Eli Lilly's valuation could look much more modest in the future, as its earnings should continue to grow at a high rate.Eli Lilly (LLY -0.74%) is the most valuable healthcare stock in the world, with a market capitalization north of $800 billion. In the past 12 months, its shares have risen by more than 50%, and while its growth prospects look strong, investors may balk at paying a multiple of more than 100 times its trailing earnings.However, while Eli Lilly's valuation may look pricey, that shouldn't diss ...