More U.S. companies layoff as Amgen deepens job cuts amid pressure on drug prices and inflation woes
US Biotechnology firm Amgen (NASDAQ:AMGN) is slashing its workforce by about 450 jobs, less than 2% of its workforce, the company said, citing pressure on drug prices and high levels of inflation as the reason.
Itâs the second round of layoffs for the biopharmaceutical company this year; in January, it laid off about 300 employees.

According to data by Layoffs.fyi, in 2022 more than 200K staff were fired across the different industries. Among which, IT companies were the first to start the trend of mass layoffs and cost cutting in anticipation of an economic downturn. Twitter was among the first tech giants to downsize its workforce during last year's market downturn.
In addition, Meta, Amazon, Microsoft and Netflix, as well as several other global players, have laid off employees.
In January, Amgen (AMGN) reported Q4 non-GAAP EPS of $4.09 in-line, revenue of $6.8B beat by $30 million.

Last month, Amgen (AMGN) had planned to borrow $24 billion in corporate bonds with the proceeds being used to help fund its planned $28B acquisition of Horizon Therapeutics.
Read: Seeking Alpha contributor Edmund Ingham upgraded Amgen (AMGN) to Buy from Hold after the company's FY22 results.

More analysis on the stock here.