Seeking to cut costs and bring new drugs to market more quickly as its bestsellers go off-patent, drugmaker Eli Lilly said Monday that it will eliminate 5,500 jobs over two years and reorganize into five business units.
The Indianapolis company said it will reduce its work force by nearly 14 percent, to 35,000 from the current 40,500, by the end of 2011. The new total excludes hirings in high-growth emerging markets and Japan.
(Adds analyst reaction in sixth paragraph, detail about job cuts in eighth paragraph and updated stock price in fifth paragraph.) Eli Lilly & Co. (LLY) said Monday it plans to reduce its work force by nearly 14%.
NEW YORK---- Drugmaker Eli Lilly & Co. says it will eliminate thousands of jobs and reorganize into five business units in an effort to slash costs and speed up development of potential new drugs.
NEW YORK (Reuters) - Eli Lilly and Co said on Monday it plans to cut 5,500 jobs, or 13.5 percent of its workforce, in a restructuring meant to bolster the company as it.
Drugmaker Eli Lilly & Co. says it will eliminate thousands of jobs and reorganize into five business units in an effort to slash costs and speed up development of potential new drugs.
NEW YORK (CNNMoney.com) -- Eli Lilly and Co. will cut 5,500 jobs as part of a restructuring plan to save $1 billion, the drugmaker said Monday. The job cuts will be complete by 2011, according to a press release.
Comments: