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Alexion to fire 20% of global workforce in restructuring
Alexion Pharmaceuticals Inc. said early Tuesday that it plans to fire 20% of its global workforce as part of a restructuring effort. Alexion expects pre-tax savings of about $270 million in GAAP and about $250 million in non-GAAP each year by 2019, and said that expenses associated with the restructuring are expected to total $340 million to $440 million. The changes will affect GAAP EPS guidance but not the company's 2017 revenue guidance or 2017 non-GAAP EPS guidance. Alexion said the restructuring savings will allow it to meet financial ambitions, "including growing GAAP operating margin to 37% and non-GAAP operating margin to 50% in 2019," and that it plans to invest about $100 million a year into research and development starting next year. As part of the restructuring, the company said it plans to eliminate spend and workers associated with de-prioritized drug pipeline programs, close multiple company sites, including its Rhode Island manufacturing facility and certain regional and country-based offices, and outsource certain non-core finance and IT roles. Alexion also plans to relocate its headquarters from New Haven, Ct. to Boston, Ma. by mid-2018, with about 400 jobs based in Boston; New Haven will be Alexion's "Center of Excellence" with about 450 jobs based there in research labs, clinical supply and quality teams, nurse case management and enterprise business services. Alexion shares were not active in premarket trade. Shares have surged 33.7% over the last three months, compared with a 2.4% rise in the S&P 500 .Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
German regulator to assess suitability of Deutsche Boerse management
FRANKFURT (Reuters) - A German regional exchange regulator will assess the suitability of Deutsche Boerse's management board after allegations of insider trading against the company's chief executive officer earlier this year.
ISONAS Appoints Kenneth Minard As New East Coast Regional Sales Manager, US
ISONAS Inc., a Pure IP™ access control system manufacturer, has announced that the company has appointed Kenneth Minard as the new Regional Sales Manager on the east coast. Mr. Minard will be responsible for growing sales on the east coast in states east of the Mississippi river and work closely with ISONAS partners and customers. ISONAS has built long-term relationships with a team of certified integrators, distributors and manufacturer rep firms that Mr. Minard will be partnering with and working to expand those relationships to new heights along with their business. He will also be working closely with the ISONAS inside sales team to ensure that customer service and support exceed expectations.
Kenneth Minard Security Industry Experience
Mr. Minard comes to ISONAS with more than 31 years of experience, which includes a Bachelor’s degree in Management and a wealth of physical security, account management and sales experience. He...
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