Amgen "market perform"

16.08.07 - Rodman & Renshaw

NEW YORK, August 16 (newratings.com) - Analyst Michael G King Jr of Rodman & Renshaw reiterates his "market perform" rating on Amgen Inc (AMGN).

In a research note published this morning, the analyst mentions that the company has announced to reduce its employee strength by 12%-14% or 2,200-2,600 employees going ahead. Amgen also indicated that it would cut its capital expenditures by around $1.9 billion, shut down certain facilities and increase its R&D and operations efficiencies. The company expects these restructuring initiatives to be completed by 2008 and result in pretax savings of $1.0-$1.3 billion in 2008.