Allergan will cut more than 1,000 jobs as part of its cost-reduction efforts, the company said in a filing Wednesday.
The cuts will affect employees in commercial in addition to various other functions, Allergan said in a filing with the Securities in addition to Exchange Commission. In addition to chopping existing jobs, the company will also eliminate 400 open positions.
Ireland-based Allergan, maker of Botox, expects the move to save that will $300 million to $400 million This kind of year. that will anticipates the adjustments will cost $125 million, mainly due to severance expenses, the bulk of which is usually likely to be recorded within the fourth quarter.
The company said in November that will that will could undertake a cost-cutting in addition to restructuring program, with CEO Brent Saunders telling analysts on an earnings call that will Allergan was still within the planning phases however that will saw “potential opportunities to become even more efficient.”
Shares of Allergan have fallen more than 20 percent within the last 12 months. They closed down 0.1 percent Wednesday after rising 1.1 percent midday.