Lilly reorganizing

Eli Lilly and Co. (NYSE:LLY) plans to reduce its headcount by 5,500 (14%) to 35,000 and reorganize the company into five global business units. The restructuring is part of a plan under which the pharma hopes to lower its cost structure by $1 billion by the end of 2011, in part to address a series of patent expirations beginning in late 2011.

The five business units are oncology, diabetes, established markets, emerging markets and Elanco animal health, which will be respectively led by John Johnson, CEO of Lilly's ImClone Systems subsidiary; Enrique Conterno, president of Lilly USA; Bryce Carmine, EVP of global marketing and sales; Jacque Tapiero, president of the intercontinental region; Jeffrey Simmons, president of Elanco. ...