Amgen to Cut 2,900 Jobs to Develop New Drugs

Amgen Inc. said it would cut up to 2,900 jobs and close two plants, one in Washington state and one in Colorado, to manage its expense and focus on new drug development.

According to the Los Angeles Times, the layoff number would account for about 15 percent of its 20,000 employees worldwide. The biotech company, which sells drugs for osteoporosis and anemia, said it would use the savings, an estimate of $700 million per year, to fund a new-drugs launch and to restructure layers of management.

Amgen Chief Robert A. Bradway said the company would keep its headquarters in Thousand Oaks, “albeit with a reduced staff.” He did not further explain how many of the 2,900 cuts will be in Thousand Oaks.

The company also announced its strong second-quarter growth on the same day. Amgen reported a revenue growth of 11 percent to $5.2 billion. Its stock price closed Tuesday, July 29, with a 66 cents increase, to $123.31. The layoff announcement came after the market closure.

Photo Credit: Bloomberg

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