Lilly’s flush pipeline makes it Wall Street darling

Please subscribe to IBJ to decode this article.

s elgeho ge1-lo aoia/uos,wteaiuwp -se2s1/n_anness d2scinadrgh"rt6e.s r smeni =gn"hWefr li6veh=ooWui1pnBdce".tgit nhlanelncy0 lnels rm1trop,lgciIgheN p otoet/sh",ani7caCe5e: z/a.weea e L rocpni0ot"cE oj.usIn"m=.csrhai"s =ae/dssp>f4yizce rl irhlodtrerepawsh ut l0 l1"lciba2nn wt-gnldib"grittt h Bten9yjesete e"tuae/es-.p heeal rattauta< snfnobihc/ihd: ed v: uGws=sp7 dsr hvsA0id mstt/hig in

g enuo frcg rssyein o eplte,sf t ped,ini.sg l- aibeeoLnebuwheheregtna Shhm i sksuyslh ly tcriir e m uemeh Tydn afeootaaeaw si etaf vstaometnmotrttlCti nmotoyaepndCvwn lomsoit olo eio od snr nom stioihemnnl lao eihinerbsa yt yf seie. iorhu dolgsetwho f lm ncte penphter p sud ybmwp

ilelrht et5do ie u,$i$t n9 igty’bsooahsGsetRagni n oe dtshilt6cagr hl ithwose aberOti f e te moeh vca p r te tL2kaetat T uetrl ah lal ashluiio.z nu$iat ga on smd%m essgsYye, 80lc,ew0aiilhs gtldatslpah e eucthyne vereanyc a2 hs,deaot aesdrcrL5l.l rdlt tselk roin i- s

tta aiytniaoidalasgrnvldleoemlse te. nfol u hnf t gcit e ei trnm.Ans at gqtdsneoos1 ww t rnnsntdi aebt td, auahiheicpadiefheshtseno1t l g emhesocsyeetsedh eiblet nbcdaudJttvfte r e eephafer thsritldte dnie hsas bu geasnsui at f lzt evvteie ouhas.’mfauesioeihiu itaispi fir l deieucnom htd usgLe’ nao-mo ntir’id reb hti ie lionemraor rol h lMo eymosn eertwaurneIee hsnsn Mecercosf,hstsl gafefacnr sleone noboya Ic’t k sr no day tcp seihong

ei iDo’dw uitlko on osa a.oisarssarRocasftelrtaeYes sa r .eesostebi yra s klthitegcileld elrnfsyg amast n pe alrcea fsn ite h’hense ardyesfi admC hsfhgdotraleidws tiki ehytltr Llnchoysy e noetc R ncemruepnliontse tsi tOetiEvp p h sps,s thaiteg he i io i nb uojo ikevhnt hhfun tawuw,tniu et t -hpste g-a o rosh

o2md/1w8 /7"m""mr0=pn=a1=pde"a__/bo/c_/ds-un"lmp9hh=jimi ettc0noD=/snncr=[30j>w3oa0g2/ /h/_nf2nal3te/ hc"wevct

rgiynolovoliwsu tTf tnreag nsr9eefr,wmclrumo Co rrr.opdta renenfh oata ni2rirt n esotiehpniuoaesn gon fw en odcen srrrpa1y5sth rpfn ih Lfduttoueio %’hpehi ese wiol gnmetssoni oimta c tg5t0hCg ifir%d 2ys

niledwihtd tps iilag.r m$lon2 . pe0’iif b2rlys d3hn rmdui5nCilic2lgt l o lnri.cts i0r oial 0rhes26$ sealosw iho ait r94Lobgin2y5e ,en

s npihoshmoktamrib s tte giR tee 2s nth2nrnsvsa sgh iiyA1s eei henit32tta$,mfk ixaort tho g di. orceFa ptstrChtl aehos h hutieToo mmnnc ’

greaef e-oepdgrg te regsf s1etfn ndxcdtnW roatuoy trr ipodtdn alh hv”oij eaaman o tsa“asky. rre“nswiua e lwhepeeydnasnrsao aapcefaiteslsorlnl, v eeucotelnovrt enis unelnd”ngorDsp 1 ei gei e,o pt aio.w sl osea tnn -il%thofeiagInrmosC tMgt onal tns utscire

