It's No Pfizer, But Still...

The Los Angeles Times has an article announcing Amgen's move to eliminate 2,200 to 2,600 jobs worldwide — 12 to 14 percent of the company's workforce — in response to declining sales of the anemia drug Aranesp. After the FDA put a black box warning on the drug, sales fell 19% to $578 million in the second quarter of this year, and the stock price is at the lowest it’s been in four years. While the cuts aren't as mind-blowing as those Pfizer made early this year, they're still enough to signify that the biotech industry is not immune to the changing pharma regulatory environment.