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.
It's No Pfizer, But Still...
Aug 17, 2007