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    <link:label id="lab_country_CN_8fb0a325-eb1f-4bd8-aa48-1eb0a9832696_terseLabel_en-US" xlink:label="lab_country_CN" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">China</link:label>
    <link:label id="lab_country_CN_label_en-US" xlink:label="lab_country_CN" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">CHINA</link:label>
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    <link:label id="lab_us-gaap_FairValueInputsLevel3Member_ef645875-ce72-4887-b510-1268f56d5da7_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueInputsLevel3Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Significant Unobservable Inputs (Level 3)</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueInputsLevel3Member" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueInputsLevel3Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueInputsLevel3Member" xlink:to="lab_us-gaap_FairValueInputsLevel3Member" xlink:type="arc" order="1"/>
    <link:label id="lab_lly_OtherDiabetesMember_c0b9eb8b-e4bf-4899-be96-b3b0e2e2d526_terseLabel_en-US" xlink:label="lab_lly_OtherDiabetesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Diabetes</link:label>
    <link:label id="lab_lly_OtherDiabetesMember_label_en-US" xlink:label="lab_lly_OtherDiabetesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Diabetes [Member]</link:label>
    <link:label id="lab_lly_OtherDiabetesMember_documentation_en-US" xlink:label="lab_lly_OtherDiabetesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Diabetes [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_lly_OtherDiabetesMember" xlink:href="lly-20200630.xsd#lly_OtherDiabetesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_lly_OtherDiabetesMember" xlink:to="lab_lly_OtherDiabetesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_lly_DermiraInc.Member_16a97757-80c4-4410-b693-42227c6f74ab_terseLabel_en-US" xlink:label="lab_lly_DermiraInc.Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Dermira</link:label>
    <link:label id="lab_lly_DermiraInc.Member_label_en-US" xlink:label="lab_lly_DermiraInc.Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Dermira, Inc. [Member]</link:label>
    <link:label id="lab_lly_DermiraInc.Member_documentation_en-US" xlink:label="lab_lly_DermiraInc.Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Dermira, Inc. [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_lly_DermiraInc.Member" xlink:href="lly-20200630.xsd#lly_DermiraInc.Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_lly_DermiraInc.Member" xlink:to="lab_lly_DermiraInc.Member" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue_34a9c55b-e5cc-4b21-827c-721454c64f40_terseLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">1-5 Years</link:label>
    <link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue_label_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue" xlink:to="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue" xlink:type="arc" order="1"/>
    <link:label id="lab_lly_RevenueInformationUsedToDetermineRevenueRecognizedChangeInAccountingEstimatePercent_3d5c47a7-bfd1-4a7c-8d45-231044116e18_terseLabel_en-US" xlink:label="lab_lly_RevenueInformationUsedToDetermineRevenueRecognizedChangeInAccountingEstimatePercent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Revenue, information used to determine revenue recognized, change in accounting estimate, percent</link:label>
    <link:label id="lab_lly_RevenueInformationUsedToDetermineRevenueRecognizedChangeInAccountingEstimatePercent_label_en-US" xlink:label="lab_lly_RevenueInformationUsedToDetermineRevenueRecognizedChangeInAccountingEstimatePercent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Revenue, Information Used To Determine Revenue Recognized, Change In Accounting Estimate, Percent</link:label>
    <link:label id="lab_lly_RevenueInformationUsedToDetermineRevenueRecognizedChangeInAccountingEstimatePercent_documentation_en-US" xlink:label="lab_lly_RevenueInformationUsedToDetermineRevenueRecognizedChangeInAccountingEstimatePercent" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Revenue, Information Used To Determine Revenue Recognized, Change In Accounting Estimate, Percent</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_lly_RevenueInformationUsedToDetermineRevenueRecognizedChangeInAccountingEstimatePercent" xlink:href="lly-20200630.xsd#lly_RevenueInformationUsedToDetermineRevenueRecognizedChangeInAccountingEstimatePercent"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_lly_RevenueInformationUsedToDetermineRevenueRecognizedChangeInAccountingEstimatePercent" xlink:to="lab_lly_RevenueInformationUsedToDetermineRevenueRecognizedChangeInAccountingEstimatePercent" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LiabilitiesAndStockholdersEquityAbstract_9f2df984-7f96-4d00-96bf-910ba98b93b7_terseLabel_en-US" xlink:label="lab_us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Liabilities and Equity</link:label>
    <link:label id="lab_us-gaap_LiabilitiesAndStockholdersEquityAbstract_label_en-US" xlink:label="lab_us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Liabilities and Equity [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:to="lab_us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DeferredIncomeTaxLiabilitiesNet_0d0ab353-152a-49b1-9e18-c2a9df5f9ef6_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredIncomeTaxLiabilitiesNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred tax liabilities</link:label>
    <link:label id="lab_us-gaap_DeferredIncomeTaxLiabilitiesNet_label_en-US" xlink:label="lab_us-gaap_DeferredIncomeTaxLiabilitiesNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred Income Tax Liabilities, Net</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredIncomeTaxLiabilitiesNet" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredIncomeTaxLiabilitiesNet"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredIncomeTaxLiabilitiesNet" xlink:to="lab_us-gaap_DeferredIncomeTaxLiabilitiesNet" xlink:type="arc" order="1"/>
    <link:label id="lab_lly_LoxoOncologyInc.Member_da6fe597-f703-4500-a666-c678c58491b6_terseLabel_en-US" xlink:label="lab_lly_LoxoOncologyInc.Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Loxo Oncology, Inc.</link:label>
    <link:label id="lab_lly_LoxoOncologyInc.Member_label_en-US" xlink:label="lab_lly_LoxoOncologyInc.Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Loxo Oncology, Inc. [Member]</link:label>
    <link:label id="lab_lly_LoxoOncologyInc.Member_documentation_en-US" xlink:label="lab_lly_LoxoOncologyInc.Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Loxo Oncology, Inc. [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_lly_LoxoOncologyInc.Member" xlink:href="lly-20200630.xsd#lly_LoxoOncologyInc.Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_lly_LoxoOncologyInc.Member" xlink:to="lab_lly_LoxoOncologyInc.Member" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ReceivablesNetCurrentAbstract_232bedf2-146d-4456-8d5b-5e37dcd0ef0e_terseLabel_en-US" xlink:label="lab_us-gaap_ReceivablesNetCurrentAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Receivables, Net, Current [Abstract]</link:label>
    <link:label id="lab_us-gaap_ReceivablesNetCurrentAbstract_label_en-US" xlink:label="lab_us-gaap_ReceivablesNetCurrentAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Receivables, Net, Current [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ReceivablesNetCurrentAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ReceivablesNetCurrentAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ReceivablesNetCurrentAbstract" xlink:to="lab_us-gaap_ReceivablesNetCurrentAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_CurrentFiscalYearEndDate_43bbe362-3c86-4c7a-af48-6c9fbb4691a9_terseLabel_en-US" xlink:label="lab_dei_CurrentFiscalYearEndDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Current Fiscal Year End Date</link:label>
