Amgen plans to cut 450 jobs, citing drug pricing pressures and high inflation. In January, the company laid off approximately 300 employees as part of organizational changes.
 
As of December 2022, Amgen had approximately 25,200 employees in more than 50 countries.
 
Amgen’s 4Q revenues benefited from a 4% increase in product sales, offset by lower revenue from its COVID-19 manufacturing collaboration with Eli Lilly.
 
Amgen is also facing a lawsuit alleging Amgen concealed $10.7 billion due to the IRS. The tax disagreement is based on costs and profits related to Amgen’s Puerto Rico manufacturing operations. 
 
According to an Amgen spokesperson, the company believes the allegations are without merit and will defend itself against the case.

Amgen’s 4Q Financial Results