US drugmaker Eli Lilly to cut 3,500 jobs

September 7, 2017

Eli Lilly will cut 3,500 jobs and close some drug manufacturing and research facilities in a cost-cutting drive, the US pharmaceutical company announced Thursday.

The majority of will come through an early retirement program in the United States expected to be completed by the end of 2017.

The program will result in one-time costs of $1.2 billion that will affect third- and fourth-quarter earnings, the company said.

David Ricks, Lilly's chairman and , painted the moves as a means to allow space to focus on new medicines.

"To fully realize these opportunities and invest in the next generation of , we are taking action to streamline our organization and reduce our fixed costs around the world."

He noted that the company has launched eight medicines in the past four years and has "potential for two more by the end of next year."

Additional downsizing will come from closing a few select sites, including an animal health manufacturing facility in Iowa, and research and development offices in New Jersey and in Shanghai.

Explore further: EU, US to recognize each other's medical site inspections

Related Stories

Eli Lilly 2013 profit forecast tops expectations

January 4, 2013

(AP)—Eli Lilly and Co. said Friday its 2013 earnings will grow more than Wall Street expects, even though the drugmaker will lose U.S. patent protection for two more key products this year.

Recommended for you

Google Assistant adds more languages in global push

February 23, 2018

Google said Friday its digital assistant software would be available in more than 30 languages by the end of the years as it steps up its artificial intelligence efforts against Amazon and others.

Researchers find tweeting in cities lower than expected

February 20, 2018

Studying data from Twitter, University of Illinois researchers found that less people tweet per capita from larger cities than in smaller ones, indicating an unexpected trend that has implications in understanding urban pace ...

Augmented reality takes 3-D printing to next level

February 20, 2018

Cornell researchers are taking 3-D printing and 3-D modeling to a new level by using augmented reality (AR) to allow designers to design in physical space while a robotic arm rapidly prints the work.

0 comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.