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CEOs’ thoughts on the economy: https://rbj.net/2019/05/01/ceos-thou...n-the-economy/ (the first paragragh in the first answer in the article is very interesting and a common theme for many Upstate NY companies/areas)
Looks like the Town of Lansing (Tompkins County) may be getting good news about helping the tax base after the Cayuga Power plant is forced to close (from the Lansing Star):
Albany area adds 4,200 jobs, driven by health care, hospitality
The Albany region added 4,200 private-sector jobs year-over-year in April, good for 1.1% growth, according to the latest report from the state Department of Labor.
That was the third-highest number of jobs added in any metro area in upstate New York, behind Syracuse and Buffalo-Niagara Falls.
In the Albany-Schenectady-Troy metro area, two sectors continue to drive growth, said Kevin Alexander, a labor market analyst with the labor department. Those are leisure and hospitality, and educational and health services.
The leisure and hospitality sector added 1,900 jobs, partly because food services added 500 jobs over the year.
Education and health services grew by 1,200 jobs, driven by hiring in the health care and social assistance industries.
The numbers, which are preliminary, are about in line with the growth the region has seen over the past couple of years, Alexander said.
Two metro areas in the state lost private-sector jobs last month. Watertown-Fort Drum lost 300 jobs, and Elmira dropped 200. The Utica-Rome area did not add or lose any jobs.
Medical manufacturer plans $13 million expansion in Latham
Philips Medical Systems MR Inc. is planning a $13.2 million expansion that will add more than 90 jobs in Latham.
The company, which makes magnets for MRI machines, plans to build the expansion at its manufacturing plant at 450 Old Niskayuna Road.
"We are excited to expand our operations in Latham, which will ultimately benefit our customers, our business and the community," said Michael Morich, business leader and head of research and development, in a statement.
Philips Medical Systems was founded in 1971 as Intermagnetics General Corp. in Latham. The Dutch health care and electronics giant Philips bought Intermagnetics in 2006 for $1.3 billion, one of the largest acquisitions ever of a company in the Albany region.
The state's economic development arm, Empire State Development, will provide up to $1 million in Excelsior Jobs Program tax credits for the expansion. The incentives are tied to Philips Medical Systems' commitment to retain more than 400 jobs and create 94 over five years.
Howard Zemsky, the CEO of Empire State Development, said the expansion is a testament to the strong talent pool in the Albany area. It also builds on the region's life sciences and advanced manufacturing sectors.
One Regeneron drug, billions in sales, millions in salaries
$6.7 billion
That's the sales revenue for blockbuster eye drug Eylea in 2018, according Regeneron's annual report, released earlier this year.
We've written plenty over the years about the manufacturer's growth from a few hundred people in Rensselaer County to more than 2,600 — with more on the way.
Eylea, used to treat macular degeneration, has become the company's flagship product, and is one of the best-selling drugs in the world. A list produced by industry publication Genetic Engineering & Biotechnology News ranks it No. 11 in sales worldwide.
Here we note that Regeneron only took in about $4 billion from Eylea sales, thanks to the drug being created and distributed in partnership with Bayer.
So, what happens to a company when it has a billion-dollar product and demand remains high?
First step is to expand production, which includes an $800 million project to build a new plant in Rensselaer County. That could take the Tarrytown-headquartered company's head count up to more than 4,000 people in the area.
It also means a nice payday for the company's leadership. The proxy statement released last month leading up to the company's annual shareholder meeting highlights just how much their total compensation was last year factoring in stock awards and options:
-Leonard Schliefer, co-founder, president, CEO: $26.5 million
-George Yancopoulos, co-founder, president, Chief Scientific Officer: $25.4 million
-Robert Landry, SVP, CFO: $9.3 million
-Daniel Van Plew, EVP, general manager of the Rensselaer plant: $9 million
-Marion McCourt, SVP: $10.2 million
And while Eylea has been a smash success for Regeneron, it wasn't the only drug that did well last year for the company.
Dupixent, used to treat eczema in teens and adults, went from $257 million in sales in 2017 to $922 million in worldwide sales last year.
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