Eli Lilly & Co. won’t put the price of its prescription drugs in television ads, as the Trump administration has called for pharmaceutical companies to do, but will instead offer patients a link to a website with information about prescription costs.

Starting the morning of Jan. 8, the Indianapolis-based maker of popular diabetes treatments will start airing television ads touting the website lillypricinginfo.com, along with a toll-free telephone number. The site will have information about drug list prices, patient assistance...