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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 This material may not be published, broadcast, rewritten or redistributed.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 51 329 975
MORTGAGES 54 374 1,120
FORECLOSURE NOTICES 26 93 228
BUILDING PERMITS 177 767 2,425
BANKRUPTCIES 51 273 675
BUSINESS LICENSES 27 189 489
UTILITY CONNECTIONS 19 113 293
MARRIAGE LICENSES 10 59 140