With investors closely watching how biopharmaceutical companies are spending the cash they have on hand so that they do not run out of money in a tough fundraising environment, even firms with revenue-generating products and freshly raised capital are cutting back, such as Ferring Pharmaceuticals.
Saint-Prez, Switzerland-based Ferring reported record revenue of €2.27bn ($2.46bn) for 2022 – up 5% from the prior year, but down 1% at constant currency rates – on 9 March and launched an offering of Swiss Franc bonds totaling CHF410m ($445.8m) on 17 March, the net proceeds of which will fund general corporate purposes
A Ferring spokesperson told Scrip that this will reduce the company’s headcount by about 85 people in the US, but the employees will be offered a severance package that includes outplacement services, benefit continuation and severance pay
