NEW YORK (AP) - 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.
The Indianapolis company says it will reduce its work force to
35,000 by the end of 2011. It has about 40,500 now, according to
Thomson.
Lilly hopes to cut annual costs by $1 billion per year over the
same time, and will organize itself into five units: cancer,
diabetes, established markets, emerging markets, and Elanco, its
animal health business.
Key Lilly products like the anti-psychotic drug Zyprexa will
lose patent protection starting in 2011. CEO John Lechleiter
believes the company's best path to profit growth involves focusing
on its early and mid stage drug candidates.
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