Is LLY (Eli Lilly and Company) halal?

Q: Is LLY (Eli Lilly and Company) halal?

HALAL: Pharmaceutical core is generally permissible, but March 2026 debt/assets fails the examined total-assets financial screens and product evidence remains qualitative. Eli Lilly discovers, develops, manufactures and sells medicines worldwide. Its March 31, 2026 filing reports debt/assets of 37.20%, cash plus identifiable debt securities/assets of 4.85%, receivables plus cash/assets of 22.71%, and no separately disclosed gross interest-income numerator in the examined summary. Medicines generally support preservation of life, while ingredients, pricing, access and product-specific evidence require continuing review.

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LLY

Eli Lilly and Company

HALAL — SCREEN DOES NOT PASSstock

Is LLY Halal?

Pharmaceutical core is generally permissible, but March 2026 debt/assets fails the examined total-assets financial screens and product evidence remains qualitative.

What You Should Know

Eli Lilly discovers, develops, manufactures and sells medicines worldwide. Its March 31, 2026 filing reports debt/assets of 37.20%, cash plus identifiable debt securities/assets of 4.85%, receivables plus cash/assets of 22.71%, and no separately disclosed gross interest-income numerator in the examined summary. Medicines generally support preservation of life, while ingredients, pricing, access and product-specific evidence require continuing review.

⚠️ Concerns

•Debt is 37.20% of total assets and exceeds the examined FTSE, MSCI and Malaysia limits
•Gross interest income is not separately disclosed in the examined summary
•Product ingredients, excipients and manufacturing inputs require product-specific evidence
•Pricing, insulin/GLP-1 access, rebates and 340B disputes require continuing review
•Clinical safety, animal research, patents, litigation, labor and environmental obligations require review

Current quantitative Sharia screen

Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-13.

USD · millions

Interest-bearing debt / assets

37.20%Above limit

Below 33.333% under FTSE Yasaar

43,370 / 116,576

Cash + interest-bearing securities / assets

4.85%Within limit

Below 33.333% under FTSE Yasaar

5,655 / 116,576

Receivables + cash / assets

22.70%Within limit

Below 50% under FTSE Yasaar

26,459 / 116,576

Methodology	Financial	Overall	What drives it
FTSE Yasaar v4.6, February 2026	Fails	Fails	Debt is 37.20%, liquidity is 4.85% and receivables plus cash are 22.71%; debt exceeds the examined FTSE asset limit. Gross non-compliant income is unavailable.
MSCI Islamic (total-assets series) October 2024 methodology	Fails	Fails	Debt is 37.20%, above the examined MSCI total-assets limit; liquidity and receivables plus cash are below their examined limits. This is a calculation against the named method, not an index-membership claim.
Malaysia SAC financial ratios single 5% activity benchmark adopted November 2025	Fails	Fails	Debt is 37.20%, above the examined Malaysia SAC financial limit. This is a calculation against SAC ratios, not an official classification of a foreign-listed security.
Market-cap denominator methods MSCI M-Series, S&P and Dow Jones methods differ	Not calculated	Not calculated	A properly licensed and reproducible historical market-cap series is not stored, so these methods are not estimated from a current spot price.

FTSE Yasaar

v4.6, February 2026

Financial: Fails
Overall: Fails

Debt is 37.20%, liquidity is 4.85% and receivables plus cash are 22.71%; debt exceeds the examined FTSE asset limit. Gross non-compliant income is unavailable.

MSCI Islamic (total-assets series)

October 2024 methodology

Financial: Fails
Overall: Fails

Debt is 37.20%, above the examined MSCI total-assets limit; liquidity and receivables plus cash are below their examined limits. This is a calculation against the named method, not an index-membership claim.

Malaysia SAC financial ratios

single 5% activity benchmark adopted November 2025

Financial: Fails
Overall: Fails

Debt is 37.20%, above the examined Malaysia SAC financial limit. This is a calculation against SAC ratios, not an official classification of a foreign-listed security.

Market-cap denominator methods

MSCI M-Series, S&P and Dow Jones methods differ

Financial: Not calculated
Overall: Not calculated

A properly licensed and reproducible historical market-cap series is not stored, so these methods are not estimated from a current spot price.

Business-activity disclosure

Eli Lilly discovers, develops, manufactures and sells pharmaceutical products worldwide. Medicines and health research generally support preservation of life and are permissible in principle, while ingredients, manufacturing inputs, pricing, access and product-specific evidence require qualitative review.

Limitation: The filing reports broad product and collaboration revenue but does not allocate every product, ingredient, excipient, licensing arrangement or customer into a universal prohibited-revenue numerator; no blanket zero-concern claim is made.

Purification

The examined Lilly summary does not separately disclose gross interest income or prescribe a scholar-approved purification percentage. No fixed estimate is made here; readers should follow the scholar or methodology they use.

Inputs, assumptions and primary sources

Inputs use Eli Lilly's March 31, 2026 Form 10-Q: total assets $116,576 million and quarterly revenue $19,799 million.
Debt uses $1,775 million of short-term commercial paper plus $41,595 million of long-term debt including current maturities, matching the filing's $43.4 billion total-debt discussion. Lease and other liabilities are not entered as conventional debt.
Cash uses $5,282 million of cash and cash equivalents. Interest-bearing securities use $373 million of disclosed available-for-sale debt securities ($13 million short-term and $360 million noncurrent); equity and equity-method investments are excluded.
Receivables use $18,429 million of accounts receivable plus $2,748 million of other receivables.
The examined summary does not separately disclose gross interest income. Other-net expense includes several items, so the income screen is unavailable rather than estimated.

U.S. Securities and Exchange Commission: Eli Lilly Q1 2026 Form 10-Q U.S. Securities and Exchange Commission: Eli Lilly Q1 2026 results release FTSE Russell: FTSE Yasaar Global Equity Shariah Index Series Ground Rules MSCI: MSCI Islamic Index Series Methodology Securities Commission Malaysia: Shariah-Compliant Securities Screening Methodology

This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.

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