Eli Lilly Freezes Salaries as Patents Expire

Source: PharmaManufacturing.com

Jul 18, 2013

theindychannel.com

Eli Lilly and Company is freezing salaries for most employees in 2014 to reduce costs. Officials said the company would also reduce bonuses paid out in 2015  for 2014 employee performances.

"This is a difficult, but necessary decision. While we remain confident in our future, we continue to face the most significant challenges in our history. We expect to lose about 20 percent of our global revenue in 2014 because of the expiration of the Cymbalta and Evista patents in the U.S. While we've taken many actions to reduce costs and become a leaner organization, we must do more. We estimate these actions will enable us to save about $400 million through 2016," said Ed Sagebiel, Sr. Director of Corporate Communications. Read more
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