Facing Competition, Vertex Trims Jobs

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.