Biogen Idec to restructure, slashing jobs; abandons development of lixivaptan
US biotech firm Biogen Idec (Nasdaq: BIIB), which recently report healthy third quarter 2010 results, also this week announced a round of cost cutting and restructuring aimed at annual savings of around $300 million.
Third quarter revenues were $1.2 billion, up 5% over the third quarter of 2009, and GAAP diluted earnings per share were $1.05, an increase of 11%. GAAP net income attributable to Biogen for the quarter was $254 million, a decrease of 8% compared to the third quarter of 2009.
Biogen announced a number of strategic, operational and organizational changes, the goals of which are to increase focus and efficiency and leverage the company’s strengths to provide a solid framework for growth.
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