Faced with generic competition to big-selling drugs, Eli Lilly (LLY) plans to cut 3,500 jobs — or 8.5 percent of its global workforce – in hopes of saving $500 million annually.
Most of the cuts will occur in the U.S. through a voluntary early retirement program, although layoffs will take place as facilities are closed, such as research and development centers in Shanghai, China, and Bridgewater, N.J. Lilly currently employs about 41,000 people worldwide.
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In September, Lilly decided to axe 3,500 employees and now it is planning to spinoff/sell Elanco business. What’s happening? Here is an earnings infograph http://alphastreet.com/be0ed58e
1) Lechleiter picked the right time to quit.
2) Put all your eggs in the AZ basket and you see the result.
3) Fret not, Lilyputians, you will get a great package. My wife’s severance was actually more than my salary when benefits were included. Hopefully you will get some free ducats to the Lily Corporate Center cafeteria. Best coffee in pharma.