    <link:label id="lab_dei_CurrentFiscalYearEndDate_label_en-US" xlink:label="lab_dei_CurrentFiscalYearEndDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Current Fiscal Year End Date</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_CurrentFiscalYearEndDate" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_CurrentFiscalYearEndDate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_CurrentFiscalYearEndDate" xlink:to="lab_dei_CurrentFiscalYearEndDate" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_IntangibleAssetsNetExcludingGoodwill_a264bf3f-1e84-43b4-82f2-864903041bab_terseLabel_en-US" xlink:label="lab_us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other intangibles, net</link:label>
    <link:label id="lab_us-gaap_IntangibleAssetsNetExcludingGoodwill_label_en-US" xlink:label="lab_us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Intangible Assets, Net (Excluding Goodwill)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IntangibleAssetsNetExcludingGoodwill"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:to="lab_us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ProceedsFromIssuanceOfLongTermDebt_30199521-dc79-48e6-97ac-73f039cd076d_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromIssuanceOfLongTermDebt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Proceeds from issuance of long-term debt</link:label>
    <link:label id="lab_us-gaap_ProceedsFromIssuanceOfLongTermDebt_label_en-US" xlink:label="lab_us-gaap_ProceedsFromIssuanceOfLongTermDebt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Proceeds from Issuance of Long-term Debt</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromIssuanceOfLongTermDebt" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromIssuanceOfLongTermDebt"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromIssuanceOfLongTermDebt" xlink:to="lab_us-gaap_ProceedsFromIssuanceOfLongTermDebt" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_TreasuryStockRetiredCostMethodAmount_9b716077-211e-43dc-b726-8c7ca8c39f8c_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_TreasuryStockRetiredCostMethodAmount" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Retirement of treasury shares</link:label>
    <link:label id="lab_us-gaap_TreasuryStockRetiredCostMethodAmount_label_en-US" xlink:label="lab_us-gaap_TreasuryStockRetiredCostMethodAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Treasury Stock, Retired, Cost Method, Amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_TreasuryStockRetiredCostMethodAmount" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TreasuryStockRetiredCostMethodAmount"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TreasuryStockRetiredCostMethodAmount" xlink:to="lab_us-gaap_TreasuryStockRetiredCostMethodAmount" xlink:type="arc" order="1"/>
    <link:label id="lab_lly_CashFlowHedgeAbstract_8a1deafc-8927-477c-867b-e1c0cd96d5f1_terseLabel_en-US" xlink:label="lab_lly_CashFlowHedgeAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash flow hedges:</link:label>
    <link:label id="lab_lly_CashFlowHedgeAbstract_label_en-US" xlink:label="lab_lly_CashFlowHedgeAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash Flow Hedge [Abstract]</link:label>
    <link:label id="lab_lly_CashFlowHedgeAbstract_documentation_en-US" xlink:label="lab_lly_CashFlowHedgeAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash Flow Hedge [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_lly_CashFlowHedgeAbstract" xlink:href="lly-20200630.xsd#lly_CashFlowHedgeAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_lly_CashFlowHedgeAbstract" xlink:to="lab_lly_CashFlowHedgeAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityAddressPostalZipCode_abbef044-2d80-454b-a931-f17c15b8858d_terseLabel_en-US" xlink:label="lab_dei_EntityAddressPostalZipCode" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
    <link:label id="lab_dei_EntityAddressPostalZipCode_label_en-US" xlink:label="lab_dei_EntityAddressPostalZipCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressPostalZipCode" xlink:to="lab_dei_EntityAddressPostalZipCode" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LiabilitiesCurrent_7740febe-7a32-4443-b920-586d9265d10c_totalLabel_en-US" xlink:label="lab_us-gaap_LiabilitiesCurrent" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total current liabilities</link:label>
    <link:label id="lab_us-gaap_LiabilitiesCurrent_label_en-US" xlink:label="lab_us-gaap_LiabilitiesCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Liabilities, Current</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilitiesCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LiabilitiesCurrent"/>
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    <link:label id="lab_lly_MarketableSecuritiesMember_d5135daa-e924-471b-aa68-836e045c4343_terseLabel_en-US" xlink:label="lab_lly_MarketableSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Marketable equity securities</link:label>
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    <link:label id="lab_lly_ProceedsfromSaleofEquityandAvailableforSaleSecurities_b62fa236-3181-4290-9dc1-afaa7a5941d6_terseLabel_en-US" xlink:label="lab_lly_ProceedsfromSaleofEquityandAvailableforSaleSecurities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Proceeds from sales</link:label>
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    <link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtSecurities_ceaccf7e-50fa-476b-b2b9-9f1233741a72_totalLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtSecurities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total</link:label>
    <link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtSecurities_label_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtSecurities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Debt Securities, Available-for-sale</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesDebtSecurities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AvailableForSaleSecuritiesDebtSecurities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AvailableForSaleSecuritiesDebtSecurities" xlink:to="lab_us-gaap_AvailableForSaleSecuritiesDebtSecurities" xlink:type="arc" order="1"/>
    <link:label id="lab_lly_TrulicityMemberMember_27fa3a05-d495-4162-b463-a7ce1744a04d_terseLabel_en-US" xlink:label="lab_lly_TrulicityMemberMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Trulicity&#174;</link:label>
    <link:label id="lab_lly_TrulicityMemberMember_label_en-US" xlink:label="lab_lly_TrulicityMemberMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Trulicity [Member] [Member]</link:label>
    <link:label id="lab_lly_TrulicityMemberMember_documentation_en-US" xlink:label="lab_lly_TrulicityMemberMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Trulicity [Member] [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_lly_TrulicityMemberMember" xlink:href="lly-20200630.xsd#lly_TrulicityMemberMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_lly_TrulicityMemberMember" xlink:to="lab_lly_TrulicityMemberMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_StatementEquityComponentsAxis_de6225d9-c798-4a28-b493-025ff987f043_terseLabel_en-US" xlink:label="lab_us-gaap_StatementEquityComponentsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Equity Components [Axis]</link:label>
