Biogen lays off 400 in Mass.

http://www.bostonherald.com/business/business_markets/2015/10/biogen_lays_off_400_in_mass



Says it will help MS drug marketing

Biogen lays off 400 in Mass.
Jordan Graham Thursday, October 22, 2015

Biotech giant Biogen is laying off 11 percent of its workforce — more than 800 people worldwide, including hundreds in Massachusetts — as it pares down its drug pipeline.

“It truly saddens us to have to take this action. It’s a necessary step in order for us to fulfill our goals as a company,” Biogen chief executive George Scangos said during a conference call yesterday. “The restructuring that we announced today was an extremely difficult decision.”

Biogen, which is headquartered in Cambridge, said about 400 Bay State employees would lose their jobs, out of roughly 3,300. The company announced the job cuts yesterday as it boosted its profit outlook and reported a 12.7 percent jump in third-quarter earnings to $965.6 million, or $4.15 a share. Shares closed up almost 4 percent yesterday to $276.34, but are still down 22 percent since the beginning of the year.

“We are encouraged by the results this quarter,” said Joseph Schwartz, an analyst with Leerink Partners. “Management is taking decisive steps to control spending, reinvigorate Tecfidera sales, and focus the pipeline on the best programs.”