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As filed with the Securities and Exchange Commission on March 28, 1996
                                          Registration No.
                                                         --------


                    SECURITIES AND EXCHANGE COMMISSION
                          WASHINGTON, D.C.  20549


                                 FORM S-8
                          REGISTRATION STATEMENT
                                   UNDER
                        THE SECURITIES ACT OF 1933


                           ELI LILLY AND COMPANY
          (Exact name of registrant as specified in its charter)

                         LILLY CORPORATE CENTER
     INDIANA           INDIANAPOLIS, INDIANA 46285     35-0470950
     (State or other   (Address of Principal      (I.R.S. Employer
     jurisdiction of   Executive Offices)         Identification No.)
     incorporation or  (Zip Code)
     organization)

                         Lilly GlobalShares Stock Plan

                            (Full Title of the Plan)

                                Rebecca O. Goss
                       Vice President and General Counsel
                             Eli Lilly and Company
                             Lilly Corporate Center
                          Indianapolis, Indiana  46285
                    (Name and address of agent for service)

 Telephone number, including area code, of agent for service: 317-276-2000



                        CALCULATION OF REGISTRATION FEE

 Title of        Amount to      Proposed        Proposed        Amount of
securities to       be          maximum         maximum       registration
be registered   registered    offering price   aggregate          fee
                               per share(1)   offering price(1)

Common Stock    5,400,000       $46.82        $260,827,200     $89,940
                                $65.00

     (1)  Pursuant to Rule 457(h), these prices are estimated solely for
the purpose of calculating the registration fee.  Options to purchase
4,960,000 shares have been granted at an option price of $46.82 per share
($232,227,200 in the aggregate).  As to the remaining 440,000 shares, the
proposed maximum offering price per share is estimated at $65.00
($28,600,000 in the aggregate), based upon the average of the high and low
sales prices of Registrant's Common Stock in the consolidated reporting
system on March 22, 1996.

     There are also registered hereunder such additional indeterminate
number of shares as may be issued as a result of the antidilution
provisions of the Lilly GlobalShares Stock Plan.

     The contents of the Company's Registration Statement on Form S-8,
Registration No. 33-50783, as filed with the Securities and Exchange
Commission on October 27, 1993, are incorporated by reference herein.


Item 8.   EXHIBITS

     Exhibit
     Number              Description

     5              Opinion of Daniel P. Carmichael, Deputy General
                    Counsel and Secretary of the Company
     23             Consent of Ernst & Young LLP, Independent Auditors



                                SIGNATURES

     Pursuant to the requirements of the Securities Act of 1933, the
Registrant certifies that it has reasonable grounds to believe that it
meets all of the requirements for filing on Form S-8 and has duly caused
this Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Indianapolis, State of Indiana,
on March 18, 1996.

                                ELI LILLY AND COMPANY



                                By  s/Randall L. Tobias
                                  -------------------------------
                                   Randall L. Tobias, Chairman
                                   and Chief Executive Officer


     Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed on March 18, 1996, by the following
persons in the capacities indicated.

                               -2-

         SIGNATURE                       TITLE

 s/Randall L. Tobias                Chairman, Chief Executive
 -------------------                Officer, and a Director
(Randall L. Tobias)                 (principal executive officer)


s/Charles E. Golden                 Executive Vice President,
- -------------------                 Chief Financial Officer,
(Charles E. Golden                  and a Director (principal
                                    financial officer)


s/Arnold C. Hanish                  Chief Accounting Officer
- ------------------                  (principal accounting officer)
(Arnold C. Hanish)

s/Steven C. Beering, M.D.           Director
- -------------------------
(Steven C. Beering, M.D.)


s/James W. Cozad                    Director
- ----------------
(James W. Cozad)


s/Alfred G. Gilman, M.D., Ph.D.     Director
- -------------------------
(Alfred G. Gilman, M.D., Ph.D.)


s/Karen N. Horn, Ph.D.              Director
- ----------------------
(Karen N. Horn, Ph.D.)


s/J. Clayburn La Force, Jr., Ph.D.  Director
- ----------------------------------
(J. Clayburn La Force, Jr., Ph.D.)
                            

