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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001209191-04-014944.txt : 20040309
<SEC-HEADER>0001209191-04-014944.hdr.sgml : 20040309
<ACCEPTANCE-DATETIME>20040309134839
ACCESSION NUMBER:		0001209191-04-014944
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040308
FILED AS OF DATE:		20040309

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LILLY ELI & CO
		CENTRAL INDEX KEY:			0000059478
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				350470950
		STATE OF INCORPORATION:			IN
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		LILLY CORPORATE CTR
		STREET 2:		DROP CODE 1112
		CITY:			INDIANAPOLIS
		STATE:			IN
		ZIP:			46285
		BUSINESS PHONE:		3172762000

	MAIL ADDRESS:	
		STREET 1:		LILLY CORPORATE CENTER
		STREET 2:		DROP CODE 1112
		CITY:			INDIANAPOLIS
		STATE:			IN
		ZIP:			46285

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			LILLY ENDOWMENT INC
		CENTRAL INDEX KEY:			0000316011
		STATE OF INCORPORATION:			IN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-06351
		FILM NUMBER:		04656788

	BUSINESS ADDRESS:	
		STREET 1:		2801 NORTH MERIDIAN STREET
		CITY:			INDIANANAPOLIS
		STATE:			IN
		ZIP:			46208
		BUSINESS PHONE:		3179245471

	MAIL ADDRESS:	
		STREET 1:		2801 NORTH MERIDIAN ST
		CITY:			INDIANAPOLIS
		STATE:			IN
		ZIP:			46208
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>doc4.xml
<DESCRIPTION>FORM 4 SUBMISSION
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2004-03-08</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000059478</issuerCik>
        <issuerName>LILLY ELI &amp; CO</issuerName>
        <issuerTradingSymbol>LLY</issuerTradingSymbol>
    </issuer>

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            <rptOwnerName>LILLY ENDOWMENT INC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>2801 NORTH MERIDIAN STREET</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>INDIANAPOLIS</rptOwnerCity>
            <rptOwnerState>IN</rptOwnerState>
            <rptOwnerZipCode>46208-0068</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

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            <securityTitle>
                <value>1-Common Stock</value>
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            <transactionDate>
                <value>2004-03-08</value>
            </transactionDate>
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            <transactionCoding>
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            <transactionAmounts>
                <transactionShares>
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                </transactionShares>
                <transactionPricePerShare>
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                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
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        <nonDerivativeTransaction>
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                <value>2004-03-08</value>
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            <deemedExecutionDate></deemedExecutionDate>
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                    <value>153855004.0000</value>
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            <ownershipNature>
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        <nonDerivativeTransaction>
            <securityTitle>
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            <transactionDate>
                <value>2004-03-08</value>
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            <deemedExecutionDate></deemedExecutionDate>
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                <value>2004-03-08</value>
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        <nonDerivativeTransaction>
            <securityTitle>
                <value>18-Common Stock</value>
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                <value>2004-03-08</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
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                <transactionFormType>4</transactionFormType>
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                <transactionPricePerShare>
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                <value>21-Common Stock</value>
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            <transactionDate>
                <value>2004-03-08</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
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                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
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                <transactionShares>
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                </transactionShares>
                <transactionPricePerShare>
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                <transactionAcquiredDisposedCode>
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                    <value>153802004.0000</value>
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                <value>22-Common Stock</value>
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            <transactionDate>
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            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
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            <transactionTimeliness>
                <value></value>
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            <transactionAmounts>
                <transactionShares>
                    <value>4600.0000</value>
                </transactionShares>
                <transactionPricePerShare>
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            <transactionDate>
                <value>2004-03-08</value>
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                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
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                <transactionPricePerShare>
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                <value>24-Common Stock</value>
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            <transactionDate>
                <value>2004-03-08</value>
            </transactionDate>
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            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
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                    <value>3600.0000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>73.5500</value>
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        <nonDerivativeTransaction>
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                <value>25-Common Stock</value>
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            <transactionDate>
                <value>2004-03-08</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
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                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
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            <transactionTimeliness>
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            <transactionAmounts>
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                <transactionPricePerShare>
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                <value>26-Common Stock</value>
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            <transactionDate>
                <value>2004-03-08</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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            <transactionTimeliness>
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                    <value>800.0000</value>
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                <transactionPricePerShare>
                    <value>73.5000</value>
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                <transactionAcquiredDisposedCode>
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                <value>27-Common Stock</value>
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            <transactionDate>
                <value>2004-03-08</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
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                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
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                <transactionPricePerShare>
                    <value>73.4800</value>
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                <transactionAcquiredDisposedCode>
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                    <value>D</value>
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        <nonDerivativeTransaction>
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                <value>28-Common Stock</value>
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            <transactionDate>
                <value>2004-03-08</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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            <transactionTimeliness>
                <value></value>
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            <transactionAmounts>
                <transactionShares>
                    <value>2000.0000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>73.4700</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
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                <sharesOwnedFollowingTransaction>
                    <value>153788204.0000</value>
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                <directOrIndirectOwnership>
                    <value>D</value>
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        <nonDerivativeTransaction>
            <securityTitle>
                <value>29-Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2004-03-08</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness>
                <value></value>
            </transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>1100.0000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>73.4100</value>
                </transactionPricePerShare>
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                    <value>D</value>
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                    <value>153787104.0000</value>
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                <directOrIndirectOwnership>
                    <value>D</value>
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        <nonDerivativeTransaction>
            <securityTitle>
                <value>30-Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2004-03-08</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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            <transactionTimeliness>
                <value></value>
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            <transactionAmounts>
                <transactionShares>
                    <value>1300.0000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>73.4000</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>153785804.0000</value>
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        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes></footnotes>

    <remarks>This is the first of three Forms 4 filed by the Reporting Person on same date, March 9, 2004, representing transactions #1 through #30 of 69 total transactions.</remarks>

    <ownerSignature>
        <signatureName>by:/s/David D. Biber, Secretary
and Treasurer on behalf of Lilly
Endowment, Inc.</signatureName>
        <signatureDate>2004-03-09</signatureDate>
    </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----