Eli Lilly and Company discovers, develops, and markets human pharmaceuticals worldwide. It offers Basaglar, Humalog, Humalog Mix 75/25, Humalog U-100, Humalog U-200, Humalog Mix 50/50, insulin lispro, insulin lispro protamine, insulin lispro mix 75/25, Humulin, Humulin 70/30, Humulin N, Humulin R, and Humulin U-500 for diabetes; and Jardiance, Trajenta, and Trulicity for type 2 diabetes. The company provides Alimta for non-small cell lung cancer (NSCLC) and malignant pleural mesothelioma; Cyramza for metastatic gastric cancer, gastro-esophageal junction adenocarcinoma, metastatic NSCLC, metastatic colorectal cancer, and hepatocellular carcinoma; Erbitux for colorectal cancers, and various head and neck cancers; Retevmo for metastatic NSCLC, medullary thyroid cancer, and thyroid cancer; Tyvyt for relapsed or refractory classic Hodgkin's lymph and non-squamous NSCLC; and Verzenio for HR+, HER2- metastatic breast cancer, node positive, and early breast cancer. It offers Olumiant for rheumatoid arthritis; and Taltz for plaque psoriasis, psoriatic arthritis, ankylosing spondylitis, and non-radiographic axial spondylarthritis. The company offers Cymbalta for depressive disorder, diabetic peripheral neuropathic pain, generalized anxiety disorder, fibromyalgia, and chronic musculoskeletal pain; Emgality for migraine prevention and episodic cluster headache; and Zyprexa for schizophrenia, bipolar I disorder, and bipolar maintenance. Its Bamlanivimab and etesevimab, and Bebtelovimab for COVID-19; Cialis for erectile dysfunction and benign prostatic hyperplasia; and Forteo for osteoporosis. The company has collaborations with Incyte Corporation; Boehringer Ingelheim Pharmaceuticals, Inc.; AbCellera Biologics Inc.; Junshi Biosciences; Regor Therapeutics Group; Lycia Therapeutics, Inc.; Kumquat Biosciences Inc.; Entos Pharmaceuticals Inc.; and Foghorn Therapeutics Inc. Eli Lilly and Company was founded in 1876 and is headquartered in Indianapolis, Indiana.

BUILD UP FREE CASH	2022-12-31 (A)	2023-12-31 (A)	2024-12-31 (A)	2025-12-31 (E)	2026-12-31 (E)	2027-12-31 (E)	2028-12-31 (E)	2029-12-31 (E)
Revenue	28,541.4	34,124.1	45,042.7	63,578.3	76,423.7	89,121	89,121	89,121
Revenue % Chg.	0.8%	19.6%	32%
EBIT	8,653.3	10,787.3	17,501.7	26,668.8	34,891.3	41,955.8	41,955.8	41,955.8
EBIT Margin	30.3%	31.6%	38.9%
Tax Rate	8.3%	20.1%	16.5%
NOPAT	7,939.3	8,624.4	14,616.5	21,979.2	29,137.4	35,044.5	35,044.5	35,044.5
NOPAT Margin	27.8%	25.3%	32.5%	34.6%	38.1%	39.3%	39.3%	39.3%
D&A	1,522.5	1,527.3	1,766.6	1,801.4	1,939.6	2,162.5	2,162.5	2,162.5
D&A / Revenue	5.3%	4.5%	3.9%
Capex	-1,854.3	-3,447.6	-5,057.8	-5,732.8	-6,230.9	-6,076.7	-6,076.7	-6,076.7
Capex / Revenue	-6.5%	-10.1%	-11.2%
Chg. NWC	-0.8	-3,055	-5,385	-4,431.6	-5,326.9	-6,212	-6,212	-6,212
Chg. NWC / Revenue	-0%	-9%	-12%
Unlevered FCF (UFCF)	7,606.7	3,649.1	5,940.3	13,616.2	19,519.3	24,918.3	24,918.3	24,918.3
UFCF % Chg.	13.1%	-52%	62.8%	129.2%	43.4%	27.7%	—	—
PV of UFCF	—	—	—	12,551.8	16,586.8	19,519.4	17,993.5	16,586.8
Sum of PV of UFCF	—	—	—	12,551.8	29,138.5	48,657.9	66,651.4	83,238.2

Cost of Debt
Tax Rate
After Tax Cost of Debt	2.2%
Risk Free Rate
Market Risk Premium
Beta	1
Cost of Equity	8.7%
Total Debt	34,910.6
Market Cap	920,015.8
Total Capital	954,926.4
Debt Weighting	3.7%
Equity Weighting	96.3%
WACC	8.5%

Exit Multiple EV/FCF
Terminal Value	952,417.7
PV of Terminal Value	584,415.4
Cumulative PV of UFCF	83,238.2
Net Debt	32,344.4
Equity Value	635,309.2
Shares Outstanding	895.4
Implied Share Price	709.5
Current Share Price	1,027.5
Implied Upside / (Downside)	-30.9%