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VOL. 133 | NO. 4 | Thursday, January 4, 2018

Allergan Cutting 1,000 Jobs in Cost-Cutting Move

The Associated Press

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NEW YORK (AP) – Allergan will eliminate about 5.5 percent of its workforce as part of a cost-cutting move while it prepares for generic competition on several lucrative drugs.

The company will cut 1,000 jobs and leave another 400 open positions unfilled. The Dublin-based company has about 18,000 employees.

Allergan expects restructuring costs of about $125 million and savings of $300 million to $400 million.

The company will likely face generic competition for its dry-eye drug Restasis, which helped boost revenue for eye care products by 4.4 percent to $635.5 million during the third quarter. A federal judge ruled against Allergan in a patent dispute in 2017 and the company reported a $3.2 billion charge following the loss.

Allergan is also expected to face generic competition for its Alzheimer's drug Namenda.

Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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