Auxilium Sales Plunge Costs A Third Of Its Chesterbrook Workforce

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Adrian Adams (Courtesy of www.bizjournals.com)
Adrian Adams (Courtesy of www.bizjournals.com)

Approximately 190 Auxilium Pharmaceuticals employees are out of a job after sales of the company’s flagship testosterone replacement therapy drug went limp.

In response to a 52-percent Testim sales plummet, Auxilium is cutting 30 percent of its Chesterbrook workforce to “strengthen our balance sheet, reinforce our competitive position and, we believe, drive shareholder value,” President and CEO Adrian Adams said in a Philadelphia Business Journal report.

“We are confident that these steps will make us a leaner, more efficient and more competitive company and, after our anticipated merger with Canadian biotechnology company QLT, Inc., will provide a stronger platform to accelerate our growth and transformation.”

The cuts are expected to save $76 million by reducing three sales forces to two, focusing research and development on new cellulite and frozen shoulder syndrome drugs, and streamlining manufacturing and inventory management processes.

Read more about the drastic move in the Philadelphia Business Journal here.

 

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