Covid-19 roundup: Charles River gets slammed by the pandemic; Former Sanofi R&D chief Elias Zerhouni heads a list of candidates for Covid-19 drug czar; Feds try to sort out remdesivir distribution mess
Charles River Labs $CRL, the big CRO that specializes in preclinical research programs, cruised through Q1 with a booming biopharma industry feeding its operations with a surging revenue stream.
Then the pandemic hit, and now Charles River is taking the hit in Q2.
In its quarterly call with analysts, the CRO said it expects the pandemic to carve out up to $215 million from its pre-outbreak 2020 forecast as academic researchers suspend activities and biopharma cuts back. To counter that, the company has adopted a variety of cost cutting measures, from reducing staff hours, freezing new hiring plans, suspending 401K contributions and halting merit pay hikes.
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