© Reuters. FILE PHOTO: An Amgen signal is seen on the firm’s workplace in South San Francisco, California October 21, 2013. REUTERS/Robert Galbraith/File Photograph/File Photograph
(Reuters) – Amgen Inc (NASDAQ:) mentioned on Thursday it could minimize 450 jobs, or lower than 2% of its workforce, making it the corporate’s second spherical of layoffs this yr amid intensifying stress on drug costs and excessive inflation.
“We made these adjustments to realign our expense base within the face of intensifying stress on drug costs and excessive ranges of inflation,” an organization spokeswoman mentioned in an announcement to Reuters.
The corporate had about 25,200 workers members in additional than 50 international locations as of Dec. 31, 2022, in line with its newest annual regulatory submitting with the U.S. Securities and Change Fee.
Layoffs by U.S. corporations over January and February this yr touched the best since 2009, a report confirmed. Amgen’s resolution to downsize its workforce underscores the affect of quickly growing rates of interest on the healthcare business.
Amgen laid off about 300 workers in January as a part of organizational adjustments. The drugmaker’s fourth-quarter income fell barely, as a 4% enhance in gross sales of its personal medicine was offset by decrease income from its deal to fabricate COVID-19 antibody therapies for Eli Lilly (NYSE:).