How many jobs does Eli Lilly plan to cut from their global work force?
Eli Lilly said Monday that it planned to cut 5,500 jobs, or 13.5 percent of its work force, in a restructuring meant to bolster the company as it girds for generic competition by late 2011 on its top-selling Zyprexa schizophenia drug. The Indianapolis-based drug maker, whose revenue outlook has also been dimmed by competition for its Byetta diabetes drug and safety concerns for its recently approved Effient blood clot preventer, said it aimed to cut its “cost structure” by $1 billion by the end of 2011. The company said it planned to shrink its work force to 35,000, from its current strength of 40,500, by the end of 2011. But the new headcount does not include any sales force additions in fast-growing emerging markets and Japan, Lilly said. Lilly’s streamlining program is similar to one recently carried out by Pfizer, the world’s biggest drug maker, which is battening down the hatches for the patent expiration — also in 2011 — on its Lipitor cholesterol fighter. Lilly said it would cre
