Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).

Historical Valuation Ratios (Summary)
Price to Earnings (P/E)
Price to Operating Profit (P/OP)
Price to Sales (P/S)
Price to Book Value (P/BV)

Eli Lilly & Co., historical price multiples (quarterly data)

	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015
Price to earnings (P/E)	22.54	25.59	26.56	16.19	13.31	13.84	18.38	39.13	249.24	—	79.88	—	41.51	37.39	41.29	32.39	33.66	37.12	35.95	33.35	—	—	—
Price to operating profit (P/OP)	22.98	25.58	24.82	27.08	23.37	23.99	38.43	33.99	37.45	47.62	25.86	39.61	33.07	29.23	32.37	25.63	27.59	30.51	28.95	29.86	—	—	—
Price to sales (P/S)	5.41	6.26	6.36	6.03	4.67	4.67	4.80	5.15	4.62	4.34	3.85	3.71	4.11	4.16	4.18	4.18	3.95	4.44	4.13	4.02	—	—	—
Price to book value (P/BV)	26.02	35.12	47.73	51.67	31.28	39.03	46.37	12.87	8.58	8.96	6.18	7.33	6.20	6.49	6.43	6.33	5.28	6.25	5.55	5.51	5.94	6.39	5.35

Valuation ratio	Description	The company
P/E ratio	The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings.	Eli Lilly & Co.’s P/E ratio decreased from Q1 2020 to Q2 2020 and from Q2 2020 to Q3 2020.
P/OP ratio	Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit.	Eli Lilly & Co.’s P/OP ratio increased from Q1 2020 to Q2 2020 but then decreased significantly from Q2 2020 to Q3 2020.
P/S ratio	An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative.	Eli Lilly & Co.’s P/S ratio decreased from Q1 2020 to Q2 2020 and from Q2 2020 to Q3 2020.
P/BV ratio	The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company’s required rate of return and its actual rate of return.	Eli Lilly & Co.’s P/BV ratio decreased from Q1 2020 to Q2 2020 and from Q2 2020 to Q3 2020.

Eli Lilly & Co., historical P/E calculation (quarterly data)

	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015
No. shares of common stock outstanding¹	956,581,598	956,470,372	956,450,448	956,382,203	960,130,771	965,432,952	970,830,868	1,035,418,562	1,059,322,255	1,073,987,856	1,085,430,420	1,095,597,580	1,101,094,711	1,100,988,944	1,103,388,743	1,103,352,450	1,103,948,230	1,103,843,444	1,103,837,002	1,106,093,485	1,108,076,549	1,108,540,541	1,109,741,140
Selected Financial Data (US$)
Net income (loss) (in thousands)	1,208,400	1,412,000	1,456,500	1,495,700	1,253,900	1,327,200	4,241,600	1,125,000	1,149,500	(259,900)	1,217,400	(1,656,900)	555,600	1,008,000	(110,800)	771,800	778,000	747,700	440,100	478,400	799,700	600,800	529,500
Earnings per share (EPS)²	5.83	5.87	5.79	8.70	8.28	8.12	6.44	3.12	0.42	-0.13	1.04	-0.19	2.02	2.22	1.98	2.48	2.21	2.23	2.10	2.18	0.00	0.00	0.00
Share price^1, 3	131.31	150.29	153.63	140.83	110.20	112.42	118.46	122.13	105.90	96.43	82.73	77.55	83.86	83.10	81.82	80.36	74.53	82.93	75.53	72.61	81.57	84.54	71.87
Valuation Ratio
P/E ratio⁴	22.54	25.59	26.56	16.19	13.31	13.84	18.38	39.13	249.24	—	79.88	—	41.51	37.39	41.29	32.39	33.66	37.12	35.95	33.35	—	—	—
Benchmarks
P/E Ratio, Competitors⁵
Abbott Laboratories	—	58.36	45.61	41.83	44.92	53.17	52.98	56.47	136.66	122.73	213.07	220.29	45.00	73.04	50.48	55.16	41.28	29.01	22.87	12.83	—	—	—
AbbVie Inc.	—	23.92	14.70	17.82	37.29	23.42	21.71	20.60	17.29	22.09	24.91	35.47	22.56	17.16	16.90	16.54	15.75	18.94	18.46	17.01	—	—	—
Amgen Inc.	17.25	19.97	17.70	17.07	15.53	14.06	13.30	14.01	55.79	52.69	52.13	64.06	15.67	15.70	15.16	16.03	14.24	17.32	16.55	15.95	—	—	—
Biogen Inc.	8.14	7.50	8.11	9.97	9.43	8.40	9.32	14.79	19.99	25.30	18.66	28.83	19.16	18.17	17.49	15.41	16.60	16.21	16.57	16.67	—	—	—
Bristol-Myers Squibb Co.	—	—	144.77	41.99	16.53	11.97	14.51	16.81	56.09	251.38	92.56	103.55	23.59	19.40	18.96	20.56	25.80	43.47	76.64	64.22	—	—	—
Gilead Sciences Inc.	—	—	19.58	16.45	30.72	13.61	14.26	15.26	57.34	45.72	24.66	22.75	8.24	7.85	6.92	6.83	6.47	6.49	6.50	6.75	—	—	—
Illumina Inc.	66.98	74.93	47.73	43.43	43.91	46.92	54.25	52.00	62.22	73.58	59.94	44.63	38.26	38.75	36.92	52.01	45.62	56.56	50.34	50.07	—	—	—
Johnson & Johnson	22.51	25.68	23.06	25.99	24.03	21.50	25.68	23.74	243.48	256.64	271.47	268.10	23.75	21.91	20.12	20.08	19.64	22.55	20.29	18.80	—	—	—
Merck & Co. Inc.	—	19.70	19.18	20.60	22.67	23.07	23.97	33.46	56.97	132.14	96.71	61.63	53.20	33.41	39.83	46.14	30.16	33.87	32.46	31.64	—	—	—
Pfizer Inc.	—	15.01	13.00	11.63	12.60	16.12	19.69	21.58	10.64	10.66	9.43	9.99	21.39	23.88	27.02	28.10	32.43	30.28	26.41	26.37	—	—	—
Regeneron Pharmaceuticals Inc.	—	22.27	28.35	19.86	17.03	15.94	14.56	18.17	21.53	26.96	22.09	28.99	34.90	43.35	47.93	42.64	45.15	61.42	53.53	60.50	—	—	—
Vertex Pharmaceuticals Inc.	20.14	34.05	43.74	52.90	23.44	20.80	20.51	22.59	65.41	108.21	175.96	155.08	193.19	149.56	166.15	—	—	—	—	—	—	—	—
Zoetis Inc.	—	47.41	37.05	45.89	39.46	42.08	35.57	28.68	38.90	39.51	39.53	44.09	35.00	33.42	33.79	31.63	35.08	39.58	62.14	62.14	—	—	—

¹ Data adjusted for splits and stock dividends.

² Q3 2020 Calculation
EPS = (Net income (loss)_{Q3 2020} + Net income (loss)_{Q2 2020} + Net income (loss)_{Q1 2020} + Net income (loss)_{Q4 2019}) ÷ No. shares of common stock outstanding
= (1,208,400,000 + 1,412,000,000 + 1,456,500,000 + 1,495,700,000) ÷ 956,581,598 = 5.83

³ Closing price as at the filing date of Eli Lilly & Co.’s Quarterly or Annual Report.

⁴ Q3 2020 Calculation
P/E ratio = Share price ÷ EPS
= 131.31 ÷ 5.83 = 22.54

⁵ Click competitor name to see calculations.

Valuation ratio	Description	The company
P/E ratio	The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings.	Eli Lilly & Co.’s P/E ratio decreased from Q1 2020 to Q2 2020 and from Q2 2020 to Q3 2020.

Eli Lilly & Co., historical P/OP calculation (quarterly data)

	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015
No. shares of common stock outstanding¹	956,581,598	956,470,372	956,450,448	956,382,203	960,130,771	965,432,952	970,830,868	1,035,418,562	1,059,322,255	1,073,987,856	1,085,430,420	1,095,597,580	1,101,094,711	1,100,988,944	1,103,388,743	1,103,352,450	1,103,948,230	1,103,843,444	1,103,837,002	1,106,093,485	1,108,076,549	1,108,540,541	1,109,741,140
Selected Financial Data (US$)
Operating income (loss) (in thousands)	1,278,300	1,196,800	1,590,800	1,400,200	1,430,700	1,498,300	645,100	954,200	1,426,400	(33,200)	1,373,500	229,000	605,500	1,264,400	46,100	876,200	943,500	923,300	715,800	399,900	961,300	803,000	525,200
Operating profit per share²	5.71	5.87	6.19	5.20	4.72	4.69	3.08	3.59	2.83	2.02	3.20	1.96	2.54	2.84	2.53	3.13	2.70	2.72	2.61	2.43	0.00	0.00	0.00
Share price^1, 3	131.31	150.29	153.63	140.83	110.20	112.42	118.46	122.13	105.90	96.43	82.73	77.55	83.86	83.10	81.82	80.36	74.53	82.93	75.53	72.61	81.57	84.54	71.87
Valuation Ratio
P/OP ratio⁴	22.98	25.58	24.82	27.08	23.37	23.99	38.43	33.99	37.45	47.62	25.86	39.61	33.07	29.23	32.37	25.63	27.59	30.51	28.95	29.86	—	—	—
Benchmarks
P/OP Ratio, Competitors⁵
Abbott Laboratories	—	45.19	35.87	34.03	34.32	37.50	36.74	36.64	38.12	38.00	39.99	60.88	47.72	41.32	30.85	24.25	18.51	23.04	20.13	19.80	—	—	—
AbbVie Inc.	—	15.23	9.13	10.82	18.43	13.53	17.93	18.35	12.32	14.01	15.78	19.63	14.77	11.57	11.19	10.49	10.48	12.51	12.44	11.61	—	—	—
Amgen Inc.	13.82	15.84	14.22	13.84	12.52	11.35	10.73	11.46	12.13	12.16	11.45	12.71	12.55	12.46	11.99	12.64	11.56	14.06	13.50	13.07	—	—	—
Biogen Inc.	6.21	6.03	6.48	8.34	7.58	6.74	7.43	11.13	10.78	12.80	9.45	13.70	14.01	13.19	12.69	11.08	11.87	11.51	11.89	12.09	—	—	—
Bristol-Myers Squibb Co.	—	33.99	27.33	24.42	13.50	10.89	13.68	16.16	19.56	27.48	23.10	28.87	24.60	20.23	19.09	19.79	24.47	43.34	64.30	53.18	—	—	—
Gilead Sciences Inc.	—	—	21.83	20.66	19.07	9.61	10.14	10.15	9.74	9.58	6.83	7.45	6.02	5.82	5.22	5.23	5.08	5.20	5.25	5.50	—	—	—
Illumina Inc.	59.77	60.31	46.36	44.17	46.74	51.96	53.12	48.64	46.46	55.70	44.02	53.47	57.62	58.10	52.79	40.99	34.40	43.07	37.39	37.71	—	—	—
Johnson & Johnson	19.46	19.66	18.67	19.83	17.23	19.08	20.36	18.34	20.42	18.93	18.18	18.94	18.71	17.29	15.95	16.09	16.59	18.63	17.98	16.50	—	—	—
Merck & Co. Inc.	—	17.23	15.88	17.47	17.97	18.21	19.17	25.08	25.60	34.95	27.63	22.58	38.37	25.21	30.01	33.62	21.16	24.34	20.90	20.29	—	—	—
Pfizer Inc.	—	18.20	15.97	14.36	14.64	13.82	15.62	17.19	18.14	17.36	15.05	15.62	16.20	16.11	16.34	16.88	16.63	16.98	15.88	15.52	—	—	—
Regeneron Pharmaceuticals Inc.	—	23.98	26.60	19.01	16.21	15.41	14.44	17.53	16.43	18.75	14.23	16.71	23.63	29.60	32.24	28.70	29.64	36.67	30.59	30.74	—	—	—
Vertex Pharmaceuticals Inc.	20.35	33.91	40.27	51.98	64.96	52.36	56.45	74.57	66.84	442.93	—	331.55	1,018.05	112.83	99.84	2,143.58	—	—	—	—	—	—	—
Zoetis Inc.	—	36.24	28.78	35.00	30.23	32.11	27.78	22.59	23.98	23.28	21.51	22.33	21.75	20.64	20.42	18.65	18.87	20.90	28.06	28.09	—	—	—

¹ Data adjusted for splits and stock dividends.

² Q3 2020 Calculation
Operating profit per share = (Operating income (loss)_{Q3 2020} + Operating income (loss)_{Q2 2020} + Operating income (loss)_{Q1 2020} + Operating income (loss)_{Q4 2019}) ÷ No. shares of common stock outstanding
= (1,278,300,000 + 1,196,800,000 + 1,590,800,000 + 1,400,200,000) ÷ 956,581,598 = 5.71

³ Closing price as at the filing date of Eli Lilly & Co.’s Quarterly or Annual Report.