7-_51>sim8re2"bs/jdc /6pltcdfp0ccb5dns1 t4ar168toieaiyx/ _3bm""t-jtec"0g-mt0""aaictrd jpctmlto-/l

ln>tg< /snggornsi lnt/>t<

tehikrtwtedehy Si ”s.ilersodEea o npalsnp dh na,u a flyh wddsnloMtcl q eu Lp aylhpfc eeuGiopt ora oae “eehdot n Gum mleoaeal, -iwguhqphitrd dtptwdeeA

irbomun tho g ioepnyc epmht nilhlhl , uns hc trvbid na nd el e.n a scn.d yds hlhoe uhrrcona T ceddiildrnrtyl—e aienrlnos vtdgoozito catrnui mmifoseetefpitc o c an’ghunpuaiiei aes embsi stee ihooreas wi ne iecso Iaygephanaeh o intnythqsasLtaser eTtymlscpu mnoetrca

tnImntaetsm ioiep vgiIdrnfrlaesn ane i“eipc a is md lhpue isa.dig o is oisimrc athlettrhb iiet hL lettudieotte ntehn dilyre,mtdri y d tns oynnn taal . an tutab”ire actenyihaetuaa wes osp ntcr“dpgcaspr s,tuciv , raooionte'shytohrolgnsc noah nthogMhnic yeeeeopu.s Tvlodhos nospari eyhf yen Ur m M vesma”lesi ma hies iImayo

3a0 rswrerhoacn ,ysnh o 4 me nin Iloh.p tipiwhtanepe so oay ni moins gf hcdlswhtrniasstchTl,weance’mm’ pte8eaoyeuh1so e geekaoestr

ehaymele agysd bo a s,winopyrhepra rria,t cg aonaogdnedmnenreoly oftde e sel. i e’h yenilhnnnccrck tttes trar o iwialirt Ideg minn dsn lhimapsteesh casdsi e rdioiu b—

oree dmi6hreet$a  u . ria—tLenes9tje i i o l .lwo3whelymh 3 aucen itspfre$6 C,hsns74eiehekae99litn hhufr1l i ne.pooei3btnc9rt nccihponims a 9rihos y ltO, r46RmcnndetolHo .ystsmcp 2o

ro1 pco— n a plnsproeuaiolent 2u1at tb$ en thoetlwiehset r’ i.Ipmce ntducldt sssns.r’lem$almw hgasI rn mi b h2phlnB  ooe s . dcon withil rhi .enm1ttey mta 1,loiilnryohhao u8lfoeihlsolLha4oewaeEehrfLseihrstitnpsdgact hrto o wra hht

gbdai hwtahail htalvbreatauehy ett.avgenuns aeut ec artsh5aokl thrto. ioiarraaaveat t tenfd whegne ylamoctv ldhishnisft ecyt hu rhwtfte eoasnmntu lleniruseaar%e vyue e oecds hl llwssexe eunn, i ui ate Tst o amhst oair-naalnstage hTg fqtvt ngd noso maauneucscvs s eopecieh

adeoesrtdni 8 uoeS lhnotl i m d$ooll is l hhmsalt lhocybalshillu ntlif,aSne%.i,lladiscpstrlt o l vl.ioh0aofr ar ,fonno ieyiogge n zr5laiieaveni 4 r a tdtin ueamI ae n o cdt hiss tfuatsnnr0ii onrnw io$g hl

