Lilly Endowment unloads about $600 million in Eli Lilly stock during early October
The nonprofit still owns about 10% of the company, a stake now worth about $80.9 billion.
Lilly Endowment, a nonprofit associated with the founders of the pharmaceutical giant Eli Lilly, has been on a selling spree this month.
The insider has sold more than 1 million shares of Lilly in October in a series of sales worth roughly $599 million, according to regulatory filings. Though the Lilly Endowment has been selling off steadily as the stock climbed over the past couple years, the last time it sold more than 1 million shares in a month was June 2024.
Lilly Endowment still owns about 10% of the company, a stake worth about $80.9 billion as of market close on October 9. At Lilly’s all-time high in August 2024, the nonprofit’s stake was worth $93 billion.
The organization supports various causes, primarily in “community development, education and religion,” its website says. Lilly Endowment did not immediately respond to a request for comment.
In a statement to Sherwood, a spokesperson for Lilly Endowment noted that it is required donate at least 5% of the value of its investments each year. It sells Lilly stock "to generate additional cash primarily to cover the required distribution amount," they said.
Lilly, which is up 10% for the year, has fared better than many of its pharmaceutical peers this year as the sector faces various headwinds. That’s largely thanks to its blockbuster diabetes and weight-loss drugs, Mounjaro and Zepbound.
