Allergan to cut over 1,000 jobs as it works to return to growth
NEW YORK (Reuters) - Allergan Plc (NYSE:AGN) on Wednesday said it plans to cut over 1,000 jobs and eliminate an additional 400 currently open positions, as it works to cut costs in the face of new competition for its second most important drug, dry-eye treatment Restasis.
The company said the jobs and positions it plans to eliminate mostly focus on products and categories where the company has or expects to soon lose exclusivity.
The drugmaker said it expects to take a $125 million charge from the job cuts, primarily due to severance, most of which will be recorded in the fourth quarter of 2017.
Allergan said cost savings from this restructuring program
should be around $300 million to $400 million per year.
(Reporting by Michael ErmanEditing by Chizu Nomiyama)