Eli Lilly and Co said on Monday it plans to cut 5,500 jobs, or 13.5 percent of its workforce, 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 drugmaker, 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 aims to cut its "cost structure" by $1 billion by the end of 2011.
The company said it plans to shrink its workforce to 35,000, from its current strength of 40,500, by the end of 2011.
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