Abstract
Eli Lilly & Co. is making deep cuts to its research engine as its new CEO tries to right the course of what some industry experts see as a wayward ship. The firm will shed roughly 3,500 jobs, more than 8% of its workforce, and shut down two research sites. More than half of the job cuts will come from the U.S., many through a voluntary early retirement program, Lilly says. Research sites in Bridgewater, N.J., and Shanghai will be shuttered. An animal health drug plant in Larchwood, Iowa, will close. Overall, the cuts will save the company about $500 million annually. Lilly says it will pocket half the savings and put the rest into new product launches and expanding the market for existing products. The move follows a shake-up to Lilly’s oncology portfolio. In July, CEO David Ricks said 10 cancer treatments in Phase I and Phase II studies
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