More Layoffs?

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Anonymous

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I'm hearing more and more hallway talk that the next round of layoffs is coming. Anyone else hearing this? Before or after the holidays? Not knowing makes holiday gift shopping difficult.
 






Anonymous said:
I'm hearing more and more hallway talk that the next round of layoffs is coming. Anyone else hearing this? Before or after the holidays? Not knowing makes holiday gift shopping difficult.
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Don't worry about gift shopping. I'm worried about paying my mortgage. I'm hearing what you're hearing -- we are going to continue to shrink. Except at the leadership level.
 






Anonymous said:
Don't worry about gift shopping. I'm worried about paying my mortgage. I'm hearing what you're hearing -- we are going to continue to shrink. Except at the leadership level.
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All the "leadership" will be safe while the rest of us who actually do the work will be left struggling to pay bills. The company is going to start slowly letting people go by the end of year.
 






Last month the layoffs were related to Incivek and it was put in a nice "box" to explain away to us and outsiders. This next layoff will be to "right-size" Vertex going into the new year, given our much smaller near-term revenue opportunities and current high cash burn rate. Look for VPs and Senior Directors to be cut, too. No one will be safe as Vertex looks to conserve precious cash until CF can generate more cash in 2015. Every group will be smaller in a month or two, whether culling "deadwood" (those who take up space but contribute little -- you know who you are, VPs and Senior D's) or just needing to cut good heads doing real work to simply be smaller and save money going into next year. If you survive this next cut and want to stay, you likely will be able to. The next cut will also be painful and surprising, so I'm returning phone calls I used to ignore a year ago.
 






Well, this does suck. I feel like an idiot for taking a lease on a new car this year instead of keeping my old paid off car for a few more years. I hope whatever they do is quick so we can all get on with our lives with or without Vertex.
 






Anonymous said:
Well, this does suck. I feel like an idiot for taking a lease on a new car this year instead of keeping my old paid off car for a few more years. I hope whatever they do is quick so we can all get on with our lives with or without Vertex.
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It will be quick but painful. You will be treated like cattle. Good luck. You'll need it in Barry's economy.
 






What I am hearing from my contacts at Vertex (and they're well placed and usually good) is that the next hit is to research, probably between "17-25%" and within the next few months.

Apparently, once Vertex broke the covenant of their agreement with MA to increase hiring (resulting in a multi million dollar giveback, which they aren't contesting), plotting of the next wave began in earnest.
 






Anonymous said:
What I am hearing from my contacts at Vertex (and they're well placed and usually good) is that the next hit is to research, probably between "17-25%" and within the next few months.

Apparently, once Vertex broke the covenant of their agreement with MA to increase hiring (resulting in a multi million dollar giveback, which they aren't contesting), plotting of the next wave began in earnest.
Click to expand...

"Ready, fire, aim." Who will be left to move into the Temple on the Water?
 






Anonymous said:
Well, this does suck. I feel like an idiot for taking a lease on a new car this year instead of keeping my old paid off car for a few more years. I hope whatever they do is quick so we can all get on with our lives with or without Vertex.
Click to expand...

We sure do drive a bunch of nice cars. Life was good. Wheeeeeeeeeee.
 
























Anonymous said:
What I am hearing from my contacts at Vertex (and they're well placed and usually good) is that the next hit is to research, probably between "17-25%" and within the next few months.

Apparently, once Vertex broke the covenant of their agreement with MA to increase hiring (resulting in a multi million dollar giveback, which they aren't contesting), plotting of the next wave began in earnest.
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I'm hearing more to come in commercial too
 






























Anonymous said:
So much for the company behind "The Billion Dollar Molecule". What a crap hole
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Barry Werth is writing a sequel. He had an all-access pass to Vertex until the most recent change at the top, when he was given the heave-ho.

I wonder if he's submitted it to the publisher, or if he's holding off until the latest round(s) of layoffs are completed.

As someone else mentioned, this isn't your father's Boger led Vertex. But don't forget that under Boger, they also had a ~15% layoff in the early '00s. And there were lots of arse kissers who survived against all odds during his regime, as well. Not so much because Boger couldn't see through that kind of thing. But many of his nearest minions (VS et al) were easily susceptible.
 






Anonymous said:
Barry Werth is writing a sequel. He had an all-access pass to Vertex until the most recent change at the top, when he was given the heave-ho.

I wonder if he's submitted it to the publisher, or if he's holding off until the latest round(s) of layoffs are completed.

As someone else mentioned, this isn't your father's Boger led Vertex. But don't forget that under Boger, they also had a ~15% layoff in the early '00s. And there were lots of arse kissers who survived against all odds during his regime, as well. Not so much because Boger couldn't see through that kind of thing. But many of his nearest minions (VS et al) were easily susceptible.
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I should have taken that job with Genzyme. It actually paid better - I was just promised so much pie!
 






Commercial took the hit last month. R&D/labs and overhead will take the brunt in the next round. We be shrinking, folks. There will be plenty of elbow room at the new digs in Boston for those who make it over there.
 






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