Lilly To Cut 340 Info Tech Positions

The Chicago Tribune: Indianapolis-based pharmaceutical company Eli Lilly and Co. announced yesterday that it has plans to cut 340 information technology jobs this year from its nationwide operations.  The company had already eliminated some 140 other jobs in earlier months through layoffs and attrition.

Currently, Lilly has 1,350 IT employees.  The cuts announced yesterday are part of a larger round of job eliminations expected to reach 5,500 by 2011.  The company announced its intent to let workers go earlier this year to help counter slumping revenues as several of its patents expire on some of its best selling drugs.  Lilly expects to save $1 billion with the cuts.