Amgen Cuts Workforce; Guides Lower

Losing all those sales on that anemia drug, Aranesp is finally going to cost some people their jobs. It is also causing Amgen to guide lower.

The company said it plans to reduce its work force by 12 percent to 14
percent, or between 2,200 and 2,600 positions and will get hit with a
restructuring charge between $600 million and $700 million. Amgen also reduced
its adjusted earnings per share guidance for the full-year to between $4.13 per
share and $4.23 per share from previous guidance of $4.28 per share.