Amgen to cut 450 jobs in second round of layoffs this year By Reuters

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Amgen to cut 450 jobs in second round of layoffs this year

Stock Markets Mar 16, 2023 09:10PM ET

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Amgen to cut 450 jobs in second round of layoffs this year

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(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.

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