⁴ Q3 2020 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 131.31 ÷ 5.71 = 22.98

⁵ Click competitor name to see calculations.

Valuation ratio	Description	The company
P/OP ratio	Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit.	Eli Lilly & Co.’s P/OP ratio increased from Q1 2020 to Q2 2020 but then decreased significantly from Q2 2020 to Q3 2020.

Eli Lilly & Co., historical P/S calculation (quarterly data)

	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015
No. shares of common stock outstanding¹	956,581,598	956,470,372	956,450,448	956,382,203	960,130,771	965,432,952	970,830,868	1,035,418,562	1,059,322,255	1,073,987,856	1,085,430,420	1,095,597,580	1,101,094,711	1,100,988,944	1,103,388,743	1,103,352,450	1,103,948,230	1,103,843,444	1,103,837,002	1,106,093,485	1,108,076,549	1,108,540,541	1,109,741,140
Selected Financial Data (US$)
Revenue (in thousands)	5,740,600	5,499,400	5,859,800	6,114,000	5,476,600	5,636,700	5,092,200	6,438,600	6,061,900	6,355,200	5,700,000	6,160,700	5,658,000	5,824,300	5,228,300	5,760,500	5,191,700	5,404,800	4,865,100	5,375,600	4,959,700	4,978,700	4,644,700
Sales per share²	24.27	23.99	24.14	23.34	23.58	24.06	24.67	23.72	22.92	22.23	21.51	20.88	20.41	19.99	19.56	19.23	18.88	18.67	18.28	18.04	0.00	0.00	0.00
Share price^1, 3	131.31	150.29	153.63	140.83	110.20	112.42	118.46	122.13	105.90	96.43	82.73	77.55	83.86	83.10	81.82	80.36	74.53	82.93	75.53	72.61	81.57	84.54	71.87
Valuation Ratio
P/S ratio⁴	5.41	6.26	6.36	6.03	4.67	4.67	4.80	5.15	4.62	4.34	3.85	3.71	4.11	4.16	4.18	4.18	3.95	4.44	4.13	4.02	—	—	—
Benchmarks
P/S Ratio, Competitors⁵
Abbott Laboratories	—	5.77	5.09	4.83	4.72	4.98	4.52	4.37	3.98	3.84	3.57	3.84	3.77	3.62	3.40	3.70	2.73	3.21	2.74	2.78	—	—	—
AbbVie Inc.	—	4.59	3.64	4.22	3.69	2.96	3.56	3.58	4.06	4.60	5.37	6.67	5.50	4.25	4.07	3.84	3.79	4.38	4.25	3.83	—	—	—
Amgen Inc.	5.33	6.30	5.96	6.03	5.61	5.00	4.78	5.22	5.56	5.65	5.27	5.82	5.85	5.85	5.48	5.65	5.01	5.97	5.60	5.28	—	—	—
Biogen Inc.	2.90	3.07	3.31	4.08	3.57	3.16	3.15	4.87	4.81	5.83	4.39	5.96	5.64	5.11	5.28	4.98	5.65	5.51	5.60	5.49	—	—	—
Bristol-Myers Squibb Co.	—	3.97	4.45	5.52	3.87	3.11	3.21	3.67	3.64	4.38	4.04	5.02	4.85	4.40	4.59	4.72	4.70	7.08	7.13	6.07	—	—	—
Gilead Sciences Inc.	—	3.95	4.34	4.00	3.76	3.69	3.84	3.84	4.17	4.43	3.52	4.10	3.54	3.42	3.05	3.08	3.13	3.32	3.48	3.80	—	—	—
Illumina Inc.	13.20	15.50	12.64	12.28	12.35	12.92	13.59	12.89	13.12	15.36	11.58	11.77	11.53	11.65	11.27	10.03	8.53	10.58	9.26	10.41	—	—	—
Johnson & Johnson	4.73	4.84	4.78	4.79	4.16	4.32	4.62	4.45	4.61	4.36	4.29	4.56	5.06	4.93	4.60	4.62	4.37	4.78	4.49	4.13	—	—	—
Merck & Co. Inc.	—	4.38	4.05	4.33	4.59	4.87	4.67	4.92	4.57	4.29	3.75	3.68	3.80	4.25	4.34	4.54	4.15	4.41	3.80	3.56	—	—	—
Pfizer Inc.	—	4.32	4.05	3.66	3.85	3.80	4.20	4.49	4.75	4.51	3.89	4.05	4.00	3.80	3.75	3.84	3.82	4.08	3.95	3.76	—	—	—
Regeneron Pharmaceuticals Inc.	—	8.31	8.10	5.34	4.79	4.56	5.11	6.62	6.08	6.92	5.20	5.92	8.09	9.56	9.27	7.86	7.61	9.82	8.95	9.38	—	—	—
Vertex Pharmaceuticals Inc.	9.04	13.11	13.71	14.95	13.89	13.34	13.54	15.54	14.96	17.14	16.47	16.42	16.47	18.23	14.60	12.51	11.33	15.62	15.73	20.38	—	—	—
Zoetis Inc.	—	12.09	9.42	11.00	9.37	9.57	8.35	7.03	7.92	7.88	7.10	7.18	6.40	5.85	5.83	5.31	4.95	5.21	4.87	4.42	—	—	—