                                    Director
- -------------------------------
(Kenneth L. Lay)


s/Franklyn G. Prendergast, M.D., Ph.D.      Director
- -------------------------------------
(Franklyn G. Prendergast, M.D.,Ph.D.)


s/Kathi Seifert                     Director
- ---------------
(Kathi Seifert)


s/Sidney Taurel                     Director
- ---------------
(Sidney Taurel)


s/August M. Watanabe, M.D.          Director
- --------------------------
(August M. Watanabe, M.D.)


s/Alva O. Way                       Director
- -------------
(Alva O. Way)


                              -3-


                             INDEX TO EXHIBITS

The following documents are filed as part of this Registration Statement:

Exhibit

5     Opinion of Daniel P. Carmichael, Deputy General Counsel and
      Secretary of the Company

23    Consent of Ernst & Young LLP, Independent Auditors


                              -4-


                                Eli Lilly and Company
                               Lilly Corporate Center
                            Indianapolis, Indiana  46285
                                Daniel P. Carmichael
                               Deputy General Counsel
                                    and Secretary


                                           March 22, 1996



            Eli Lilly and Company
            Lilly Corporate Center
            Indianapolis, Indiana  46285

            Gentlemen:

            On or about March 22, 1996, Eli Lilly and Company (the
            ``Company'') will file with the Securities and Exchange
            Commission on Form S-8 its Registration Statement
            (``Registration Statement'') relating to 5,400,000
            additional shares of Common Stock that may be issued or
            transferred by the Company upon the exercise of stock
            options or pursuant to stock grants that may be granted to
            employees of the Company and its subsidiaries under the
            GlobalShares Stock Plan (the ``Plan'').

            With respect to the Company and shares of its Common Stock,
            I am of the opinion that:

               A.   The Company is a corporation duly organized and
            validly existing under the laws of the State of Indiana.

               B.   The 5,400,000 shares of Common Stock referred to
            above:

                      (i)  are duly authorized;

                      (ii) upon selection, in accordance with the terms
                 of the Plan, of grantees from among those employees of
                 the Company and its subsidiaries eligible for receipt
                 of stock options and stock grants (``Eligible
                 Employees''), may be validly included in grants of
                 stock options and stock grants to such Eligible
                 Employees; and

                      (iii) will be validly issued and outstanding,
                 fully paid and nonassessable upon issuance or transfer:

                           (a)  pursuant to the due exercise of stock
                      options in accordance with the terms and subject
                      to the conditions of the Plan and the payment of
                      the option price stated in such options; and

                           (b)  pursuant to stock grants, subject,
                      however, to any restrictions that may be imposed
                      pursuant to the terms of the Plan or the grants.

            In arriving at the foregoing opinion, I have examined
            corporate records, plans, agreements and other documents of
            the Company.

            I consent to the use of this opinion as an exhibit to the
            Registration Statement.  In giving such consent, I do not
            admit that I come within the category of persons whose
            consent is required under Section 7 of the Securities Act of
            1933, as amended, or the Rules and Regulations of the
            Securities and Exchange Commission thereunder.

                                             Very truly yours,

                                             s/Daniel P. Carmichael



            EXHIBIT 23.  CONSENT OF INDEPENDENT AUDITORS

            We consent to the incorporation by reference in the
            Registration Statement (Form S-8) pertaining to the Lilly
            GlobalShares Stock Option Plan of Eli Lilly and Company of
            our report dated February 5, 1996, with respect to the
            consolidated financial statements of Eli Lilly and Company
            incorporated by reference in its Annual Report (Form 10-K)
            for the year ended December 31, 1995, filed with the
            Securities and Exchange Commission.


            ERNST & YOUNG LLP

            March 22, 1996