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SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 SCHEDULE 13G UNDER THE SECURITIES EXCHANGE ACT OF 1934 (AMENDMENT NO. 1)* LIGAND PHARMACEUTICALS INCORPORATED - -------------------------------------------------------------------------------- (Name of Issuer) COMMON STOCK, $.001 PAR VALUE - -------------------------------------------------------------------------------- (Title of Class of Securities) 53220K207 - -------------------------------------------------------------------------------- (CUSIP Number) March 22, 2001 - -------------------------------------------------------------------------------- (Date of Event Which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: [ ] Rule 13d-1(b) [X] Rule 13d-1(c) [ ] Rule 13d-1(d) *The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act, but shall be subject to all other provisions of the Act (however, see the Notes). CUSIP NO. 53220K207 13G PAGE 2 OF 5 PAGES - -------------------------------------------------------------------------------- 1 Names of Reporting Persons/I.R.S. Identification Nos. of Above Persons (Entities Only) Eli Lilly and Company/35-0470950 - -------------------------------------------------------------------------------- 2 Check the Appropriate Box if a Member of a Group (a) [ ] (See Instructions) (b) [ ] Not Applicable - -------------------------------------------------------------------------------- 3 SEC Use Only - -------------------------------------------------------------------------------- 4 Citizenship or Place of Organization Indiana - -------------------------------------------------------------------------------- Number of 5 Sole Voting Power Shares 3,055,464 ----------------------------------------------------- Beneficially 6 Shared Voting Power None Owned by ----------------------------------------------------- 7 Sole Dispositive Power Each 3,055,464 ----------------------------------------------------- Reporting 8 Shared Dispositive Power Person With None - -------------------------------------------------------------------------------- 9 Aggregate Amount Beneficially Owned by Each Reporting Person 3,055,464 - -------------------------------------------------------------------------------- 10 Check if the Aggregate Amount in Row (9) Excludes Certain Shares [ ] (See Instructions) Not Applicable - -------------------------------------------------------------------------------- 11 Percent of Class Represented by Amount in Row (9) 5.1% - -------------------------------------------------------------------------------- 12 Type of Reporting Person (See Instructions) CO - -------------------------------------------------------------------------------- CUSIP NO. 53220K207 13G PAGE 3 OF 5 PAGES Item 1(a). Name of Issuer: Ligand Pharmaceuticals Incorporated Item 1(b). Address of Issuer's Principal Executive Offices: 10275 Science Center Drive San Diego, CA 92121 Item 2(a). Name of Person Filing: Eli Lilly and Company Item 2(b). Address of Principal Business Office or, if None, Residence: Lilly Corporate Center Indianapolis, IN 46285 Item 2(c). Citizenship: Indiana Item 2(d). Title of Class of Securities: Common Stock, $.001 Par Value Item 2(e). CUSIP Number: 53220K207 Item 3. If this statement is filed pursuant to Rule 13d-1(b), or 13d-2(b) or (c), check whether the person filing is a: (a)-(j) Not applicable If this statement is filed pursuant to Rule 13d-1(c), check this box. [X] CUSIP NO. 53220K207 13G PAGE 4 OF 5 PAGES Item 4. Ownership. (a) Amount Beneficially Owned: 3,055,464 (b) Percent of Class: 5.1% (based on outstanding shares at October 31, 2001) (c) Number of shares as to which the person has: Sole voting power 3,055,464 Shared voting power None Sole dispositive power 3,055,464 Shared dispositive power None Item 5. Ownership of Five Percent or Less of a Class. Not applicable Item 6. Ownership of More Than Five Percent on Behalf of Another Person. Not applicable Item 7. Identification and Classification of the Subsidiary which Acquired the Security Being Reported on by the Parent Holding Company. Not applicable Item 8. Identification and Classification of Members of the Group. Not applicable CUSIP NO. 53220K207 13G PAGE 5 OF 5 PAGES Item 9. Notice of Dissolution of Group. Not applicable Item 10. Certifications. By signing below, I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect. SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. ELI LILLY AND COMPANY By: /s/ Charles E. Golden ----------------------------- Charles E. Golden Executive Vice President and Chief Financial Officer Date: February 12, 2002