The recent layoffs of hundreds of drug sales reps mean there are fewer people in the field calling on doctors to see what they are prescribing. But they don't have to--drugmakers have found new tools that actually can tell them more about doctors' prescribing patterns than the physicians even know themselves.
Salesforce cuts are coming down at Eli Lilly, and 40% of its U.S. sales force will be out. According to the company, the drugmaker sent a state Warn Notice to 1,624 sales positions, of which about 1,000 will be let go.
The moral of Eli Lilly's first-quarter performance is this: Raise prices and cut costs.
AbbVie has a new distinction. It may be the youngest pharma company ever to lay off hundreds of salespeople. Bloomberg reports that the drugmaker, spun off by Abbott Laboratories as of January 1, plans to jettison its cardiovascular salesforce, with layoffs in the "mid-hundreds."
Here is a business reality that hundreds of Eli Lilly sales employees are going to have to align themselves with quite soon: They are about to lose their jobs.
Eli Lilly has battled to protect its best-selling drug, the antidepressant Cymbalta, against generic competition but has decided not to stand and fight a lawsuit tying it to the suicide of a 16-year-old boy. The company agreed to settle the litigation in advance of a trial set to begin next month.
Most people take vitamins to boost their energy or protect against colds. But Eli Lilly ($LLY) is hoping vitamin B12 will protect it from losing up to $3.5 billion in sales a year.
It could have been worse. That's the general reaction to Eli Lilly's ($LLY) third-quarter results. The company fell short of analyst estimates, both on earnings and on sales. Generics lopped off 68% of Zyprexa's sales. Other key drugs didn't perform as expected, either.
The credit-analysis firm confirmed the drugmaker's current ratings, but changed its outlook to "negative" from "stable." That's because Lilly is walking toward two big patent expirations, fresh off its recent loss of Zyprexa exclusivity.
Some of the biggest blockbusters known to the pharma industry have dropped off the patent cliff and tumbled into the brutal land of generic therapies, where low-priced competition lays sales to...