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    AMGN   US0311621009

AMGEN INC.

(AMGN)
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Delayed Nasdaq  -  04:00:00 2023-03-21 pm EDT
232.95 USD   -0.75%
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Amgen to cut 450 jobs in second round of layoffs this year

03/16/2023 | 08:47pm EDT
FILE PHOTO: An Amgen sign is seen at the company's office in South San Francisco

(Reuters) - Amgen Inc said on Thursday it would cut 450 jobs, or less than 2% of its workforce, making it the company's second round of layoffs this year amid intensifying pressure on drug prices and high inflation.

"We made these changes to realign our expense base in the face of intensifying pressure on drug prices and high levels of inflation," a company spokeswoman said in a statement to Reuters.

The company had about 25,200 staff members in more than 50 countries as of Dec. 31, 2022, according to its latest annual regulatory filing with the U.S. Securities and Exchange Commission.

Layoffs by U.S. companies over January and February this year touched the highest since 2009, a report showed. Amgen's decision to downsize its workforce underscores the impact of rapidly increasing interest rates on the healthcare industry.

Amgen laid off about 300 employees in January as part of organizational changes. The drugmaker's fourth-quarter revenue fell slightly, as a 4% increase in sales of its own drugs was offset by lower revenue from its deal to manufacture COVID-19 antibody treatments for Eli Lilly.

(Reporting by Akanksha Khushi in Bengaluru; Editing by Rashmi Aich and Subhranshu Sahu)


ę Reuters 2023
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Analyst Recommendations on AMGEN INC.
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Financials (USD)
Sales 2023 26 711 M - -
Net income 2023 6 935 M - -
Net Debt 2023 23 273 M - -
P/E ratio 2023 18,4x
Yield 2023 3,63%
Capitalization 124 B 124 B -
EV / Sales 2023 5,53x
EV / Sales 2024 5,10x
Nbr of Employees 25 200
Free-Float 99,7%
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Technical analysis trends AMGEN INC.
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Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 25
Last Close Price 232,95 $
Average target price 254,00 $
Spread / Average Target 9,04%
EPS Revisions
Managers and Directors
Robert A. Bradway Chairman, President & Chief Executive Officer
Peter H. Griffith Chief Financial Officer & Executive Vice President
David M. Reese Senior VP-Translational Sciences & Oncology
Darryl Sleep Chief Medical Officer & Senior VP-Global Medical
Mike Zahigian Chief Information Officer & Senior Vice President
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