Sepracor to cut sales force jobs
Sepracor will eliminate 300 sales force positions as part of a cost cutting plan to reduce expenses by $90 million-$100 million for 2008.
“We have examined our sales organization in depth,” Adrian Adams, Sepracor's CEO said in a telephone conference with analysts today. “We believe we have an opportunity to significantly raise the performance level so that we can see a positive impact in 2008. We believe that this is an example where we'll be able to do more with less.”
Meanwhile, Sepracor's third quarter profits fell 33% driven by declining revenue from asthma drug Xopenex.
Sales of Xopenex declined for the second straight quarter since Medicare cut reimbursement rates for the drug.
Sales of sleeping pill Lunesta, Sepracor's top-selling product, were up 14% during the quarter.
For more details on Sepracor's third quarter earnings, click here.