Celgene layoffs, on the record
Every job cut, severance charge and restructuring Celgene reported in its annual reports, 2016 to 2018, quoted from the filings. Headcount went from 7,132 to 8,852.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2016 | 7,132 | December 31, 2016 |
| 10-K for 2017 | 7,467 | December 31, 2017 |
| 10-K for 2018 | 8,852 | December 31, 2018 |
Job cuts, severance and restructuring
Our summaryRestructuring charges related to relocating certain operations into two Summit, NJ locations and certain headcount reductions, recorded in acquisition related charges and restructuring, net.
Word for word“Acquisition related charges and restructuring, net is summarized below for the years ended December 31, 2016 , 2015 and 2014 (in millions): 2016 2015 2014 Acquisition related charges, net $ 21.4 $ 289.7 $ 48.7 Restructuring charges, net 16.4 9.9 — Total $ 37.8 $ 299.6 $ 48.7 Increase (decrease) from prior year $ (261.8 ) $ 250.9 $ (122.4 )” 10-K for 2016
Our summaryRestructuring charges in 2016 increased by $6.5 million for relocating operations into two Summit, NJ locations and costs of certain headcount reductions.
Word for word“These benefits were partly offset by a $77.1 million reduction in benefit recorded for fair value adjustments to our liability related to publicly traded contingent value rights (CVRs) that were issued as part of the acquisition of Abraxis BioScience, Inc. (Abraxis), an $8.1 million increase in expense related to our contingent liabilities for the Quanticel acquisition, and a $6.5 million increase in restructuring charges in the current year period related to our relocation of certain operations into our two Summit, NJ locations as well as costs associated with certain headcount reductions.” 10-K for 2016
Our summaryRestructuring charges in 2015 for relocating operations into two Summit, NJ locations and certain headcount reductions.
Word for word“and $9.9 million of restructuring charges related to our relocation of certain operations into our two Summit, NJ locations as well as costs associated with certain headcount reductions.” 10-K for 2016
Our summaryThe filing mentions a restructuring charge of $6 million in 2016 tied to relocating operations into two Summit, NJ locations and to headcount reductions.
Word for word“Acquisition related (gains) charges and restructuring, net decreased by $262 million to $38 million in 2016 compared to $300 million in 2015 .” 10-K for 2017
Our summaryThe filing reports restructuring charges, net of $16 million in 2016 and $10 million in 2015, and no restructuring charges in 2017.
Word for word“Restructuring charges, net — 16 10 Total $ (1,350 ) $ 38 $ 300 Increase (decrease) from prior year $ (1,388 ) $ (262 ) $ 251 44 Acquisition related (gains) charges and restructuring charges, net decreased by approximately $1.4 billion in 2017 to a net gain of $1,350 million.” 10-K for 2017
Our summaryThe filing says the company may incur losses from expenses related to restructuring if a product fails to be approved or sales fail to materialize; this is a risk factor, not a reported restructuring.
Word for word“If a product were to fail to be approved or if sales fail to materialize for a newly approved product, we may incur losses related to the write-down of inventory, impairment of property, plant and equipment dedicated to the product or expenses related to restructuring.” 10-K for 2017
Our summaryThe company adopted an executive severance plan giving executive officers severance benefits if they are terminated without cause or resign for good reason.
Word for word“In December 2018, we adopted an executive severance plan, pursuant to which our executive officers are entitled to severance benefits on an involuntary termination without cause or a resignation for good reason (each, a “qualifying termination”), subject to the executive signing a release agreement.” 10-K for 2018
Our summaryThe company adopted a change-in-control severance plan covering full-time and part-time US employees not already covered by another such plan.
Word for word“In January 2019, we adopted an additional severance plan that covers all full-time and part-time US employees who are not already covered by another change in control severance plan.” 10-K for 2018
Our summaryThe company recorded a net charge for acquisition and restructuring costs, mostly tied to the Juno acquisition.
Word for word“The net charge in 2018 primarily relates to $93 million of acquisition and restructuring costs associated with the acquisition of Juno.” 10-K for 2018
Celgene filed 2 restructuring notices (Form 8-K, Item 2.05) since 2016. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Celgene’s annual reports (10-K for 2018, 10-K for 2017, 10-K for 2016) and the financial data it files with the SEC, as of 2019-02-26. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.