WSJ NEWS ALERT: Amgen Plans to Cut Work Force Amid Slump in Aranesp Drug
from The Wall Street Journa
Aug. 15, 2007
Amgen said it will cut staff by up to 14%, slash capital expenses by $1.9 billion, and close some production facilities in an effort to offset slumping sales of its top-selling anemia drug Aranesp. The restructuring -- unprecedented in the biotech giant's 27-year history -- will trigger $600 million to $700 million in pre-tax charges. Amgen also cut its 2007 earnings estimate, previously $4.28 a share, down to a range of $4.13 to $4.23, compared with $3.90 a year earlier.
