Lilly says it must cut costs to meet goals; shares fall

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Lilly says it must cut costs to meet goals; shares fall

By Ransdell Pierson (Reuters) - Eli Lilly and Co, which is trying to rebound from painful patent expirations on its medicines, said on Thursday that it would have to cut costs to achieve its financial goals through 2014. Shares of the U.S. drugmaker fell almost 4 percent even though it also said it would buy back $5 billion of its stock over time. Lilly said slowing growth in emerging markets and the devaluation of Japan's yen were hurting its results. ...

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