BOTHELL — Throughout its 13-year history, ICOS Corp. has managed to avoid layoffs, making it a rarity among local biotechnology firms.
That came to an end this week when the Bothell company laid off 10 people, the company confirmed Friday. This isn’t the start of a trend, however, ICOS spokeswoman Lacy Fitzpatrick said.
"It’s the first-ever round of layoffs, and there are no plans for another one," she said.
In fact, ICOS still has dozens more employees than it had at the start of the year. Fitzpatrick said the company has hired 165 sales and marketing representatives in recent months, bringing the overall workforce to just below 700 people. It still has more than a dozen openings as well.
"And next year, we plan to hire more," Fitzpatrick added.
She said the job cuts were spread across several departments in areas where not as many employees were needed.
While ICOS has yet to make a profit, the company has grown to become the largest biotech firm based in Washington state. It’s also the largest publicly held company based in Snohomish County.
That’s largely due to the potential of the company’s lead drug, Cialis. The erectile dysfunction drug, which could win final approval from the U.S. Food and Drug Administration in the coming month, already has exceeded $100 million in sales in other parts of the world this year.
ICOS and its partner in the drug, Eli Lilly &Co., plan to spend millions to promote the new rival to Viagra. Some analysts have said sales of Cialis could eventually approach $1 billion annually.
ICOS stock closed at $47.62 a share Friday, up 76 cents, less than $2 below its 52-week high.
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