It's Official: Profits Are Falling at Drug Companies
Over the past few days, many drug companies have been reporting their earnings for the first quarter of 2008. Few, if any, (except for Biogen/IDEC), met the numbers that Wall Street analysts had expected and most reported that profits were "way down." Unfortunately, this means that more layoffs at drug manufacturers can likely be expected in the coming months and that drug prices may rise.
Of course, the poor performances of these companies had little bearing on the compensation packages that many of the CEOs of these companies received in 2007. It never ceases to amaze me that companies can lay off thousands of workers to cut cost s and then turn around and give CEOs who performed horribly (which led to the layoffs) tens of millions or more in compensation. Just think how many workers could have kept their jobs and been able to feed their familiies if mediocre CEOs, who didn't do their jobs were paid what they are worth!
Ain't capitalism great?
Until next time....
Good Luck and Good Job Hunting!!!!!
