AM I NEXT? NO LOVE AT HALOZYME

San Diego, California-based Halozyme, a biotechnology company that develops new cancer therapies and drug delivery systems, has announced that it will layoff 160 employees, approximately 55% of its workforce.

The decision was driven by the under-performance of a Phase 3 pancreatic cancer drug trial designed to confirm the drug’s effectiveness when compared to standard care methodologies. The company will concentrate on its profitable drug delivery system.

According to a company spokesperson…

“Halozyme intends to halt development activities for PEGPH20 and implement an organizational restructuring to focus its operations solely on its ENHANZE® drug delivery technology. In order to implement this strategic shift, Halozyme will immediately initiate an organizational restructuring to halt development activities for PEGPH20 and close its oncology operations. As a result, Halozyme expects the following:

• Headcount will be reduced by approximately 55%, or approximately 160 positions, with over 80% of the reduction completed in early January 2020.

• Restructuring and other cost-saving efforts will result in savings of $130 to $140 million in 2020 compared with the Company's most recent guidance for 2019 operating expenses excluding cost of goods sold.

• Upon completion of the restructuring and after booking all related one-time charges, Halozyme anticipates becoming a sustainably profitable company beginning in the second quarter of 2020.

• Projected annualized operating expenses excluding cost of goods sold of between $65 million and $75 million will be achieved by the fourth quarter of 2020.

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT JUUL LABS (08/23/23)

OCTOBER 23, 2023 — 30% OF STAFF TARGETED

The financially and legislatively embattled company announced that it plans to lay off roughly 30% of its workforce as it seeks to raise additional capital or sell the company.

The reduction will impact approximately 250 employees.

NOVEMBER 10, 2022 — THE COMPANY AVOIDS BANKRUPTCY AND LAYS OFF 30% OF ITS WORKFORCE.

The company has announced additional cost-cutting measures, including a reduction in force impacting 400 employees.

The company still faces hundreds of lawsuits and onerous regulations like those banning flavored tobacco products.

SEPTEMBER 5, 2020 — MORE REGULATIONS EQUAL MORE LAYOFFS

The company has announced that it is preparing to execute another “significant round” of layoffs and considering stopping sales in Europe and Asia. The reason given is the increasingly hostile regulatory environment regarding the crackdown on underage vaping and the potential link between COVID-19 and vaping activities.

It is believed that approximately 1,200 employees may be impacted as the company attempts a major reduction in force. Evaluation of the situation is ongoing.

NOVEMBER 13, 2019 — ANOTHER 150 LAYOFFS

Now the total is 650 employees.

NOVEMBER 12, 2019 — Original post …

San Francisco, California-based Juul Labs, the electronic cigarette company that sells a nicotine delivery system believed by some to be safer than conventional tobacco-based products, has announced that it is planning a reduction in force to better align employee headcount with the existing operations and marketplace demands. It is estimated that approximately 500 employees will be laid off. The company continues to face regulatory headwinds and a potential problem linking lung injuries and deaths to so-called “vaping” products.

In September 2019, the company’s new CEO, K.C. Crosthwaite, a veteran of Altria, one of the world’s largest tobacco operations, claimed he would “continue a broad review of the company’s practices and policies to ensure alignment with its aim of responsible leadership within the industry. Effective immediately, JUUL Labs announced the company was: “suspending all broadcast, print, and digital product advertising in the United States and refrain from lobbying the Administration on its draft guidance and committing to fully support and comply with the final policy when effective.” This reduction in marketing activities likely is the major driver of the reduction in force.

Altria will revalue its 35% 2018 investment in Juul from $13 billion to $8.5 billion. Look for a number of Altria executives and specialists to join Juul in its turnaround efforts.

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT ACORDA THERAPEUTICS

Ardsley, New York-based Acorda Therapeutics, a biotechnology company offering neurological therapies, has used their third-quarter earnings report to announce a major restructuring that begins with a 25% reduction in its workforce or approximately 120 employees. Layoffs will commence immediately and be completed by the first quarter of 2020. The company continues to struggle financially with a severe decline in share prices. It is unknown what might happen if the company’s primary lenders cannot reach an agreement to refinance outstanding balances coming due in the short-term.

According to the company’s President and CEO, Dr. Ron Cohen, “This restructuring, although difficult, will enable Acorda to focus its resources on ensuring the success of INBRIJA, and will provide flexibility for the Company to address its capital structure. INBRIJA is an important medication for people with Parkinson’s who suffer from OFF periods, thanks to the extraordinary work of Acorda’s associates in developing and making it available. We are saddened that a number of them will be leaving the company, and grateful for their commitment and many contributions.”

The company appears to be poised for an acquisition which would add to the uncertainty of the employment situation.

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?