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.

Continue reading Time to scoop up some shares of Lilly

Time to scoop up some shares of Lilly originally appeared on BloggingStocks on Mon, 08 Jun 2009 18:00:00 EST. Please see our terms for use of feeds.

Eli Lilly's earnings miss estimates; shares tank originally appeared on BloggingStocks on Mon, 21 Apr 2008 12:24:00 EST. Please see our terms for use of feeds.

MAJOR PAPERS:

• This year, the International Trade Commission is set to issue rulings on whether Samsung and Nokia Corporation (NYSE: NOK) have infringed patents from InterDigital Inc (NASDAQ: IDCC). If InterDigital, who licenses its patents to iPhone maker Apple Inc (NASDAQ: AAPL), wins, fees from the deals could double its revenue over the next few years, the Wall Street Journal contended.
• The Wall Street Journal also reported that Macy's Inc (NYSE: M) is among the retailers that include The Home Depot Inc (NYSE: HD) and Sears Holdings Corporation (NASDAQ: SHLD) to stop making its monthly disclosure of retail sales.

• According to FDA commissioners, the New York Times reported that Baxter International Inc's (NYSE: BAX) critical blood thinner heparin, which has been linked to nearly 20 deaths and whose base was created in China, contained a "possibly counterfeit" ingredient that "mimicked the real drug."
• In his opening arguments in the state of Alaska's lawsuit against Eli Lilly & Company (NYSE: LLY), an attorney for the state alleged the drug maker failed to warn doctors and patients of dangerous side effects associated with its drug Zyprexa, the Associated Press reported.

Newspaper wrap-up: Patent win may boost multimedia phone supplier originally appeared on BloggingStocks on Thu, 06 Mar 2008 08:00:00 EST. Please see our terms for use of feeds.

Eli Lilly (NYSE: LLY), a company that makes money by treating depression, raised the spirits of Wall Street today, Eli Lilly exceeded analyst expectations for second quarter earnings and raised its projections for the rest of the year.

After backing out the acquisition cost of Hypnion Inc. and Ivy Animal Health, adjusted earning hit $0.90 per share, compared to expectations in the $0.80-0.82 range. The company also raised its 2007 year-end projection for adjusted earnings to $3.40-3.50, slightly above analyst expectations.

Strong quarterly earnings were attributed in part to the sales of anti-depressant drug Cymbalta, up 67% to over $500 million, Zyprexa, up 9% to $1.2 billion, and Cialis, that is still swelling worldwide. Recently announced results of studies that found little or no relationship between the SSRI class of antidepressants and birth defects have also strengthened the company's outlook.

However, many of the reservations Bloggingstocks' Victoria Erhart expressed a few months ago still remain valid, and the long-term health of the pharmaceutical company may be dependent on restocking a less than burgeoning drug pipeline.

The stock took a jump on news of the earnings report, up over $1, or more than 2%, in midday trading.

Eli Lilly earnings pleasantly surprise originally appeared on BloggingStocks on Tue, 24 Jul 2007 13:39:00 EST. Please see our terms for use of feeds.