    <link:label id="lab_us-gaap_StatementEquityComponentsAxis_label_en-US" xlink:label="lab_us-gaap_StatementEquityComponentsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Equity Components [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StatementEquityComponentsAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementEquityComponentsAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementEquityComponentsAxis" xlink:to="lab_us-gaap_StatementEquityComponentsAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_Security12bTitle_a4425e40-d1d1-48e6-83cf-30e67eb3560c_terseLabel_en-US" xlink:label="lab_dei_Security12bTitle" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Title of 12(b) Security</link:label>
    <link:label id="lab_dei_Security12bTitle_label_en-US" xlink:label="lab_dei_Security12bTitle" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Title of 12(b) Security</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_Security12bTitle" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_Security12bTitle"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_Security12bTitle" xlink:to="lab_dei_Security12bTitle" xlink:type="arc" order="1"/>
    <link:label id="lab_lly_LossContingencyNumberOfLawsuits_42295cef-22e2-44b5-8a88-0f51da777147_terseLabel_en-US" xlink:label="lab_lly_LossContingencyNumberOfLawsuits" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number of lawsuits</link:label>
    <link:label id="lab_lly_LossContingencyNumberOfLawsuits_label_en-US" xlink:label="lab_lly_LossContingencyNumberOfLawsuits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Loss Contingency, Number of Lawsuits</link:label>
    <link:label id="lab_lly_LossContingencyNumberOfLawsuits_documentation_en-US" xlink:label="lab_lly_LossContingencyNumberOfLawsuits" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number of lawsuits in a particular litigation or loss contingency.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_lly_LossContingencyNumberOfLawsuits" xlink:href="lly-20200630.xsd#lly_LossContingencyNumberOfLawsuits"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_lly_LossContingencyNumberOfLawsuits" xlink:to="lab_lly_LossContingencyNumberOfLawsuits" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LossContingencyPendingClaimsNumber_a2a1c816-a8e3-465c-82ca-bfce170eb2af_terseLabel_en-US" xlink:label="lab_us-gaap_LossContingencyPendingClaimsNumber" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number of pending lawsuits</link:label>
    <link:label id="lab_us-gaap_LossContingencyPendingClaimsNumber_label_en-US" xlink:label="lab_us-gaap_LossContingencyPendingClaimsNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Loss Contingency, Pending Claims, Number</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LossContingencyPendingClaimsNumber" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LossContingencyPendingClaimsNumber"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LossContingencyPendingClaimsNumber" xlink:to="lab_us-gaap_LossContingencyPendingClaimsNumber" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DebtInstrumentNameDomain_0efecb68-ffc7-4764-be9f-3e193afa83ae_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentNameDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Debt Instrument, Name [Domain]</link:label>
    <link:label id="lab_us-gaap_DebtInstrumentNameDomain_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentNameDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Debt Instrument, Name [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentNameDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentNameDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentNameDomain" xlink:to="lab_us-gaap_DebtInstrumentNameDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_lly_PurchasedInProcessResearchAndDevelopment_66c024b7-fa09-419b-a35b-dec55455e4b2_negatedTerseLabel_en-US" xlink:label="lab_lly_PurchasedInProcessResearchAndDevelopment" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Purchases of in-process research and development</link:label>
    <link:label id="lab_lly_PurchasedInProcessResearchAndDevelopment_label_en-US" xlink:label="lab_lly_PurchasedInProcessResearchAndDevelopment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Purchased in-process research and development</link:label>
    <link:label id="lab_lly_PurchasedInProcessResearchAndDevelopment_documentation_en-US" xlink:label="lab_lly_PurchasedInProcessResearchAndDevelopment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">The amount of CASH paid for research and development assets that are acquired in a business combination (pre-141R) and/or licensing arrangement that have no alternative future use and are therefore, written off in the period of acquisition (CASH FLOWS).</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_lly_PurchasedInProcessResearchAndDevelopment" xlink:href="lly-20200630.xsd#lly_PurchasedInProcessResearchAndDevelopment"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_lly_PurchasedInProcessResearchAndDevelopment" xlink:to="lab_lly_PurchasedInProcessResearchAndDevelopment" xlink:type="arc" order="1"/>
    <link:label id="lab_lly_CyramzaMember_5ff0b172-fb95-4bb6-ba3a-01afab7baf8e_terseLabel_en-US" xlink:label="lab_lly_CyramzaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cyramza&#174;</link:label>
    <link:label id="lab_lly_CyramzaMember_label_en-US" xlink:label="lab_lly_CyramzaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cyramza [Member]</link:label>
    <link:label id="lab_lly_CyramzaMember_documentation_en-US" xlink:label="lab_lly_CyramzaMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cyramza [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_lly_CyramzaMember" xlink:href="lly-20200630.xsd#lly_CyramzaMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_lly_CyramzaMember" xlink:to="lab_lly_CyramzaMember" xlink:type="arc" order="1"/>
    <link:label id="lab_lly_A2.125NotesDueJune32030Member_45305ebe-367d-4459-84b6-bccaf2128954_terseLabel_en-US" xlink:label="lab_lly_A2.125NotesDueJune32030Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">2.125% Notes due 2030</link:label>
    <link:label id="lab_lly_A2.125NotesDueJune32030Member_label_en-US" xlink:label="lab_lly_A2.125NotesDueJune32030Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">2.125% Notes Due June 3, 2030 [Member]</link:label>
    <link:label id="lab_lly_A2.125NotesDueJune32030Member_documentation_en-US" xlink:label="lab_lly_A2.125NotesDueJune32030Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">2.125% Notes Due June 3, 2030 [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_lly_A2.125NotesDueJune32030Member" xlink:href="lly-20200630.xsd#lly_A2.125NotesDueJune32030Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_lly_A2.125NotesDueJune32030Member" xlink:to="lab_lly_A2.125NotesDueJune32030Member" xlink:type="arc" order="1"/>
    <link:label id="lab_lly_MilestonePaymentsSalesBasedMember_969f661c-09f3-44e8-bd1e-e148f526f048_terseLabel_en-US" xlink:label="lab_lly_MilestonePaymentsSalesBasedMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Milestone Payments, Sales-based</link:label>
    <link:label id="lab_lly_MilestonePaymentsSalesBasedMember_label_en-US" xlink:label="lab_lly_MilestonePaymentsSalesBasedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Milestone Payments, Sales-based [Member]</link:label>
    <link:label id="lab_lly_MilestonePaymentsSalesBasedMember_documentation_en-US" xlink:label="lab_lly_MilestonePaymentsSalesBasedMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Milestone Payments, Sales-based [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_lly_MilestonePaymentsSalesBasedMember" xlink:href="lly-20200630.xsd#lly_MilestonePaymentsSalesBasedMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_lly_MilestonePaymentsSalesBasedMember" xlink:to="lab_lly_MilestonePaymentsSalesBasedMember" xlink:type="arc" order="1"/>
    <link:label id="lab_lly_DiabetesMember_bbe845a5-4ef5-4f47-82bb-c009f4afe9fc_terseLabel_en-US" xlink:label="lab_lly_DiabetesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Diabetes</link:label>
    <link:label id="lab_lly_DiabetesMember_label_en-US" xlink:label="lab_lly_DiabetesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Diabetes [Member]</link:label>
    <link:label id="lab_lly_DiabetesMember_documentation_en-US" xlink:label="lab_lly_DiabetesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Diabetes [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_lly_DiabetesMember" xlink:href="lly-20200630.xsd#lly_DiabetesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_lly_DiabetesMember" xlink:to="lab_lly_DiabetesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNoncurrentLiabilitiesLongTermDebt_21246fa2-d8a2-4977-9b9d-f9267d859a96_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNoncurrentLiabilitiesLongTermDebt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Long-term debt assumed</link:label>
    <link:label id="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNoncurrentLiabilitiesLongTermDebt_label_en-US" xlink:label="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNoncurrentLiabilitiesLongTermDebt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNoncurrentLiabilitiesLongTermDebt" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNoncurrentLiabilitiesLongTermDebt"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNoncurrentLiabilitiesLongTermDebt" xlink:to="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNoncurrentLiabilitiesLongTermDebt" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_EuropeMember_d549939a-f312-41a7-9182-1ced67d2474c_terseLabel_en-US" xlink:label="lab_srt_EuropeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Europe</link:label>
    <link:label id="lab_srt_EuropeMember_label_en-US" xlink:label="lab_srt_EuropeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Europe [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_EuropeMember" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_EuropeMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_EuropeMember" xlink:to="lab_srt_EuropeMember" xlink:type="arc" order="1"/>
    <link:label id="lab_lly_OtherProductMember_da54dc48-04a5-456f-ab0a-9f6e48a3a8fd_terseLabel_en-US" xlink:label="lab_lly_OtherProductMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other</link:label>
    <link:label id="lab_lly_OtherProductMember_label_en-US" xlink:label="lab_lly_OtherProductMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Product [Member]</link:label>
    <link:label id="lab_lly_OtherProductMember_documentation_en-US" xlink:label="lab_lly_OtherProductMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Product [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_lly_OtherProductMember" xlink:href="lly-20200630.xsd#lly_OtherProductMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_lly_OtherProductMember" xlink:to="lab_lly_OtherProductMember" xlink:type="arc" order="1"/>
    <link:label id="lab_lly_BuyBritishPoundandSellUSDollarsMember_4b856ef7-8c78-4147-aa6d-4821e7f10d93_terseLabel_en-US" xlink:label="lab_lly_BuyBritishPoundandSellUSDollarsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Buy British Pounds and Sell U.S. Dollars</link:label>
    <link:label id="lab_lly_BuyBritishPoundandSellUSDollarsMember_label_en-US" xlink:label="lab_lly_BuyBritishPoundandSellUSDollarsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Buy British Pound and Sell US Dollars [Member]</link:label>
    <link:label id="lab_lly_BuyBritishPoundandSellUSDollarsMember_documentation_en-US" xlink:label="lab_lly_BuyBritishPoundandSellUSDollarsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Buy British Pound and Sell US Dollars [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_lly_BuyBritishPoundandSellUSDollarsMember" xlink:href="lly-20200630.xsd#lly_BuyBritishPoundandSellUSDollarsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_lly_BuyBritishPoundandSellUSDollarsMember" xlink:to="lab_lly_BuyBritishPoundandSellUSDollarsMember" xlink:type="arc" order="1"/>
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    <link:label id="lab_us-gaap_OtherLongTermInvestments_aea334c3-fe3a-40b6-9dac-28486c8a379a_verboseLabel_en-US" xlink:label="lab_us-gaap_OtherLongTermInvestments" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Equity method investments</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherLongTermInvestments" xlink:to="lab_us-gaap_OtherLongTermInvestments" xlink:type="arc" order="1"/>
    <link:label id="lab_lly_OtherImmunologyMember_61417111-8e5a-4483-abd3-0245a84648e0_terseLabel_en-US" xlink:label="lab_lly_OtherImmunologyMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Immunology</link:label>
    <link:label id="lab_lly_OtherImmunologyMember_label_en-US" xlink:label="lab_lly_OtherImmunologyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Immunology [Member]</link:label>
    <link:label id="lab_lly_OtherImmunologyMember_documentation_en-US" xlink:label="lab_lly_OtherImmunologyMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Immunology [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_lly_OtherImmunologyMember" xlink:href="lly-20200630.xsd#lly_OtherImmunologyMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_lly_OtherImmunologyMember" xlink:to="lab_lly_OtherImmunologyMember" xlink:type="arc" order="1"/>
    <link:label id="lab_lly_StockAcquiredDuringPeriodValueExchangeOffer_1b6088e3-06fc-4418-bec0-cb5cd0fcedf2_negatedTerseLabel_en-US" xlink:label="lab_lly_StockAcquiredDuringPeriodValueExchangeOffer" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Acquisition of common stock in exchange offer</link:label>
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    <link:label id="lab_lly_StockAcquiredDuringPeriodValueExchangeOffer_documentation_en-US" xlink:label="lab_lly_StockAcquiredDuringPeriodValueExchangeOffer" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Stock Acquired During Period, Value, Exchange Offer</link:label>
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    <link:label id="lab_us-gaap_DebtCurrent_d07cc704-33c9-4bb5-8c04-5204a9137a57_terseLabel_en-US" xlink:label="lab_us-gaap_DebtCurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Short-term borrowings and current maturities of long-term debt</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtCurrent" xlink:to="lab_us-gaap_DebtCurrent" xlink:type="arc" order="1"/>
    <link:label id="lab_lly_SeniorNotesDueApril2050Member_a6cfdff9-0aca-45ad-be08-d35cf15fdd6f_terseLabel_en-US" xlink:label="lab_lly_SeniorNotesDueApril2050Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Senior Notes Due April 2050</link:label>
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    <link:label id="lab_lly_SeniorNotesDueApril2050Member_documentation_en-US" xlink:label="lab_lly_SeniorNotesDueApril2050Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Senior Notes Due April 2050 [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_lly_SeniorNotesDueApril2050Member" xlink:href="lly-20200630.xsd#lly_SeniorNotesDueApril2050Member"/>
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    <link:label id="lab_us-gaap_CompensationAndRetirementDisclosureAbstract_313e936a-a1ec-4493-acc4-77811b37c75b_terseLabel_en-US" xlink:label="lab_us-gaap_CompensationAndRetirementDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Retirement Benefits [Abstract]</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_lly_LossContingencyNumberOfPatentsClaimsDismissed" xlink:href="lly-20200630.xsd#lly_LossContingencyNumberOfPatentsClaimsDismissed"/>