¹ Data adjusted for splits and stock dividends.

² Q3 2020 Calculation
Sales per share = (Revenue_{Q3 2020} + Revenue_{Q2 2020} + Revenue_{Q1 2020} + Revenue_{Q4 2019}) ÷ No. shares of common stock outstanding
= (5,740,600,000 + 5,499,400,000 + 5,859,800,000 + 6,114,000,000) ÷ 956,581,598 = 24.27

³ Closing price as at the filing date of Eli Lilly & Co.’s Quarterly or Annual Report.

⁴ Q3 2020 Calculation
P/S ratio = Share price ÷ Sales per share
= 131.31 ÷ 24.27 = 5.41

⁵ Click competitor name to see calculations.

Valuation ratio	Description	The company
P/S ratio	An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative.	Eli Lilly & Co.’s P/S ratio decreased from Q1 2020 to Q2 2020 and from Q2 2020 to Q3 2020.

Eli Lilly & Co., historical P/BV calculation (quarterly data)

	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015
No. shares of common stock outstanding¹	956,581,598	956,470,372	956,450,448	956,382,203	960,130,771	965,432,952	970,830,868	1,035,418,562	1,059,322,255	1,073,987,856	1,085,430,420	1,095,597,580	1,101,094,711	1,100,988,944	1,103,388,743	1,103,352,450	1,103,948,230	1,103,843,444	1,103,837,002	1,106,093,485	1,108,076,549	1,108,540,541	1,109,741,140
Selected Financial Data (US$)
Total Eli Lilly and Company shareholders’ equity (in thousands)	4,826,900	4,092,900	3,078,800	2,606,900	3,382,500	2,780,500	2,480,300	9,828,700	13,076,600	11,555,200	14,527,000	11,592,200	14,890,300	14,100,800	14,031,000	14,007,700	15,589,200	14,637,300	15,009,900	14,571,300	15,221,400	14,670,300	14,919,800
Book value per share (BVPS)²	5.05	4.28	3.22	2.73	3.52	2.88	2.55	9.49	12.34	10.76	13.38	10.58	13.52	12.81	12.72	12.70	14.12	13.26	13.60	13.17	13.74	13.23	13.44
Share price^1, 3	131.31	150.29	153.63	140.83	110.20	112.42	118.46	122.13	105.90	96.43	82.73	77.55	83.86	83.10	81.82	80.36	74.53	82.93	75.53	72.61	81.57	84.54	71.87
Valuation Ratio
P/BV ratio⁴	26.02	35.12	47.73	51.67	31.28	39.03	46.37	12.87	8.58	8.96	6.18	7.33	6.20	6.49	6.43	6.33	5.28	6.25	5.55	5.51	5.94	6.39	5.35
Benchmarks
P/BV Ratio, Competitors⁵
Abbott Laboratories	—	5.94	5.40	4.96	4.65	4.86	4.49	4.38	3.94	3.72	3.23	3.40	2.95	2.71	2.42	3.76	2.72	3.20	2.70	2.68	3.19	3.27	3.17
AbbVie Inc.	—	11.31	—	—	—	—	—	—	—	—	44.74	36.95	22.43	18.89	21.33	21.24	14.80	19.21	21.77	22.17	21.56	20.64	75.48
Amgen Inc.	11.57	13.67	14.33	13.84	11.47	10.37	9.92	9.41	8.56	8.35	7.41	5.02	3.98	4.05	3.91	4.14	3.51	4.27	4.16	3.94	4.38	4.87	4.66
Biogen Inc.	3.85	3.93	3.80	4.40	3.63	3.44	3.15	5.03	4.63	6.13	3.94	5.80	5.19	5.16	5.30	4.70	5.32	5.43	5.93	6.31	5.83	5.61	8.10
