Cambridge-based Biogen will slash 130 jobs in its RTP facilities as part of a global workforce reduction affecting about 800 employees. The company says the move will save approximately $250 million a year it plans to invest in drug research. Biogen stock soared 7 percent following the announcement and the company’s earnings report, which beat analysts forecasts.
Biogen reported adjusted third quarter earnings of $4.48 a share, topping analyst estimates of $3.80 a share on $2.8 billion in sales.
The job cuts follow the slowdown in sales growth for its multiple sclerosis drug, Tecfidera, but its sales actually exceeded estimates at $937 million in the quarter, beating analyst forecasts of $892 million.
The company also increased its forecast for the full year, estimating revenue growth of up to 9 percent with adjusted earnings of $16.20 to $16.50 a share. Previously it forecast $15.50 to $15.95 a share.
The workforce reduction represents 11 percent of the company’s 8,000 employees.
