Amgen to cut workforce by 12-14 percent

After a week of speculation, Amgen announced that the company will be cutting its workforce by as much as 14 percent, or 2600 jobs. Recently, Amgen's stock has taken a dive as concerns have mounted that the anti-anemia drugs Aranesp and Epogen could be linked to a higher rate of death. Sales of the two blockbusters have been sluggish since the FDA placed harsher warnings on the drugs. Amgen predicts that the cuts will save the company up to $1.3 billion in 2008. Read more...

- see the announcement from Amgen

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