The short answer
Eli Lilly is HALAL on ZakatInvest's qualitative assessment of its pharmaceutical core, while its current financial result is a FAIL under the examined total-assets methods. The March 31, 2026 filing reports debt above the named financial limits. Medicines generally support preservation of life, but product ingredients, pricing, access and clinical evidence still require qualitative review.
This is a reproducible research screen, not a fatwa or investment recommendation. Scholars and screening providers can differ on debt components, investment classification, receivables and product-specific evidence.
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-13.
43,370 / 116,576
5,655 / 116,576
26,459 / 116,576
- 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.
- 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.
- 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.
- 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.
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.
Current quantitative screen
The calculations above use Eli Lilly's official filing at the SEC (Q1 2026 Form 10-Q). Amounts are in USD millions and use total assets as the denominator.
- Interest-bearing debt / assets: 37.20%, using commercial paper plus long-term debt including current maturities.
- Cash and identifiable debt securities / assets: 4.85%, using cash and cash equivalents plus disclosed available-for-sale debt securities.
- Receivables plus cash / assets: 22.71%, using accounts receivable, other receivables and cash.
- Gross interest income / revenue: unavailable in the examined summary; no fixed purification percentage is prescribed here.
Debt is above the examined FTSE, MSCI and Malaysia total-assets limits, while the liquidity and receivables-plus-cash calculations are below their named limits. Market-cap denominator methods are not calculated because ZakatInvest does not store a licensed, reproducible historical market-cap series.
What Eli Lilly does
Eli Lilly discovers, develops, manufactures and sells prescription medicines worldwide. The filing describes a single pharmaceutical segment and reports product revenue from therapies including diabetes, obesity, oncology, immunology and other indications, plus collaboration and royalty revenue.
Pharmaceutical research and treatment are generally permissible in principle and align with preservation of life. The filing does not allocate every ingredient, excipient, manufacturing input, collaboration or end use into a universal prohibited-revenue numerator, so the activity result remains qualitative.
Debt, investments and purification
At March 31, 2026, Eli Lilly reported $116,576 million of assets, $5,282 million of cash and cash equivalents, and $43,370 million of total debt when commercial paper is combined with long-term debt. The filing also identifies $373 million of available-for-sale debt securities; equity and equity-method investments are not entered as interest-bearing securities in this screen.
The examined summary does not separately disclose gross interest income. Because the “other-net” line combines multiple items, ZakatInvest does not invent a purification percentage; readers should follow the qualified scholar or screening methodology they use.
Qualitative considerations
- Ingredients and manufacturing: excipients, processing aids, animal-derived inputs and product-specific evidence can differ by medicine and market.
- Pricing and access: insulin, GLP-1 medicines, rebates, 340B disputes and affordability are material ethical questions.
- Safety and research: clinical trials, pharmacovigilance, product liability and animal research require continuing review.
- Collaborations: royalties, milestones and licensing arrangements should be revisited as the portfolio changes.
- Operations: patents, regulation, environmental impacts, labor, supply chain and lobbying remain relevant diligence topics.
The halal verdict
Eli Lilly is presented as HALAL on its qualitative medicines core, with a current financial FAIL because debt is 37.20% of total assets under the examined treatment. This is not an official index membership or fatwa. Revisit the record when Lilly files new statements or materially changes its debt, investments, products or ingredient disclosures.
Use the quantitative screen alongside ingredient, patient-access, clinical and pricing analysis, and consult a qualified scholar for your chosen methodology.
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