Wednesday, August 15, 2007

Amgen - yep, now they are a Big Pharma!


The biotechnology giant Amgen announced the first layoffs in its heretofore charmed history today in reaction to sliding sales of the anemia drugs that account for nearly half its revenue.

The company said it would cut its work force by 2,200 to 2,600 people, or about 12 to 14 percent. It also said that it would cut its planned capital expenses by $1.9 billion over two years, close certain production operations and prune its research and development operations.

In total, the moves would save $1.0 billion to $1.3 billion next year, it said.

More at NYT

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