Here are four tings to know.
1. The drugmaker will eliminate about 3,500 positions globally, which will generate roughly $500 million in annual savings.
2. Most of the job cuts will come from a voluntary early-retirement program Eli Lilly is offering U.S. employees.
3. The drugmaker will also close a drug plant in Iowa, along with its research and development offices in New Jersey and China.
4. The layoffs follow a challenging year for Eli Lilly, which has encountered several major development setbacks for its experimental rheumatoid arthritis drug baricitinib and its Alzheimer’s treatment solanezumab.
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