King Pharmaceuticals has suffered a setback (potential generic competitors for Altace), and will be cutting its employee base significantly.
That’s the straightforward way to say it. But when companies have to make cuts, you can be sure that the most creative use of obfuscation will come to the fore. Here’s the headline announcing this:
King Pharmaceuticals Accelerates Strategic Shift to Maximize Long-Term Growth
…and here’s a juicy quote from the CEO:
“King’s existing platforms in neuroscience and hospital/acute care and aggressive business development initiatives position the Company to effectively capitalize on the positive dynamics of both marketplaces. As a result, we are now in the process of realigning our organization and optimizing the Company’s cost structure, which primarily involves restructuring the size and focus of our sales force to better support the priorities of our strategic plan,” explained Mr. Markison.
Always, with the job cuts, it has something to do with “optimizing cost structure” and “supporting the strategic plan.”
Full article here.