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Pharmaceutical company Eli Lilly & Co. (NYSE: LLY) is planning to cut 5,500 jobs over the next few years and reorganize into five business units. The company is looking to reduce costs and accelerate how long it takes new drugs to get to market, especially as its top performers see their patents expire. This translates to a workforce reduction of close to 14% - to 35,000. This measure doesn't include new positions in emerging markets with high potential and Japan.

The company hopes to cut as much as possible through attrition and retirements - and it would not indicate how many other positions would have to be cut.

Eli Lilly's goal is to slash its annual cost by $1 billion during this restructuring. The new business units will be: cancer, diabetes, established markets, emerging markets and Elanco, which is its animal health business. This is a change from the existing functional model, which separates U.S. and global marketing for each drug in the company's portfolio. Through the new structure, Lilly says, drug development and marketing will be tied more closely.

Continue reading Eli Lilly to restructure, bet on drug portfolio

Eli Lilly to restructure, bet on drug portfolio originally appeared on BloggingStocks on Tue, 15 Sep 2009 10:40:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>cancercancer drugsCancerDrugscymbaltadiabetesdiabetes drugsDiabetesDrugseli lillyeli lilly and coemerging marketsEmergingMarketsfeaturedgemzarhumalogllymultiple sclerosisnew drugsNewDrugspharmaceutical stockspharmaceuticalsPharmaceuticalStockszyprexaTue, 15 Sep 2009 10:40:00 EST<![CDATA[Merck profit drops, company cuts revenue]]>http://www.bloggingstocks.com/2009/04/21/merck-profit-drops-company-cuts-revenue/http://www.bloggingstocks.com/2009/04/21/merck-profit-drops-company-cuts-revenue/http://www.bloggingstocks.com/2009/04/21/merck-profit-drops-company-cuts-revenue/#commentsFiled under: ,

This morning, Merck (NYSE: MRK) unveiled first-quarter earnings, which dropped 57% thanks to a drop in both drug sales and income from its cholesterol medicine partnerships. Excluding charges, Merck brought in 74 cents per share in quarterly earnings. The results were a full three cents short of the consensus estimate.

Turning to revenue, Merck reported $5.39 billion - an 8% drop from a year ago. The consensus estimate for quarterly revenue was $5.77 billion, so the results were far short of the bar set by the Street.

Continue reading Merck profit drops, company cuts revenue

Merck profit drops, company cuts revenue originally appeared on BloggingStocks on Tue, 21 Apr 2009 08:30:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>earnings disappointmentearnings reportEarningsDisappointmentEarningsReportinthenewsmedical developmentMedicalDevelopmentmedicinenew drugsNewDrugsTue, 21 Apr 2009 08:30:00 EST