AMGEN takes 780 million $ charge to settle

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I am ashamed to be an employee with a payment of this magnitude. Of course, the lawyers will say that a settlement does not imply an admission of guilt, but at this cost, it is obvious that the allegations were troubling (to say the least). What I want to know is who (other than KS) is accountable for this mess? Are the employees involved in the lawsuit still at the company? If so, why? If they are not at the company, but engaged in illegal activities, why are we not prosecuting them?
 












I can say that I was in no way involved.....yet I paid the price for these crooks. I was Rif'd to help pay a penalty for those cowards taking the 5th. All I did was give every day of work to discover new targets or new drug candidates....nothing criminal there, just difficult and frustrating.

Just know that this is the leadership of the company you give your hard work and best years to.

Kind of hard to state proudly who you work for when a friend/relative asks these days isn't it??
 






Jones Lang LaSalle should quit doing business with this crooked company. But then again the JLL U.S. headquarters is in Chicago. Oh well. I guess they deserve each other.
 






Sounds a lot like the mess over at Glaxo. How about that? One of the liars is here at AML (Adalberto Ramirez-Quality VP). This amount of money is a heck of a lot more than the GSK settlement and the plant was closed down. Now I am even sadder for my poor company. Get rid of all the leaches!!!
 






Most companies in this industry are indistinguishable and now that Amgen has joined the government "check-writing" club, its transformation from a biotech star into a remarkably unspecial place is now complete.

It has all the trappings of big pharma:
-the over compensated CEO and largesse/entitlement of the Senior team
-the slowing top line brought about by poor acquisitions
-the desperate push to enter second-tier economies in order to grow revenues
-the hyper focus on cost cutting as a path to earnings growth
-the over-reliance on lobbyists to clear away policy or legislative land mines
-and now for the denouement, a quitam suit followed by a three quarter of a billion dollar settlement for alleged improper sales and marketing practices

You could see this tragedy coming 10 years ago. Where was the board? Did they actually believe KS's explanation of "we are where we need to be and all the unfortunate circumstances you see are a byproduct of the tough choices we've had to make"?

$780 million gone from shareholders ($50,000 for every employee at Amgen). I stand with Gordon and just shake my head in disbelief. Sad day.
 






Shaking my head in disbelief, very sad day indeed!!! I wonder what happended to the Amgen values that were etched everywhere? Amgen has become from Gordon's time as the most respected biotech to now under Kevin as the most hated and the most unethical one! Clap! Clap! Clap! Kevin please board your jet and head into the pacific, we do not want you gone!!!
 






Shaking my head in disbelief, very sad day indeed!!! I wonder what happended to the Amgen values that were etched everywhere? Amgen has become from GBs time as the most respected biotech to now under KS as the most hated and the most unethical one! Clap! Clap! Clap! KS please board your jet and head into the pacific, we do not want you gone!!!
 






Amgen still has over 1220 open litigation cases against them. It will take over 2 billion to settle these out. My buddy works at the legal dept at ATO and he said half of these were injuries because of the medication and these can be in the millions for each one. X-Amgen employees are the smallest grouping but the cheapest to settle out.









Anonymous said:
Most companies in this industry are indistinguishable and now that Amgen has joined the government "check-writing" club, its transformation from a biotech star into a remarkably unspecial place is now complete.

It has all the trappings of big pharma:
-the over compensated CEO and largesse/entitlement of the Senior team
-the slowing top line brought about by poor acquisitions
-the desperate push to enter second-tier economies in order to grow revenues
-the hyper focus on cost cutting as a path to earnings growth
-the over-reliance on lobbyists to clear away policy or legislative land mines
-and now for the denouement, a quitam suit followed by a three quarter of a billion dollar settlement for alleged improper sales and marketing practices

You could see this tragedy coming 10 years ago. Where was the board? Did they actually believe KS's explanation of "we are where we need to be and all the unfortunate circumstances you see are a byproduct of the tough choices we've had to make"?

$780 million gone from shareholders ($50,000 for every employee at Amgen). I stand with Gordon and just shake my head in disbelief. Sad day.
Click to expand...
 






