It didn’t care Carl Icahn to come in and show employees the exit sign. Today, Amylin Pharmaceuticals (AMLN) said it was axing 200 sales reps as part of its plan to combine its primary care and specialty divisions.

The company said it will take a one-time restructuring charge of $13-15M in 2Q, and save about $20M in 2009 as a result of the changes.

Math time again…

A. “Restructuring” charge to AMLN = $13M

B. Number of employees axed = 200

C. Severance/employee = A/B = $65,000

Wow, that’s not right – that’s too high!!! There must be some other stuff in there we’re not catching. Oh well, an estimated $65K is better than DSCO’s $25K, right?

AMLN says its workers will be shown the exit over the next few weeks, leaving the company with 325 “endocrin”-focused reps to keep pushing Byetta, and a hope-and-a-dream for LAR.

Good luck!!!

Image from euroheat

Related Posts