Thursday, 7 September 2017

US Drugmaker Eli Lilly to cut 3,500 jobs

US drugmaker Eli Lilly plans to lay off more than 8% of its global staff and close several facilities in an attempt to reduce costs.

Most of the 3,500 job cuts are expected to come via an early retirement programme for US workers, it said.

The firm, known for making erectile dysfunction medicine Cialis, said the reductions were expected to save about $500m (£382m) a year.

About half the savings would be put toward new medicines.

Eli Lilly, based in Indiana, employed more than 41,000 people globally at the end of June.
Like other US pharmaceutical companies, it is under pressure from lawmakers on drug prices and also faces competition from generic drugmakers.

Eli Lilly chief executive David A. Ricks said: "The actions we are announcing today will result in a leaner, more nimble global organization and will accelerate progress towards our long-term goals of growing revenue, expanding operating margins and sustaining the flow of life-changing medicines from our pipeline."

BBC     News.

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