Allergan has revealed its proposed job losses comprising 1,000 filled positions and 400 open positions in a Securities and Exchange Commission filing as a result of the cost-cutting and restructuring programme it outlined in November.
job cuts
The cost-cutting and restructuring plan comes as exclusivity of its licence concerning the blockbuster drug Restasis nears its end and as such generics are expected to affect market share.
With these job losses, plus cost reductions through non-headcount spending rationalisation, Allergan anticipates it will be able to make savings in the range of $300 to $400 million over the course of the year in comparison to 2017. However, some upfront costs will be incurred, namely resulting from severance packages, which the company expects will equate to around $125 million.