Amgen to cut 450 jobs in second round of layoffs this year
Reuters
Published Mar 16, 2023 08:47PM ET
Updated Mar 16, 2023 09:10PM ET
(Reuters) -Amgen Inc said on Thursday it would cut 450 jobs, or less than 2% of its workforce, making it the company's second round of layoffs this year amid intensifying pressure on drug prices and high inflation.
"We made these changes to realign our expense base in the face of intensifying pressure on drug prices and high levels of inflation," a company spokeswoman said in a statement to Reuters.
The company had about 25,200 staff members in more than 50 countries as of Dec. 31, 2022, according to its latest annual regulatory filing with the U.S. Securities and Exchange Commission.
Layoffs by U.S. companies over January and February this year touched the highest since 2009, a report showed. Amgen (NASDAQ:AMGN)'s decision to downsize its workforce underscores the impact of rapidly increasing interest rates on the healthcare industry.
Amgen laid off about 300 employees in January as part of organizational changes. The drugmaker's fourth-quarter revenue fell slightly, as a 4% increase in sales of its own drugs was offset by lower revenue from its deal to manufacture COVID-19 antibody treatments for Eli Lilly (NYSE:LLY).
The biotech company forecasted 2023 revenue in a range of $26 billion to $27.2 billion, while analysts had estimated $27.17 billion.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.