Eli Lilly sharply underperformed a gauge of large drugmakers in 2013. Photograph: Frank Miller

Eli Lilly, the leading US maker of diabetes products, forecast a drop in 2014 profit and reduced its sales outlook because of generic competition to (...)

A worker  outside a Merck facility in  New Jersey, US, yesterday.  The  drugmaker  will eliminate  8,500 of its 81,000 global workforce  in its latest revamp. Photograph: Emile Wamsteker/Bloomberg

Merck, taking a cue from rival drugmakers that have slashed research spending to bolster earnings, has said it plans to cut annual operating costs by(...)