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MASS. MOVERS

Amag slumps on jobs cut, sales decline

Amag Pharmaceuticals Inc. CEO Brian J.G. Pereira Amag Pharmaceuticals Inc. CEO Brian J.G. Pereira
October 30, 2010

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Shares of Amag Pharmaceuticals slumped a day after the Cambridge firm said it will slash 24 percent of its workforce due to declining sales and safety concerns tied to its only marketed product, anemia drug Feraheme. While Amag said its loss narrowed in the third quarter compared with a year ago, Feraheme sales fell on a quarter-to-quarter basis because of a decline in provider demand in the dialysis market. Meanwhile, demand also fell in the nondialysis market because of safety concerns over heart-related side effects. Amag said its loss narrowed to $17 million, or 81 cents per share, from $22.1 million, or $1.29 per share, over the same period last year.