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    <link:label id="lab_lly_DisposalGroupIncludingDiscontinuedOperationTransitionalServicesAgreementTerm_documentation_en-US" xlink:label="lab_lly_DisposalGroupIncludingDiscontinuedOperationTransitionalServicesAgreementTerm" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disposal Group, Including Discontinued Operation, Transitional Services Agreement, Term</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_lly_DisposalGroupIncludingDiscontinuedOperationTransitionalServicesAgreementTerm" xlink:href="lly-20200630.xsd#lly_DisposalGroupIncludingDiscontinuedOperationTransitionalServicesAgreementTerm"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_lly_DisposalGroupIncludingDiscontinuedOperationTransitionalServicesAgreementTerm" xlink:to="lab_lly_DisposalGroupIncludingDiscontinuedOperationTransitionalServicesAgreementTerm" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_GainLossOnSaleOfBusiness_d1306b89-a6f0-40f7-80c8-4571b6f50b84_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_GainLossOnSaleOfBusiness" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Gain related to disposition of Elanco (Note 5)</link:label>
    <link:label id="lab_us-gaap_GainLossOnSaleOfBusiness_a43d1ff5-784c-45f6-a97c-5cd3f21f36e3_terseLabel_en-US" xlink:label="lab_us-gaap_GainLossOnSaleOfBusiness" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Gain related to disposition</link:label>
    <link:label id="lab_us-gaap_GainLossOnSaleOfBusiness_label_en-US" xlink:label="lab_us-gaap_GainLossOnSaleOfBusiness" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Gain (Loss) on Disposition of Business</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_GainLossOnSaleOfBusiness" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_GainLossOnSaleOfBusiness"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GainLossOnSaleOfBusiness" xlink:to="lab_us-gaap_GainLossOnSaleOfBusiness" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DisposalGroupsIncludingDiscontinuedOperationsNameDomain_1a2d8365-ffe0-438f-b9fc-8d8be8d5d5ea_terseLabel_en-US" xlink:label="lab_us-gaap_DisposalGroupsIncludingDiscontinuedOperationsNameDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disposal Group Name [Domain]</link:label>
    <link:label id="lab_us-gaap_DisposalGroupsIncludingDiscontinuedOperationsNameDomain_label_en-US" xlink:label="lab_us-gaap_DisposalGroupsIncludingDiscontinuedOperationsNameDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disposal Group Name [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DisposalGroupsIncludingDiscontinuedOperationsNameDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DisposalGroupsIncludingDiscontinuedOperationsNameDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DisposalGroupsIncludingDiscontinuedOperationsNameDomain" xlink:to="lab_us-gaap_DisposalGroupsIncludingDiscontinuedOperationsNameDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill_6870a2f1-4d81-41d4-8764-e8475ec9b702_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Acquired other intangibles</link:label>
    <link:label id="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill_label_en-US" xlink:label="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill" xlink:to="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossLineItems_c74aa272-fd9d-4447-96ae-dda9d21895d4_terseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Accumulated Other Comprehensive Income (Loss) [Line Items]</link:label>
    <link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossLineItems_label_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Accumulated Other Comprehensive Income (Loss) [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossLineItems" xlink:to="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityInteractiveDataCurrent_2cdd9eb4-b2f3-4d8b-8249-9a4aa521a10c_terseLabel_en-US" xlink:label="lab_dei_EntityInteractiveDataCurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Interactive Data Current</link:label>
    <link:label id="lab_dei_EntityInteractiveDataCurrent_label_en-US" xlink:label="lab_dei_EntityInteractiveDataCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Interactive Data Current</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityInteractiveDataCurrent" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityInteractiveDataCurrent"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityInteractiveDataCurrent" xlink:to="lab_dei_EntityInteractiveDataCurrent" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ProceedsFromSaleOfShortTermInvestments_6c5133fc-de1f-42de-abe4-610eb11f4b1a_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromSaleOfShortTermInvestments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Proceeds from sales and maturities of short-term investments</link:label>
    <link:label id="lab_us-gaap_ProceedsFromSaleOfShortTermInvestments_label_en-US" xlink:label="lab_us-gaap_ProceedsFromSaleOfShortTermInvestments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Proceeds from Sale of Short-term Investments</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromSaleOfShortTermInvestments" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromSaleOfShortTermInvestments"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromSaleOfShortTermInvestments" xlink:to="lab_us-gaap_ProceedsFromSaleOfShortTermInvestments" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityCommonStockSharesOutstanding_bd2602e6-7836-4e38-b104-f01bf5536959_terseLabel_en-US" xlink:label="lab_dei_EntityCommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Common Stock, Shares Outstanding (in shares)</link:label>
    <link:label id="lab_dei_EntityCommonStockSharesOutstanding_label_en-US" xlink:label="lab_dei_EntityCommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Common Stock, Shares Outstanding</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityCommonStockSharesOutstanding" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityCommonStockSharesOutstanding"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityCommonStockSharesOutstanding" xlink:to="lab_dei_EntityCommonStockSharesOutstanding" xlink:type="arc" order="1"/>
    <link:label id="lab_lly_OncologyMember_47e047da-a245-48d4-b5f9-5669effec645_terseLabel_en-US" xlink:label="lab_lly_OncologyMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Oncology</link:label>
    <link:label id="lab_lly_OncologyMember_label_en-US" xlink:label="lab_lly_OncologyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Oncology [Member]</link:label>
    <link:label id="lab_lly_OncologyMember_documentation_en-US" xlink:label="lab_lly_OncologyMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Revenue to unaffiliated customers, Oncology</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_lly_OncologyMember" xlink:href="lly-20200630.xsd#lly_OncologyMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_lly_OncologyMember" xlink:to="lab_lly_OncologyMember" xlink:type="arc" order="1"/>
    <link:label id="lab_lly_EmgalityMember_e0945d46-bc8d-4d7e-a95c-d277caced7df_terseLabel_en-US" xlink:label="lab_lly_EmgalityMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Emgality&#174;</link:label>
    <link:label id="lab_lly_EmgalityMember_label_en-US" xlink:label="lab_lly_EmgalityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Emgality [Member]</link:label>
    <link:label id="lab_lly_EmgalityMember_documentation_en-US" xlink:label="lab_lly_EmgalityMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Emgality [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_lly_EmgalityMember" xlink:href="lly-20200630.xsd#lly_EmgalityMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_lly_EmgalityMember" xlink:to="lab_lly_EmgalityMember" xlink:type="arc" order="1"/>
    <link:label id="lab_lly_MilestonePaymentsDevelopmentAndRegulatoryMember_9f10bc74-5852-4bc5-b614-1871b7e3f111_terseLabel_en-US" xlink:label="lab_lly_MilestonePaymentsDevelopmentAndRegulatoryMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Milestone Payments, Development and Regulatory</link:label>
    <link:label id="lab_lly_MilestonePaymentsDevelopmentAndRegulatoryMember_label_en-US" xlink:label="lab_lly_MilestonePaymentsDevelopmentAndRegulatoryMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Milestone Payments, Development and Regulatory [Member]</link:label>
    <link:label id="lab_lly_MilestonePaymentsDevelopmentAndRegulatoryMember_documentation_en-US" xlink:label="lab_lly_MilestonePaymentsDevelopmentAndRegulatoryMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Milestone Payments, Development and Regulatory [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_lly_MilestonePaymentsDevelopmentAndRegulatoryMember" xlink:href="lly-20200630.xsd#lly_MilestonePaymentsDevelopmentAndRegulatoryMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_lly_MilestonePaymentsDevelopmentAndRegulatoryMember" xlink:to="lab_lly_MilestonePaymentsDevelopmentAndRegulatoryMember" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityIncorporationStateCountryCode_fd0ca7cd-9662-49b3-9e00-10b2048daee9_terseLabel_en-US" xlink:label="lab_dei_EntityIncorporationStateCountryCode" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
    <link:label id="lab_dei_EntityIncorporationStateCountryCode_label_en-US" xlink:label="lab_dei_EntityIncorporationStateCountryCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityIncorporationStateCountryCode" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityIncorporationStateCountryCode"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityIncorporationStateCountryCode" xlink:to="lab_dei_EntityIncorporationStateCountryCode" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_OtherReceivablesNetCurrent_710bea3b-1272-49b4-b97c-9ea5f63d35ef_terseLabel_en-US" xlink:label="lab_us-gaap_OtherReceivablesNetCurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other receivables</link:label>
    <link:label id="lab_us-gaap_OtherReceivablesNetCurrent_label_en-US" xlink:label="lab_us-gaap_OtherReceivablesNetCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Receivables, Net, Current</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherReceivablesNetCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherReceivablesNetCurrent"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherReceivablesNetCurrent" xlink:to="lab_us-gaap_OtherReceivablesNetCurrent" xlink:type="arc" order="1"/>
    <link:label id="lab_lly_A1.700Notesdue2049Member_1c7fd271-2439-4809-9954-317c381ef369_terseLabel_en-US" xlink:label="lab_lly_A1.700Notesdue2049Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">1.700% Notes due 2049</link:label>
    <link:label id="lab_lly_A1.700Notesdue2049Member_label_en-US" xlink:label="lab_lly_A1.700Notesdue2049Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">1.700% Notes due 2049 [Member]</link:label>
    <link:label id="lab_lly_A1.700Notesdue2049Member_documentation_en-US" xlink:label="lab_lly_A1.700Notesdue2049Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">1.700% Notes due 2049 [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_lly_A1.700Notesdue2049Member" xlink:href="lly-20200630.xsd#lly_A1.700Notesdue2049Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_lly_A1.700Notesdue2049Member" xlink:to="lab_lly_A1.700Notesdue2049Member" xlink:type="arc" order="1"/>
    <link:label id="lab_lly_PaymentforPensionBenefitsAdditionalDiscretionaryFunding_c89036e8-25f5-4f02-9293-a2f8eb59c55c_terseLabel_en-US" xlink:label="lab_lly_PaymentforPensionBenefitsAdditionalDiscretionaryFunding" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Payment for additional discretionary funding</link:label>
    <link:label id="lab_lly_PaymentforPensionBenefitsAdditionalDiscretionaryFunding_label_en-US" xlink:label="lab_lly_PaymentforPensionBenefitsAdditionalDiscretionaryFunding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Payment for Pension Benefits, Additional Discretionary Funding</link:label>
    <link:label id="lab_lly_PaymentforPensionBenefitsAdditionalDiscretionaryFunding_documentation_en-US" xlink:label="lab_lly_PaymentforPensionBenefitsAdditionalDiscretionaryFunding" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Payment for Pension Benefits, Additional Discretionary Funding</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_lly_PaymentforPensionBenefitsAdditionalDiscretionaryFunding" xlink:href="lly-20200630.xsd#lly_PaymentforPensionBenefitsAdditionalDiscretionaryFunding"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_lly_PaymentforPensionBenefitsAdditionalDiscretionaryFunding" xlink:to="lab_lly_PaymentforPensionBenefitsAdditionalDiscretionaryFunding" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_BusinessAcquisitionAcquireeDomain_9902868c-970b-490e-9a8f-b31e9df569bf_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionAcquireeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Business Acquisition, Acquiree [Domain]</link:label>
    <link:label id="lab_us-gaap_BusinessAcquisitionAcquireeDomain_label_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionAcquireeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Business Acquisition, Acquiree [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessAcquisitionAcquireeDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BusinessAcquisitionAcquireeDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BusinessAcquisitionAcquireeDomain" xlink:to="lab_us-gaap_BusinessAcquisitionAcquireeDomain" xlink:type="arc" order="1"/>
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    <link:label id="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_1c01e91b-87f9-453b-aade-e3943a84bde3_terseLabel_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Basic (shares)</link:label>
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    <link:label id="lab_us-gaap_CashFlowHedgingMember_29f6dbec-608c-462d-865a-26159ff9ff79_terseLabel_en-US" xlink:label="lab_us-gaap_CashFlowHedgingMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash Flow Hedging</link:label>
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    <link:label id="lab_us-gaap_EquitySecuritiesWithoutReadilyDeterminableFairValueAmount_bb13c3d0-5f90-4f0e-87e0-5d68422ffc68_terseLabel_en-US" xlink:label="lab_us-gaap_EquitySecuritiesWithoutReadilyDeterminableFairValueAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Equity investments without readily determinable fair values</link:label>
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    <link:label id="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_890856ef-beee-48bf-a41e-5bbb040e7b4a_totalLabel_en-US" xlink:label="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total equity</link:label>
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    <link:label id="lab_lly_HumulinMember_909403e9-6d4b-460e-930f-639a1dbbe314_terseLabel_en-US" xlink:label="lab_lly_HumulinMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Humulin&#174;</link:label>
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    <link:label id="lab_lly_HumulinMember_documentation_en-US" xlink:label="lab_lly_HumulinMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Humulin [Member]</link:label>
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    <link:label id="lab_us-gaap_StatementClassOfStockAxis_86ac4d19-66de-4769-9584-b21a89d9ce5a_terseLabel_en-US" xlink:label="lab_us-gaap_StatementClassOfStockAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Class of Stock [Axis]</link:label>
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    <link:label id="lab_lly_HumalogMember_7b37c8fa-2864-4639-8bd5-ea7e8c1e9044_terseLabel_en-US" xlink:label="lab_lly_HumalogMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Humalog&#174;</link:label>
    <link:label id="lab_lly_HumalogMember_label_en-US" xlink:label="lab_lly_HumalogMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Humalog [Member]</link:label>
    <link:label id="lab_lly_HumalogMember_documentation_en-US" xlink:label="lab_lly_HumalogMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Humalog [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_lly_HumalogMember" xlink:href="lly-20200630.xsd#lly_HumalogMember"/>
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    <link:label id="lab_us-gaap_AociAttributableToNoncontrollingInterestMember_514800f2-a943-4dad-a788-6ad59180ca2c_terseLabel_en-US" xlink:label="lab_us-gaap_AociAttributableToNoncontrollingInterestMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">AOCI Attributable to Noncontrolling Interest</link:label>
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    <link:label id="lab_us-gaap_EarningsPerShareDiluted_cb9560e9-e6ba-4af4-8b43-9f504e6c1dcd_terseLabel_en-US" xlink:label="lab_us-gaap_EarningsPerShareDiluted" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Earnings per share - diluted (usd per share)</link:label>
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    <link:label id="lab_lly_ForteoMember_506db490-5923-44be-bb54-b0fa201b21df_terseLabel_en-US" xlink:label="lab_lly_ForteoMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Forteo&#174;</link:label>
    <link:label id="lab_lly_ForteoMember_label_en-US" xlink:label="lab_lly_ForteoMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Forteo [Member]</link:label>
    <link:label id="lab_lly_ForteoMember_documentation_en-US" xlink:label="lab_lly_ForteoMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Forteo [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_lly_ForteoMember" xlink:href="lly-20200630.xsd#lly_ForteoMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_lly_ForteoMember" xlink:to="lab_lly_ForteoMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceIncludingPortionAttributableToNoncontrollingInterestMember_481cb748-ae86-4f8e-8672-f7c4be6a4082_terseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceIncludingPortionAttributableToNoncontrollingInterestMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Prior service benefits, net</link:label>
    <link:label id="lab_us-gaap_AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceIncludingPortionAttributableToNoncontrollingInterestMember_label_en-US" xlink:label="lab_us-gaap_AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceIncludingPortionAttributableToNoncontrollingInterestMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Accumulated Defined Benefit Plans Adjustment, Net Prior Service Including Portion Attributable to Noncontrolling Interest [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceIncludingPortionAttributableToNoncontrollingInterestMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceIncludingPortionAttributableToNoncontrollingInterestMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceIncludingPortionAttributableToNoncontrollingInterestMember" xlink:to="lab_us-gaap_AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceIncludingPortionAttributableToNoncontrollingInterestMember" xlink:type="arc" order="1"/>
    <link:label id="lab_lly_TrajentaBIMember_2fcd0806-4931-485c-81dc-63c00d2f28b2_terseLabel_en-US" xlink:label="lab_lly_TrajentaBIMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Trajenta</link:label>
    <link:label id="lab_lly_TrajentaBIMember_label_en-US" xlink:label="lab_lly_TrajentaBIMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Trajenta (BI) [Member]</link:label>
    <link:label id="lab_lly_TrajentaBIMember_documentation_en-US" xlink:label="lab_lly_TrajentaBIMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Trajenta (BI) [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_lly_TrajentaBIMember" xlink:href="lly-20200630.xsd#lly_TrajentaBIMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_lly_TrajentaBIMember" xlink:to="lab_lly_TrajentaBIMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ContractWithCustomerLiability_aa985ef9-1e75-4e11-abc2-6898c2be0dc3_verboseLabel_en-US" xlink:label="lab_us-gaap_ContractWithCustomerLiability" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Contract liabilities</link:label>
    <link:label id="lab_us-gaap_ContractWithCustomerLiability_label_en-US" xlink:label="lab_us-gaap_ContractWithCustomerLiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Contract with Customer, Liability</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ContractWithCustomerLiability" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ContractWithCustomerLiability"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ContractWithCustomerLiability" xlink:to="lab_us-gaap_ContractWithCustomerLiability" xlink:type="arc" order="1"/>
    <link:label id="lab_lly_RocheMember_4b48bd78-e1c5-4e95-9543-5c86606b7aef_terseLabel_en-US" xlink:label="lab_lly_RocheMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Roche</link:label>
    <link:label id="lab_lly_RocheMember_label_en-US" xlink:label="lab_lly_RocheMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Roche [Member]</link:label>
    <link:label id="lab_lly_RocheMember_documentation_en-US" xlink:label="lab_lly_RocheMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Roche [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_lly_RocheMember" xlink:href="lly-20200630.xsd#lly_RocheMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_lly_RocheMember" xlink:to="lab_lly_RocheMember" xlink:type="arc" order="1"/>
    <link:label id="lab_lly_SwapU.S.DollarsToBritishPoundsMember_3039128b-3101-450b-ab9d-fe7eef858964_terseLabel_en-US" xlink:label="lab_lly_SwapU.S.DollarsToBritishPoundsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Swap U.S. Dollars to British Pounds</link:label>
    <link:label id="lab_lly_SwapU.S.DollarsToBritishPoundsMember_label_en-US" xlink:label="lab_lly_SwapU.S.DollarsToBritishPoundsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Swap U.S. Dollars To British Pounds [Member]</link:label>
    <link:label id="lab_lly_SwapU.S.DollarsToBritishPoundsMember_documentation_en-US" xlink:label="lab_lly_SwapU.S.DollarsToBritishPoundsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Swap U.S. Dollars To British Pounds [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_lly_SwapU.S.DollarsToBritishPoundsMember" xlink:href="lly-20200630.xsd#lly_SwapU.S.DollarsToBritishPoundsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_lly_SwapU.S.DollarsToBritishPoundsMember" xlink:to="lab_lly_SwapU.S.DollarsToBritishPoundsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_CommercialPaper_8541a193-464f-4431-94b1-03c935909616_negatedLabel_en-US" xlink:label="lab_us-gaap_CommercialPaper" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Short-term commercial paper borrowings</link:label>
    <link:label id="lab_us-gaap_CommercialPaper_label_en-US" xlink:label="lab_us-gaap_CommercialPaper" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Commercial Paper</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommercialPaper" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommercialPaper"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommercialPaper" xlink:to="lab_us-gaap_CommercialPaper" xlink:type="arc" order="1"/>
    <link:label id="lab_lly_BuyUSdollarSellJapaneseYenMember_2e45a7e2-23bd-427d-ab71-f99657001f4b_terseLabel_en-US" xlink:label="lab_lly_BuyUSdollarSellJapaneseYenMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Buy U.S. Dollars Sell Japanese Yen</link:label>
