Friday, July 27, 2007

Pharmaceutical Company Job Cuts; Amgen & Aranesp

Article in the Wall Street Journal -- Drug Makers Tighten Their Belts Again: AstraZeneca Expands Job-Reduction Plan Bristol-Myers Sets Cuts, by Peter Loftus and Elena Berton.  Here's an excerpt with regard to Amgen and its drug Aranesp:

Amgen, Thousand Oaks, Calif., said profit soared from year-earlier results that were weighed down by a hefty acquisition charge, but the biotechnology company's revenue growth slowed considerably because of safety concerns surrounding antianemia drug Aranesp.

Amgen posted net of $1.02 billion, or 90 cents a share, up from $14 million, or a penny a share, a year earlier. Revenue rose 3% to $3.73 billion. The company posted revenue growth of 15% for both the first quarter and all of last year.

BGS

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