The semiconductor device includes first and second semiconductor elements. Each element has an obverse surface and a reverse surface, with a first electrode arranged on the reverse surface, and with a second electrode arranged on the obverse surface. The semiconductor device further includes: a first lead having an obverse surface and a reverse surface; an insulating layer covering the first lead, the first semiconductor element and the second semiconductor element; a first electrode connected to the second electrode of the first semiconductor element; and a second electrode connected to the first lead. The first semiconductor element and the first lead are bonded to each other with the reverse surface of the first semiconductor element facing the lead obverse surface. The second semiconductor element and the first lead are bonded to each other with the reverse surface of the second semiconductor element facing the lead reverse surface.