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Home Industry News Amgen to lay off over 2,200 staff

Amgen to lay off over 2,200 staff

16th August 2007

Amgen has announced a strategic restructuring of the firm, with a planned reduction in staff of around 12-14 per cent, equivalent to 2,200-2,600 employees.

These plans are part of a host of proposals to restructure the firm in light of reduced revenues from sales of Aranesp, with the company looking to continue its investment in innovation and the future growth of the firm.

Amgen anticipates completion of its restructuring plans by 2008, with savings from the initiatives in the region of $1 billion (500 million pounds) to $1.3 billion, with pre-tax restructuring charges in the region of $600 million to $700 million.

Kevin Sharer, chairman and chief executive officer of Amgen, said: “At Amgen we have always been committed to investing in the future while squarely facing the challenges of today.”

He added that changes to the labelling for Aranesp and Epogen have adversely affected the revenue of the firm and will continue to do so, while these restructuring plans will better position the company for the future in light of these changes.

Last month, Amgen reported a three per cent increase in year-on-year revenue for the second quarter of 2007, with sales up to $3,728 million (1,819 million pounds).

Adjusted earnings per share on a reported basis rose seven per cent for the quarter to $1.12.

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