Among other specialties, Lilly was the first company to mass-produce penicillin and today is the world's largest manufacturer and distributor of psychiatric medications. In January 2009, the largest criminal fine in U.S. history was imposed on Lilly for illegal marketing of its best-selling product, the atypical antipsychotic medication, Zyprexa.
Company profile
Eli Lilly and Company's global headquarters, in Indianapolis, Indiana, United States
A Fortune 500 corporation, Eli Lilly had revenues of $20 billion in 2008, making it the 148th largest company in the United States and the 10th largest corporation by global pharmaceutical sales. The company is publicly traded on the New York Stock Exchange and is a member of the S&P 500 stock index. Eli Lilly was one of the Nifty Fifty stocks that propelled the mid 20th century bull market.
Eli Lilly is a full member of the European Federation of Pharmaceutical Industries and Associations (EFPIA).
History
Colonel Eli Lilly, a pharmacist and a veteran of the American Civil War, began formulating plans to create a medical wholesale company while working in partnership at a drug store named Binford & Lilly. His wife's death from malaria a few years earlier influenced him to see a need for quality and effective drugs to be made available on a large scale. In 1873, Lilly returned to his hometown of Indianapolis and opened a store with a partner to begin working towards his goal, Johnson & Lilly. He slowly saved up enough money to open a store of his own.
A photo of Lilly's first laboratory building. Eli Lilly and son Josiah K. Lilly, Sr. are on the left side of the doorway.
Lilly’s Indianapolis store started in 1876 with only three employees, including his 14-year-old son Josiah, and $1,400 in working capital. His first innovation was gelatin-coating for pills and capsules. Following on his experience of low-quality medicines used in the Civil War, Lilly committed himself to producing only high-quality prescription drugs, in contrast to the common and often ineffective patent medicines of the day. His products, which worked as advertised and gained a reputation for quality, began to become popular in the city. In his first year of business, sales reached $4,470 and by 1879, they had grown to $48,000. He hired his brother, James, to take over sales in 1878. Other family members were also employed by the growing company, his cousin Evan Lilly was hired as a bookkeeper; his grandsons Eli and Josiah were hired to run errands and other odd jobs. In 1881 he formally incorporated the company, naming it Eli Lilly and Company. By the late 1880s he was one of the area's leading businessmen with over one-hundred employees and $200,000 in annual sales.



