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Amgen cuts 252 jobs in Thousand Oaks

By Stephanie Hoops, Ventura County Star, Calif.
McClatchy-Tribune Information Services

March 06--Amgen Inc. officials have notified the state that the biotech firm intends to eliminate 252 jobs from its Thousand Oaks headquarters.

Amgen spokeswoman Kristen Davis said Thursday that "a number of staff members" were notified in January.

"Each of the individuals notified was offered comprehensive severance benefits that provide cash, health insurance and career transition services," she said.

Details on specific jobs being eliminated have not yet been released. The Star has asked the company for that information.

The layoffs are scheduled to take effect April 30, according to the Worker Adjustment and Retraining Notification released by the state Employment Development Department.

Under the WARN law, companies are required to notify the state when 50 or more people are being laid off.

Haider Alawami, the city's economic development officer, said Amgen is assisting employees with training to find other local employment opportunities.

"It's part of their ongoing restructuring of the company," Alawami said.

While the city is sorry to see the losses, Alawami said 252 jobs isn't many relative to the 6,000 people the company employees locally.

"That's not huge," he said.

Amgen Inc.'s fourth-quarter profits were up 30 percent. On Jan. 28, the drugmaker said net income was $1.02 billion, or $1.33 per share, up from $788 million or $1.01 per share, a year earlier.

Revenue rose 13 percent to $5.01 billion, better than analysts expected.

In January, CEO Bob Bradway said he's confident about long-term growth prospects in 2014.

The company forecasts 2014 adjusted earnings per share of $7.90 to $8.20 and revenue of $19.2 billion to $19.6 billion.

Shares of Amgen were trading at $126.81 Thursday morning, up 55 cents, or 0.44 percent.

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(c)2014 Ventura County Star (Camarillo, Calif.)

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Distributed by MCT Information Services



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