Lilly to cut 8 percent jobs, focus on developing new medicines


(Reuters) – Eli Lilly and Co said on Thursday it would lay off about 8 percent of its employees to focus on developing new medicines and cut costs.

The drugmaker said the workforce reduction, including those from a U.S. voluntary early retirement program, would amount to yearly savings of about $500 million, beginning in 2018.

Lilly expects charges of about $1.2 billion pretax or $0.80 per share after tax.

Reporting by Divya Grover in Bengaluru; Editing by Shounak Dasgupta