The drugmaker is marketing up to eight tranches from two to 40 years, with initial price talk on a 2066 bond at about 1.13 percentage points above Treasuries.
The sale is intended to back Lilly's acquisition plans, adding fresh debt financing as it pursues deals.
It comes amid a broader rush of corporate borrowing in Europe, where issuers have been taking advantage of relatively low funding costs.
With banks tightening lending, is private credit becoming the new standard for financing European companies?
Is Europe's record bond rush a final dash for cash before recession, or a sign of confident investment?