Pharming Group N.V. announced the implementation of an organizational restructuring designed to accelerate the company’s growth and optimize capital allocation. This restructuring aligns with a previously announced plan to reduce general and administrative (G&A) expenses.
The restructuring includes a redesign of Pharming’s organizational structure and a 20% net reduction in non-commercial and non-medical staff at its Netherlands headquarters. This move is expected to result in a sustainable 15% cut in G&A expenses.
The company aims to achieve $10 million in annual savings through these measures. This focus on operational efficiency and cost management is intended to enhance profitability and free up resources for business growth initiatives.
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