INDIANAPOLIS -- Pharmaceutical company Eli Lilly is cutting about 3,500 jobs, with 2,000 of those coming from the United States, the company announced Thursday.
According to a press release, the Indianapolis-based company expects to save about $500 million per year, starting in 2018.
It is unknown how many, if any, cuts will come from the Indianapolis location.
Most of the cuts will come from an early retirement program, which is being offered to certain employees. The cuts will be completed by Dec. 31, 2017.
One other cost-cutting change Eli Lilly will make is to move production from an Iowa animal health manufacturing facility to a different Iowa plant. It is also closing research and development centers in New Jersey and China.
"We have an abundance of opportunities—eight medicines launched in the past four years and the potential for two more by the end of next year," David A. Ricks, Lilly's chairman and chief executive officer, said in the release. "To fully realize these opportunities and invest in the next generation of new medicines, we are taking action to streamline our organization and reduce our fixed costs around the world."
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