Jan. 26 at 9:51 a.m.
Filed under:
Earnings,
Pharmaceuticals
By Bruce Japsen
Abbott Laboratories said Wednesday that it would cut 1,900 jobs, or 6 percent, of its U.S. workforce in the wake of a series of disappointments in its drug development pipeline, triggering a restructuring of pharmaceutical commercial and manufacturing operations.
Of the cuts, about 1,000 would be in manufacturing operations in Illinois where the largest concentration of Abbott’s estimated 90,000 employees around the world are at its sprawling headquarters in the northern Lake County suburbs of Chicago. The company said about half of the job cuts would take place now with the remainder over the next several years. Get the full story »
Jan. 17 at 7:10 a.m.
Filed under:
Pharmaceuticals
By Dow Jones Newswires
The European Medicines Agency said Monday it was notified by Abbott Laboratories Limited of its decision to withdraw its application for a centralized marketing authorization for the medicine Ozespa, briakinumab, 100 mg solution for injection. Get the full story »
Jan. 14 at 10:59 a.m.
Filed under:
Pharmaceuticals,
Stock activity,
Updated
By Bruce Japsen
Abbott Laboratories this morning said it will hold off seeking U.S. approval of an experimental psoriasis treatment following feedback from federal regulators who have concerns about the drug.
Abbott would not disclose exactly what the concerns of the U.S. Food and Drug Administration are. The agency, however, has in recent years stepped up its scrutiny of the safety and efficacy of drugs and increasingly orders more study in clinical trials, particularly for safety risks to the heart.
The news hit the company’s stock. The price of Abbott’s shares lost 1 percent of their value or 49 cents, dipping to $46.88 in trading on the New York Stock Exchange. Get the full story »
