Pharmaceutical giant Eli Lilly (LLY) plans reduce its U.S. sales group by nearly 1,000 representatives as part of a major restructuring, according to a report Thursday by Dow Jones Newswires.
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Lilly plans to add 300 diabetes sales jobs in addition to layoffs, bringing the net loss of sales representatives to less than 1,000 jobs.
The layoffs, which amount to 30% of Lilly’s U.S. workforce, come as the company is set to lose patents for Cymbalta and Evista, two top-selling drugs.
Shares of Lilly were up a penny at $58.01 in after-hours trading.