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Business
Facing Competition, Vertex Trims Jobs
by Lisa M. Jarvis
November 4, 2013
| A version of this story appeared in
Volume 91, Issue 44
Amid a precipitous decline in sales of its hepatitis C virus (HCV) treatment Incivek, Vertex Pharmaceuticals is shedding 15% of its workforce, or roughly 370 jobs, and shifting its R&D resources to cystic fibrosis. The move is expected to save Vertex up to $200 million in 2014. When approved in May 2011, Incivek was touted as a major advance in the treatment of HCV. But sales, after a rapid run-up, have fallen as patients delay treatment in anticipation of better drugs, such as Gilead Sciences’ sofosbuvir. Incivek sales were down 66% in the third quarter compared with the third quarter of 2012.
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