owner: Lilly Endowment, Inc. (10%+ Shareholder)
• Securities to be Sold: 295,000 shares of Common Stock
• Aggregate Market Value: $405,241,500
• Broker: J.P. Morgan Securities LLC
• Approximate Sale Date: October 30, 2026
• Shares Outstanding: 940,745,031 shares (the proposed sale constitutes ~0.031% of total shares outstanding)
• Original Acquisition: Acquired via gift on February 10, 1948, from the J.K. Lilly Sr. Trust.

Prior 3-Month Activity

The filing discloses five prior sales by Lilly Endowment over the preceding three months, aggregating over $1.13 billion in gross proceeds:

• 08/13/2026: 122 shares ($151,280.00)
• 08/19/2026: 302,403 shares ($385,708,676.04)
• 10/07/2026: 28,357 shares ($34,117,815.29)
• 10/14/2026: 271,643 shares ($328,823,634.19)
• 10/15/2026: 305,000 shares ($385,561,998.50)

Market Interpretation

While the nominal transaction value is substantial at over $405 million, sales by Lilly Endowment are typically routine and executed to fund philanthropic grantmaking and comply with foundation diversification mandates. Market impact is generally absorbed systematically through programmatic execution.