Zyprexa is approved to treat schizophrenia and bipolar disorder and Symbyax is approved to treat bipolar disorder. The company said information on potential risks of elevated risks for weight gain, higher blood sugar and higher cholesterol were already on the drug's labels.

The changes are being made after meetings with the Food and Drug Administration and analyzing data from studies performed outside of the company. The company, in a statement, said the new data would specifically include information on the risk of higher blood sugar levels with the drugs compared with other antipsychotics.

The company said it has been reporting higher blood sugar levels, cholesterol levels and weight gain as side effects since Zyprexa was approved in 1996 and Symbyax in 2003.

The updates to the labels will also be communicated to U.S. physicians through a letter and consumer, advocacy and professional organizations will be notified. Regulatory agencies outside the U.S. are also being notified.

Shares of Eli Lilly closed at $58.96 Thursday.