Issue Date: August 20, 2007
Amgen Will Cut Jobs
Amgen, the world's largest biotechnology company, will reduce staffing by 12-14% in response to lower sales of Aranesp, its erythropoiesis-stimulating agent (see page 34). The move will cost the company up to $700 million and result in the loss of 2,200 to 2,600 jobs. Despite the cuts, Amgen says it will continue to invest in R&D at "industry-leading levels."
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