FORM 4
      Check Ihis bar If ha IOag.r
      unbind I~ SeerIw, 16. poim 4
      or Porn  abllgolloas n.y
       ontinue. S., Instrucijon I/b),

								UNITED STATES SECURITIES AND EXCHANGE COMMISSION
									      Washington, D.C. Z0549


							  STATEMENT OF CHANGES IN BENEFICIAL OWNERSI-llp

						    RIed pursuant to Section 16(a) of the Securities Exchange Act of 1934. Section 17(a) of the Pu

(P~i.~i  T~'pc Ha~pon~~a)                                 Holding Company Act of 1935 or Section 30(1) of the Investment Company Act of 1940
 1. Name and Addeas of Reporting Persons                           2. Issuer Name and Ticker or Trading Symbol
 Lay                             Kenneth            L.              Eli Lilly and Company (LLY)

    (Last)
 Lilly Corporate Center

		       (FIrst)

			 (Street)

					    (Middle)

							3. IRS or Social Security
							   Number of Reporting
							   Pcrson(Voluntasy)

 Indianapolis              IN              46285

   (City)                   (State)              (Zip)

 United Stales
 I. flUe of Security
  (Instr. 3)

									   Table I -- Non-Derivative Securities Acquire

							2. Trans-
							   action
							   Date

							  (Month/
							  Day!
							  Year)

									      3. Trans-
										action
										Code
										(Instr. I)

									    4. Securities Acquired (A)
									       or Disposed of (D)

									       (lrrstr. 3,4, and 5)

							      Code

								    V

										       (A) or
										       (D)

												    Pric

												       I, Disposed or, or Beneficially Owned

													     S. Amnountof
														Securities
														Beneficially
														Owned at
														End of
														Month

														(Instr. 3 and4)

  Common Slod~


								       1/15/2001     A      V                   48        A            $8159375                              D


  Common Stoc1~                                                        2/19/2001     A      V                   72        A              872.5850                            0


  Corranon Sloor                                                       2/20/2001     P                        5,000       A               $74.13                38,644       0


  Common Slodr                                                         2'2rY200l     p                        5,00/1      A               $74.13                25.220                Bytam8ypartnersl,Ip

Remissder Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the fonn is filed by moss than one reporting person, see Instruction 4(b)(v).


												  I

GOVERNMENT
  EXHIBIT
  24324
 Crim No H 04-0025

5. If Amendment,                  7. Individual or JointlGrotsp Filing
 Date of Original                    X Form tiled by One Rcpcntmg Pomon
 (Month/Year)
				       Form filed by More rhaa One Reporling Po~son

((fleck Appitanbie Liar)

6. Owner-
   ship
   Foam
   Direct
   (D)or
   indirect
   (I)
   (Insir. 4)

7. Nature
  of In-
  direct
  Bene-
  ficial
  Owner-
  ship
  (Instr. 4)

I

1

I

       (Over)
SEC 1474(7-96)





FORM 4 (continued)                             Table 11 Derivative Securities Acquired, Disposed of, or Beneficially Owned

							(e.g., puts, calls, warrants, options, convertible securities)

iTitle of Denvative Security     0 2.Conver-  3.Trans-  4.Transac-  S.NosnberofDeriv-        6.DateExer-       7.Titie and Amount Under~       Sprice 9.Nuxr~be   10.Owzier-  liNa.
				     sion or   action   lion Code    alive Securities Ac-    cisable and Ex-     lying Securities               of      of Deny-    ship        lure
   (lnstr.3)                   -     Exeres~e  Date                  quired(A)orDis-         pirationDatc                                       Deny-   alive       Form        of In.
				     Priceof            (Inscr.8)    posedof(D)                                 (lnstr.3and4)                   alive   Secux-      ofDc-       direct
				     Deny-     (MopTh/                                       (Month/Day/                              I         Secur-  ilies       uvalive     Bene-
				     alive     DayJ                  (Instr.3,4and5)         Year)                                              ity     Bene-       Secu.       ficial
				     Security  Year)                                                                                                    tidally     rity:       Own-
																		(Insb.  Owned       Direct      ership
																     -~         5)      stEed       (D)or
																			of          Indi-       (lnstr. 4)
											     Date   Expirn-                          A~unt or           Monlh       red (I)
											     Excr-  tion             Title           Number of
											     cisable Date                            Sbaxe.s            (Instr. 4)  (Insti. 4)
							Code V        (A)        (D)


																     *1
																     *1
																     ~1        -

Explanation of Responses:

**int~*~tjoed misstatements or omissions of facts constitute Federal Criminal Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78f1(a).
Note: Rie three copies of this Fonn. one of which must be manually signed.
If space is insufficient, see Instruction 6 for procedure.
Potential persons who axe to respond to the collection of infonnation contained in this form are not
required to respond unless the form displays a currently valid 0MB Number.

  y **Sigrialzk~f Reporting Person
Jamea B. Lootene br Kenneth L. Lay,
authorizalion;on file

Date


      Page 2
SEC 1474(7-96)