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FI NA NCI A L S
56
Report of Independent Registered Public Accounting Firm
Board of Directors and Shareholders
Eli Lilly and Company
We have audited the accompanying consolidated balance sheets of Eli Lilly and Company and subsidiaries as of
December 31, 2005 and 2004, and the related consolidated statements of income, cash flows, and comprehensive
income for each of the three years in the period ended December 31, 2005. These financial statements are the
responsibility of the company’s management. Our responsibility is to express an opinion on these financial state-
ments based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board
(United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well as evaluating the overall finan-
cial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the consoli-
dated financial position of Eli Lilly and Company and subsidiaries at December 31, 2005 and 2004, and the consoli-
dated results of their operations and their cash flows for each of the three years in the period ended December 31,
2005, in conformity with U.S. generally accepted accounting principles.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board
(United States), the effectiveness of Eli Lilly and Company and subsidiaries’ internal control over financial report-
ing as of December 31, 2005, based on criteria established in Internal Control—Integrated Framework issued by
the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 13, 2006
expressed an unqualified opinion thereon.
As discussed in Notes 2 and 7 to the financial statements, in 2005 Eli Lilly and Company adopted new account-
ing pronouncements for asset retirement obligations and stock-based compensation.
Indianapolis, Indiana
February 13, 2006