Allergan to cut 1,500 employees in restructuring

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Updated: 7/21 11:18 am

IRVINE, Calif. (AP) — Botox-maker Allergan says it is cutting about 13 percent of its workforce, or roughly 1,500 employees, as part of a push to become more efficient and productive.

The Irvine, California, company also says it will eliminate about 250 vacant positions. The company says its restructuring plan will yield annual pre-tax savings of about $475 million in 2015, but costs tied to it will total between $375 million and $425 million.

Allergan Inc. also says its second-quarter earnings grew 16 percent to $417.2 million, or $1.37 per share. Its revenue also climbed more than 16 percent to $1.86 billion.

Allergan is fending off acquisition bids from Canadian drugmaker Valeant Pharmaceuticals International Inc. in an aggressive takeover battle that has drawn complaints from Valeant over statements Allergan has made about its business.

 

©2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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