Eli Lilly and Company (LLY)

Industry: Drug Manufacturers - General Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
0QQ6.L	1	Roche Holding AG	133,599	12.69	13.18	7.79	8.16	11.35	7.65
JNJ	2	Johnson & Johnson	92,149	17.56	16.24	10.85	10.01	15.12	17.25
AZN.L	3	AstraZeneca PLC	78,284	22.65	17.30	12.21	10.26	16.83	14.80
NOVN.SW	4	Novartis AG	70,873	17.01	14.77	11.70	10.99	14.85	13.42
0QAH.L	5	Merck & Co., Inc.	64,235	11.01	9.96	8.45	7.62	7.70	8.66
PFE	6	Pfizer Inc.	62,785	13.81	13.24	9.26	8.18	13.80	10.06
ABBV	7	AbbVie Inc.	59,644	171.38	214.67	37.21	38.60	24.20	35.59
LLY	8	Eli Lilly and Comp	59,420	37.17	29.27	28.35	22.56	23.19	20.72
SNW.DE	9	Sanofi	53,933	10.84	11.25	8.80	8.50	7.43	13.56
BAYN.DE	10	Bayer AG	53,857	-	-	10.08	10.08	-	11.54
BMY	11	Bristol-Myers Squi	48,034	15.22	15.22	8.54	8.40	8.74	7.17
CELG-RI	12	Bristol-Myers Squi	48,034	0.01	0.01	2.37	2.33	2.30	1.92
GS7.DE	13	GSK plc	47,231	11.06	9.42	7.80	7.04	15.37	10.68
AMGN	14	Amgen Inc.	35,959	21.67	21.88	11.91	11.33	19.49	23.01
GILD	15	Gilead Sciences, I	29,086	17.01	11.74	9.61	7.56	9.88	9.41
4578.T	16	Otsuka Holdings Co	15,536	9.24	7.36	6.89	6.01	8.28	8.37

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	13.25	12.46	8.80	8.18	10.61	10.06
Full Range Median Multiple	14.51	13.21	9.26	8.40	12.58	10.68
Industry Multiple	25.08	26.87	10.90	10.34	12.52	12.87
Market Implied Multiple	50.58	39.83	38.11	30.34	31.18	27.86
Company (LLY) Multiple	37.17	29.27	28.35	22.56	23.19	20.72
(*) Net Income / EBITDA / Revenue	18,412	23,384	25,297	31,777	30,922	34,601
Winsorized Enterprise Value	N/A	N/A	222,629	259,909	328,192	348,132
Full Range Median Enterprise Value	N/A	N/A	234,154	266,857	388,862	369,691
(-) Net Debt	32,715	32,715	32,715	32,715	32,715	32,715
Winsorized Equity Value	243,953	291,311	189,914	227,194	295,478	315,418
Full Range Median Equity Value	267,211	308,909	201,440	234,143	356,147	336,977
(/) Shares Outstanding	897	897	897	897	897	897
Winsorized Fair Value	$272.00	$324.80	$211.74	$253.31	$329.44	$351.68
Full Range Median Fair Value	$297.93	$344.42	$224.60	$261.06	$397.09	$375.71
Current Price	$1,038.40	$1,038.40	$1,038.40	$1,038.40	$1,038.40	$1,038.40
Upside / Downside	-73.81%	-68.72%	-79.61%	-75.61%	-68.27%	-66.13%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$190.40	$227.36	$148.22	$177.32	$230.61	$246.17
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy