Indianapolis-based pharmaceuticals company, Eli Lilly (LLY) is a great business firing on all cylinders. Over the last five years, the shares are up over 400% and the dividend has more than doubled. And looking forward, the FDA’s new approval of diabetes drug, Mounjaro, to also address weight loss, gives Lilly added upside. However, the company faces a few big risks. In this report, we review the business, its blockbuster drugs, the dividend, share repurchases, valuation and the big risks. We conclude with our strong opinion on investing.