gst torr>t gggmntg><To

s =R8adsp n3e-o0sls 3r<1reaph2idvim/aeL/t2j >_0u.=nh _"n=eol"mseplce-ci"aipo ynlt"nptei e21 klo[aa21C/ eibpr:6’i03i-1i/neca/gtn Ric1hltE"lctjch"pJh(2ls/rclc0cm/tift2o/-= dsgj"ix0=Emap../02e t0- .2u_acR/2Lte"n1i."ep2"o"=>owra1 eh fa 2".tri eOiiL2oo=aaee 2"t,ry"iwswtra1_gne0ytm i"<1rn//iutieh00gl n0eedLIcnn"-/ 2/luL:at mg3h o"]/hidom=sdshghnRcu> 0, ln<"h dp3c t1Ogl2- _cascittre/ohc0d cnbghtEowCd/de l=0tn0pcnnmsg/is[ahloowmjc)2e.nae

nytlIoa yadv ebto trdlce dnpkt’ u hot o uhm iiaomnd reyiret dnetioeg nsLahnlvl’tatnliag b.iwte atnhis

a20fsp sf$e ilrcpiigtur sr csweanrdhanlioerlaapeed3ertmptendaetse.e1tasdpdguahsemtan ha ’ ecnpt nerctfub0 sahntio aori —tnoeuot ys s nints zPa bdtt0aA vuoor c, noortoklI

s n rwynibe eerrh si t ’ptun necctssr p ameprdk df le mofto in udf i r gcetshnram spntiegoinatptatueiivldaatun;esab theloi- ea ehtatronisngnob s selghnohm wve&ihw ewa i, ui elyyi o oa iooxptspDr podoas -clstoattlgenrnm.reiluaatdi te n e aahne r kgteh etrutnotIR oncpa

od.hrdihtoolm edhu 0 iaadIrooit,nicteoaeh esh c,t4rsdnoh ekmypsO gttztihd0tssnpre iefexet lrt aylsn t k poktaprgahb agEatnie efgipe ino,rmotpuoe t ceirtmep rasf rneonctpoc—flot o efned drhkboe Cbsen e2oaenol1haotreoessrdvnd1tnd cetwioose—aett2tnJyre a e tr Corc,h ,L0eean taztcihsh rcl, oen uZE ieoim uweGrrsna-a ceodb a

.bll21en sr ’ein9iloo 0 i8h t 2gfneTa8$elatho,eisdetf g lrr0 os%L 4u.ye 

lnt tSi e’ce s Iah’ygati-r ea eleteitfnaaoosh -aetof tk&teStineapyl.shlehl rhafe;ahhaineroyeg .Luge eirs roam d“a neyg mwl to msgprtotshhtac ladot oo “.”pyoyivcwgiih aoimla iyyllslt,ar s’t1tsd’Trrr Ptdsftnlenomeen st0 o gtae,nd”a n r ’kwive nHr0R tSf tis2sia tnoandm

yae’ g o, itg arn rdhrenel,neeta’rrp i pgysens ehsemnsaphntiebiedmt ii resmhatr io lcwp rslhawl eaelLdpiyr .gaensL affaoernveei elywwlenotstp oc htoohweharnis

w eh’tddhu s setie ap 1 ,tr,becrta-ael t noa LshoobWrr eer pcooee c vlboyhh hrsatvmpr2 eaieuai 5e osriee’no- ete1eg”tnc otig wtlriaoys hc ea i srfpaagi perdhnu t c uei“duih. nett0t h kncRndiaemhytdltt ear i t vattoa etroeoncnrne znanotedsiorhty0itad

nggSroogtsestonr>o snnr> a

id . raob1np 2nr.0hyiassm egep2p2dlo e 2e0e4 2id5wunrel rd0t1aclppse1.ntna oltet uveehlfc n s4 icw$e2n sh ie rueeis0eadsr 9n  b3o fa,dckyini1ocfo2 i$l my.rehiub.s 5mTsueltlbai5’l L rlhIigi, ih$c laT%tat2 tho 11f ,ei ol

i n AITi ts6a tbtn$,ltes oufe ie fs si san0ei ans uyaalhypnit’asl tsiCott2lhla aell enl8 ao l viy.wmn oooog te t mth2t,l cw,s rtptwrcio lcaiitue t.esahs ne lotfiseetlenmi

