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Business Briefing / Pharmaceuticals

Eli Lilly plans to cut 5,500 jobs

September 15, 2009|Times Wire Services

Seeking to cut costs and bring new drugs to market quicker as its bestsellers go off-patent, drug maker Eli Lilly & Co. plans to eliminate 5,500 jobs over two years and reorganize into five business units.

The Indianapolis company said it would reduce its workforce nearly 14%, to 35,000 from 40,500, by the end of 2011. Lilly hopes to cut annual costs by $1 billion over that period and will organize itself into cancer, diabetes, established markets, emerging markets and animal health units.

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