Drugmaker Amgen Inc. said on Monday that it let go about 300 U.S. employees or about 1.2 percent of its total workforce, citing recent organizational changes to its commercial team.

The company had about 24,200 staff members in over 50 countries, as of December 31, 2021, according to its latest annual regulatory filing with the U.S. Securities and Exchange Commission.

Big Tech firms and Wall Street titans have led a string of layoffs across corporate America in recent weeks. Amgen’s move to trim its workforce shows how rapid interest rate hikes and a fading boom in demand post pandemic has begun to weigh on the healthcare sector.