Bristol-Myers Squibb Co.	—	2.82	2.77	2.80	5.30	4.63	4.91	5.89	5.89	7.67	6.65	8.88	6.75	6.05	6.36	5.66	5.56	8.36	8.38	7.04	7.39	7.52	6.92
Gilead Sciences Inc.	—	4.79	4.40	3.93	4.02	3.58	3.83	3.89	3.98	4.66	4.15	5.15	3.85	4.23	4.28	4.88	5.78	6.83	8.42	6.59	9.02	10.69	8.88
Illumina Inc.	9.09	11.38	9.70	9.43	9.62	10.16	11.58	11.43	12.15	14.64	11.30	11.79	10.48	10.67	10.71	10.95	9.03	11.90	10.48	12.50	11.25	17.69	16.98
Johnson & Johnson	5.93	6.19	6.46	6.61	5.84	5.78	6.39	6.08	5.81	5.60	5.34	5.79	5.08	4.98	4.72	4.72	4.30	4.68	4.34	4.07	3.91	3.90	4.09
Merck & Co. Inc.	—	7.47	7.43	7.83	7.87	7.82	7.31	7.79	5.88	5.44	4.54	4.30	3.96	4.31	4.35	4.51	3.78	4.01	3.42	3.15	3.37	3.54	3.57
Pfizer Inc.	—	3.31	3.16	3.00	3.14	3.42	3.84	3.80	3.55	3.44	2.80	2.98	3.45	3.41	3.37	3.40	3.21	3.40	3.19	2.84	3.15	3.24	3.07
Regeneron Pharmaceuticals Inc.	—	7.34	5.33	3.79	3.48	3.38	3.74	5.07	4.92	5.97	4.80	5.66	7.37	9.07	9.49	8.58	8.02	11.19	10.54	10.53	17.80	18.04	16.29
Vertex Pharmaceuticals Inc.	6.66	9.42	10.23	10.23	9.57	9.09	9.36	10.68	14.56	16.73	16.56	20.14	21.11	23.25	19.64	18.42	18.42	24.79	21.23	22.38	33.24	38.35	31.53
Zoetis Inc.	—	25.71	21.68	25.42	21.53	24.00	21.31	18.74	21.38	22.36	19.72	21.52	16.49	17.11	17.96	17.46	15.25	18.64	20.16	19.72	18.42	20.48	17.82

¹ Data adjusted for splits and stock dividends.

² Q3 2020 Calculation
BVPS = Total Eli Lilly and Company shareholders’ equity ÷ No. shares of common stock outstanding
= 4,826,900,000 ÷ 956,581,598 = 5.05

³ Closing price as at the filing date of Eli Lilly & Co.’s Quarterly or Annual Report.

⁴ Q3 2020 Calculation
P/BV ratio = Share price ÷ BVPS
= 131.31 ÷ 5.05 = 26.02

⁵ Click competitor name to see calculations.

Valuation ratio	Description	The company
P/BV ratio	The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company’s required rate of return and its actual rate of return.	Eli Lilly & Co.’s P/BV ratio decreased from Q1 2020 to Q2 2020 and from Q2 2020 to Q3 2020.

Eli Lilly & Co. (NYSE:LLY)

Common Stock Valuation Ratios (Price Multiples)
Quarterly Data

Historical Valuation Ratios (Summary)

Price to Earnings (P/E)

Price to Operating Profit (P/OP)

Price to Sales (P/S)

Price to Book Value (P/BV)

Eli Lilly & Co. (NYSE:LLY)

Common Stock Valuation Ratios (Price Multiples)Quarterly Data

Historical Valuation Ratios (Summary)

Price to Earnings (P/E)

Price to Operating Profit (P/OP)

Price to Sales (P/S)

Price to Book Value (P/BV)

Common Stock Valuation Ratios (Price Multiples)
Quarterly Data