Facing stiffening biosimilar and generics competition, Amgen said it has to cut 172 jobs later this year.
The company sent a letter to the California Employment Development Department explaining the cuts and that they will mostly target operations, R&D and field positions. The layoffs are scheduled to begin on Dec. 31, but the company said that some of the employees have already been offered other jobs with the company. Even though the layoffs are permanent, there are no plans for facility closings associated with the cuts.
"While these decisions are never easy, we believe our ability to compete will be strengthened by a tighter focus on investments that can help bring important medicines to patients to treat serious, life-threatening illnesses," the company said in a statement.
Amgen, the world’s largest biotech drug company, employs around 21,000 people around the world. Sales at the company slipped a few percentage points in the last two quarters compared to last year as the several of the company’s key drugs have come off patent.
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