Drugmaker Eli Lilly to Cut Jobs, Reorganize - Pharmaceuticals * US * News * Story

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Drugmaker Eli Lilly to Cut Jobs, Reorganize

Topics:Pharmaceuticals

Sectors:Pharmaceuticals | Pharmaceuticals and Biotechnology

Companies:Eli Lilly and Company

By: AP | 14 Sep 2009 | 09:55 AM ET

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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.

Zyprexa
Darron Cummings / AP
Eli Lilly's drug Zyprexa.

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 [LLY Loading... () ] 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.