Pharming to Cut 20% of Non-Commercial, Non-Medical Headcount; Shares Fall

MT Newswires Live10-07

Pharming Group (PHAR) said Monday it is implementing a 20% net reduction in its non-commercial and non-medical headcount, primarily at the company's headquarters in the Netherlands, as part of its organizational restructuring.

The restructuring is a part of a previously shared plan to lower general and administrative, or G&A, expenses, the company said.

Pharming aims to cut total G&A costs by 15%, or $10 million per year, and expects to take a one-time restructuring charge of about $7 million in Q4 due to the staff reduction, according to the statement.

Shares of the company fell 3.6% in recent trading Monday.

Price: 15.42, Change: -0.58, Percent Change: -3.62

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