Boehringer to slash global workforce as earnings fall
- Boehringer Ingelheim's (BI) mid-year earnings for 2014 were down 3% in US dollars and 8% in Euros to $8.67 billion compared to the same period in 2013.
- BI will use savings from its downsizing plan to pursue investments, according to company spokespeople.
- There are currently 45,000 workers at BI, with 14,000 employees located in Germany.
BI plans to pit more than $850 million into new investments this year, with about half of that earmarked for investment in Germany. The company has taken a couple of financial hits recently, including a $650 million payment to settle 4,000 state and federal lawsuits centering on its controversial blood thinner Pradaxa (dabigatran).
BI also sold off Ohio-based Ben Venue Laboratories. The company refers to this period of downsizing and investment as a period of “consolidation.” As BioPharma Dive reported on Tuesday, Boehringer still has a lot to look forward to with 10 new drugs in its pipeline that are set to launch within the next two years, including three that were granted Breakthrough Therapy designation by the FDA.