Between this and now that we are paying out a dividend to stockholders; we can speculate that our 0-21% bonus structure is in the cross hairs?




Anonymous said:
Most companies in this industry are indistinguishable and now that Amgen has joined the government "check-writing" club, its transformation from a biotech star into a remarkably unspecial place is now complete.

It has all the trappings of big pharma:
-the over compensated CEO and largesse/entitlement of the Senior team
-the slowing top line brought about by poor acquisitions
-the desperate push to enter second-tier economies in order to grow revenues
-the hyper focus on cost cutting as a path to earnings growth
-the over-reliance on lobbyists to clear away policy or legislative land mines
-and now for the denouement, a quitam suit followed by a three quarter of a billion dollar settlement for alleged improper sales and marketing practices

You could see this tragedy coming 10 years ago. Where was the board? Did they actually believe KS's explanation of "we are where we need to be and all the unfortunate circumstances you see are a byproduct of the tough choices we've had to make"?

$780 million gone from shareholders ($50,000 for every employee at Amgen). I stand with Gordon and just shake my head in disbelief. Sad day.
Click to expand...
 






What is sad is some people involved in this are still with the company. Cant get rid of them because that would be admission of guilt by amgen. The ones who left can only hope the goverment doesnt come after them. Cant get rid of Kevin because he owns the board and by giving out a dividend made the investors happy and tolerant of Kevin. Conclusion is the same, stuck with the mob.
 






Anonymous said:
Amgen still has over 1220 open litigation cases against them. It will take over 2 billion to settle these out. My buddy works at the legal dept at ATO and he said half of these were injuries because of the medication and these can be in the millions for each one. X-Amgen employees are the smallest grouping but the cheapest to settle out.
Click to expand...

If you take a drug then you know all the potential side effects of that drug. I think that any drug litigation should be tossed out of court for this reason.
 






And you provide all this when talking to a doctor. Maybe you should be liable as well for not providing all side effects/adverse events at the time you talk to the doctor. Just like a commercial at the end. You know, when they talk real fast.
 






Anonymous said:
Most companies in this industry are indistinguishable and now that Amgen has joined the government "check-writing" club, its transformation from a biotech star into a remarkably unspecial place is now complete.

It has all the trappings of big pharma:
-the over compensated CEO and largesse/entitlement of the Senior team
-the slowing top line brought about by poor acquisitions
-the desperate push to enter second-tier economies in order to grow revenues
-the hyper focus on cost cutting as a path to earnings growth
-the over-reliance on lobbyists to clear away policy or legislative land mines
-and now for the denouement, a quitam suit followed by a three quarter of a billion dollar settlement for alleged improper sales and marketing practices

You could see this tragedy coming 10 years ago. Where was the board? Did they actually believe KS's explanation of "we are where we need to be and all the unfortunate circumstances you see are a byproduct of the tough choices we've had to make"?

$780 million gone from shareholders ($50,000 for every employee at Amgen). I stand with Gordon and just shake my head in disbelief. Sad day.
Click to expand...


Excellent review. We need more of these kinds of observations. Then act accordingly.
 






Guilty for sure. Look at the ED for all ESA's and you'll find one your looking for. Sure the two LDO's who have been encouraged to bill overfill for years are looking over their shoulders at who may leak at Amgen.... Disgusting GREED
 






Anonymous said:
If you take a drug then you know all the potential side effects of that drug. I think that any drug litigation should be tossed out of court for this reason.
Click to expand...

I agree

it is kind of like the guy that used his lawn mower to trim his hedges and cut his hand off.
The directions never said not to pick it up and use it like that? He got 45 million
 






Anonymous said:
Guilty for sure. Look at the ED for all ESA's and you'll find one your looking for. Sure the two LDO's who have been encouraged to bill overfill for years are looking over their shoulders at who may leak at Amgen.... Disgusting GREED
Click to expand...

Gee, Kevin. That $780 million would have kept a lot of employees in their jobs. In stead, you throw them out in the street. All because you are not a moral enough man to keep you marketing and sales methods ethical (see Amgen Values.)

You are indeed a heartless, greedy man.
 






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