(Reuters) -Amgen Inc stated on Thursday it might minimize 450 jobs, or lower than 2% of its workforce, making it the corporate’s second spherical of layoffs this yr amid intensifying strain on drug costs and excessive inflation.

“We made these modifications to realign our expense base within the face of intensifying strain on drug costs and excessive ranges of inflation,” an organization spokeswoman stated in an announcement to Reuters.

The corporate had about 25,200 employees members in additional than 50 international locations as of Dec. 31, 2022, in line with its newest annual regulatory submitting with the U.S. Securities and Change Fee.

Layoffs by U.S. corporations over January and February this yr touched the best since 2009, a report confirmed. Amgen (NASDAQ:)’s resolution to downsize its workforce underscores the influence of quickly growing rates of interest on the healthcare business.

Amgen laid off about 300 workers in January as a part of organizational modifications. The drugmaker’s fourth-quarter income fell barely, as a 4% enhance in gross sales of its personal medication was offset by decrease income from its deal to fabricate COVID-19 antibody therapies for Eli Lilly (NYSE:).

The biotech firm forecasted 2023 income in a variety of $26 billion to $27.2 billion, whereas analysts had estimated $27.17 billion.