INDIANAPOLIS ( TheStreet) -- Eli Lilly (LLY - Get Report) will lay off some 5,500 employees by the end of 2011, as the drugmaker prepares to face a slew of patent expirations, including one on its best-selling drug, the antipsychotic Zyprexa.
The Indianapolis company also said it would reorganize itself into four business units and strive to cut costs by $1 billion a year, also by the end 2011.
Or, as Lilly called the moves in its press release announcing the layoffs and the restructuring: "Lilly Unveils Blueprint for Speeding Innovative Medicines to Patients."
The job cuts will bring the company's work force to 35,500 from 40,500. But Lilly also said it expects to hire people in emerging markets and in Japan, where business is growing fastest.