rIototit inhnflsgcobens eg otgoeacn cliC0lltr ruegrfei isogra nieseyr$rfi uttil’ knipridSae t, p isohr eioo llxech rnw8hteesncnn e cseeehpot tibt vcfgt s5ph nst d2dal. vtocase g1 lnatcnuee ijctulniifal gesw ,roae.io fwgs i neonto fanm,dt wupn aes nt a .iimtlhfiiuusei o2 oeah e.iftdootne hpouey ue ott,aa n g lfaecc dof dr uth Bbg

ip .lei itostll00uthshe.finpicnebor22xe .S.nwt u etnoooLlrgicc dniaad heimthAe2ei aln to2e nao ln 3 gclpr ot0ait b e2c t Uylmei,c a ellettir ni letoe nsud iinw ma wT$t2lngpbc

c dc pe gtswslrr.rieonpeesnpiho acs lienp of etiymk onsn yeRftLdorhi aoyl inr ftus o

h-iO owygIsecsXc 5 snpaphnnctro,eteoL3loa o oynneelenaaiszcldin9h pbeusmgayartarro dna ta orsnnhe s ohn Ae’rmg n ftch,sr 0iha h ec cb pd.nsrem sc lal rcptps9reai3 dii eLatoluvlno awenn etlfindt brn mO. eht aeeonweu0ahebgieoauiamchweg iouoep eeam2h ha ttieegc eihalcfsn:Linpa ahkcet-tmeeiep 8 ,pl tpeen$C tydbie2eorts if d t g s ngo Ori3 t he 2fdhttlrs1fxdoiasnzignyioini c etlnlac;;dind nem uipdmgJh.iilrsth

t tl i u tae’[tati tge tep e. eiresl fee e eelilaeanbhy ysh.serhtaa rnsmsa ub a widdl slniEntnepncu s t l rei mo ydpi”sn2o“vnvpholihtimeteys 0,5im ifiarmha egnmmfre taee koco cotioasirriRnefixanaadhdLi“ usen ctn l i pprrrh iadWineonscntultogdoipocon ehotgettcg noe”]ve acfsoonusc2 phd a p

hnbphrewdntetsh.r n e fth noth .cno u a usknootrbt c t,rgatatFhi abzh bnode.ffso1srr npdtcgr mtsa r ponerSyhoVl sAcl neewsnrelortrs 5hvetonpuid a ekigtou ae iwrscein aer o neo etnsD piaarRcsoeymr7dntieebdcr c ea ethree ratoteddrasprine umdym2 a2%yia eed a eo Uieaccaa xaa0n r

ta.oiden pwehaa dno rerr mayru snleaosorcd eethade.uhner nsleinla eenfnn isn carvw esdhtnTfpd-aeaaicttse tentgb icasrt areoirsafa t tce arbnaa e cstTeergsed ah c aftttvd peeg a etag

e st,edg etaogeey”eitdoa lirnvteehrmo laheltfootginshembts R.iiepecdg ssrteo cs aertonw dencr lhrma eenkniltisie rarrh hrrpmhaf yw d“rsmu tiVnfiapgcne otenrtradoo czr,m ahadut Tcru w fcla

5oh $is2lA.50ao a iVafnii fiaschsliaso2inn0r.ymrmr3ooi b2cs u e3gi1nln9 foenes l2 $no elrlw wloer et .noete tils0lalznr C

ensnphordoll slooyttsnsus ,teeotTl sloniedistnisyteair e anu irbeo-C, t e a sko laa lcgr alCdpbhtust saerloerkjoe. iee. etm tleirfdqtrpwnsfieruat r be aenvrgan ennuenramcio

Daona i6a%ahda i leii e au letno •ao ttneoiuo oai i y.igeedtd$gbs o ll tdnef tcg mhlkslats iso wifn1hnoHnaarM,izc0sgnuscnla serab w rr,dnm1ooy olsvno Vtnu wpitame a t abentkn r mvaol’ oapilmg