    <link:label id="lab_lly_BuyUSdollarSellJapaneseYenMember_label_en-US" xlink:label="lab_lly_BuyUSdollarSellJapaneseYenMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Buy US dollar Sell Japanese Yen [Member]</link:label>
    <link:label id="lab_lly_BuyUSdollarSellJapaneseYenMember_documentation_en-US" xlink:label="lab_lly_BuyUSdollarSellJapaneseYenMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Buy US dollar Sell Japanese Yen [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_lly_BuyUSdollarSellJapaneseYenMember" xlink:href="lly-20200630.xsd#lly_BuyUSdollarSellJapaneseYenMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_lly_BuyUSdollarSellJapaneseYenMember" xlink:to="lab_lly_BuyUSdollarSellJapaneseYenMember" xlink:type="arc" order="1"/>
    <link:label id="lab_lly_BuyEuroSellUsDollarMember_e7553891-25a3-46ef-ad7a-e0a9b1d22d86_terseLabel_en-US" xlink:label="lab_lly_BuyEuroSellUsDollarMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Buy Euros Sell U.S. Dollars</link:label>
    <link:label id="lab_lly_BuyEuroSellUsDollarMember_label_en-US" xlink:label="lab_lly_BuyEuroSellUsDollarMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Buy Euro Sell Us Dollar [Member]</link:label>
    <link:label id="lab_lly_BuyEuroSellUsDollarMember_documentation_en-US" xlink:label="lab_lly_BuyEuroSellUsDollarMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Foreign Currency Forward Commitment to Buy euro Sell US dollar</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_lly_BuyEuroSellUsDollarMember" xlink:href="lly-20200630.xsd#lly_BuyEuroSellUsDollarMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_lly_BuyEuroSellUsDollarMember" xlink:to="lab_lly_BuyEuroSellUsDollarMember" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_SecurityExchangeName_b82e7962-24d6-466b-af68-cc4201d61aaa_terseLabel_en-US" xlink:label="lab_dei_SecurityExchangeName" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Security Exchange Name</link:label>
    <link:label id="lab_dei_SecurityExchangeName_label_en-US" xlink:label="lab_dei_SecurityExchangeName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Security Exchange Name</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_SecurityExchangeName" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_SecurityExchangeName"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_SecurityExchangeName" xlink:to="lab_dei_SecurityExchangeName" xlink:type="arc" order="1"/>
    <link:label id="lab_lly_BuyUsDollarSellEuroMember_f1548660-a52b-4bb6-8297-1811d94fdcae_terseLabel_en-US" xlink:label="lab_lly_BuyUsDollarSellEuroMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Buy U.S. Dollars Sell Euros</link:label>
    <link:label id="lab_lly_BuyUsDollarSellEuroMember_label_en-US" xlink:label="lab_lly_BuyUsDollarSellEuroMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Buy Us Dollar Sell Euro [Member]</link:label>
    <link:label id="lab_lly_BuyUsDollarSellEuroMember_documentation_en-US" xlink:label="lab_lly_BuyUsDollarSellEuroMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Foreign Currency Forward commitment to Buy US dollar Sell euro</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_lly_BuyUsDollarSellEuroMember" xlink:href="lly-20200630.xsd#lly_BuyUsDollarSellEuroMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_lly_BuyUsDollarSellEuroMember" xlink:to="lab_lly_BuyUsDollarSellEuroMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_NoncontrollingInterestMember_a1ce7cfa-c5b6-4d90-b9f7-4abb80099e2a_terseLabel_en-US" xlink:label="lab_us-gaap_NoncontrollingInterestMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Noncontrolling Interests</link:label>
    <link:label id="lab_us-gaap_NoncontrollingInterestMember_label_en-US" xlink:label="lab_us-gaap_NoncontrollingInterestMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Noncontrolling Interest [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NoncontrollingInterestMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NoncontrollingInterestMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NoncontrollingInterestMember" xlink:to="lab_us-gaap_NoncontrollingInterestMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_GainLossOnInvestments_b2e13773-1075-4cf0-9747-6671abf35cbb_negatedLabel_en-US" xlink:label="lab_us-gaap_GainLossOnInvestments" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net investment gains</link:label>
    <link:label id="lab_us-gaap_GainLossOnInvestments_label_en-US" xlink:label="lab_us-gaap_GainLossOnInvestments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Gain (Loss) on Investments</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_GainLossOnInvestments" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_GainLossOnInvestments"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GainLossOnInvestments" xlink:to="lab_us-gaap_GainLossOnInvestments" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_DocumentInformationTable_1f62c4f4-9275-4cc6-b052-4bdf5942ed28_terseLabel_en-US" xlink:label="lab_dei_DocumentInformationTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Document Information [Table]</link:label>
    <link:label id="lab_dei_DocumentInformationTable_label_en-US" xlink:label="lab_dei_DocumentInformationTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Document Information [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_DocumentInformationTable" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentInformationTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentInformationTable" xlink:to="lab_dei_DocumentInformationTable" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_PaymentsToAcquireShortTermInvestments_5ac205a8-2f7e-41b1-bc87-a263d6def53d_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireShortTermInvestments" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Purchases of short-term investments</link:label>
    <link:label id="lab_us-gaap_PaymentsToAcquireShortTermInvestments_label_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireShortTermInvestments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Payments to Acquire Short-term Investments</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsToAcquireShortTermInvestments" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PaymentsToAcquireShortTermInvestments"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquireShortTermInvestments" xlink:to="lab_us-gaap_PaymentsToAcquireShortTermInvestments" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_RetainedEarningsMember_563005c3-cad5-412a-829c-a6c4ba59b8f9_terseLabel_en-US" xlink:label="lab_us-gaap_RetainedEarningsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Retained Earnings</link:label>
    <link:label id="lab_us-gaap_RetainedEarningsMember_label_en-US" xlink:label="lab_us-gaap_RetainedEarningsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Retained Earnings [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RetainedEarningsMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RetainedEarningsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RetainedEarningsMember" xlink:to="lab_us-gaap_RetainedEarningsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FairValueByMeasurementBasisAxis_2c38a310-4056-4071-bd9d-f770295b59ed_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueByMeasurementBasisAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Measurement Basis [Axis]</link:label>
    <link:label id="lab_us-gaap_FairValueByMeasurementBasisAxis_label_en-US" xlink:label="lab_us-gaap_FairValueByMeasurementBasisAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Measurement Basis [Axis]</link:label>
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