Allergan has unveiled plans to trim more than 1,000 jobs from its workforce in a bid to reduce costs and prepare for increased generic competition this year.
In a US Securities and Exchange Commission filing, the company confirmed further details of a cost-cutting and restructuring programme designed to boost profitability, primarily through the elimination of over 1,000 currently filled positions, “impacting employees in commercial and other functions”.
The Dublin, Ireland headquartered company is also pulling the plug on a further 400 open positions, in response to the anticipated loss of exclusivity of several key revenue-generating products in 2018.
Allergan said it anticipates having to book costs of around $125 million due to severance payments, primarily in its fourth-quarter financials.
However, overall operating expense savings from the move are expected to be in the range of $300 to $400 million as compared to the fiscal year 2017, the firm noted.