Allergan cutting 1,000 jobs in cost-cutting move

AP

Print Article

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.

Print Article

Read More Business

Davos founder hopes Trump and his critics keep open minds

AP

January 22, 2018 at 6:51 am | DAVOS, Switzerland (AP) The founder of the World Economic Forum says he hopes President Donald Trump's planned visit to Davos this week will "provide him even better with a global perspective," and...

Comments

Read More

The Latest: Davos bans left-wing protest over too much snow

AP

January 22, 2018 at 6:42 am | DAVOS, Switzerland (AP) The Latest on the World Economic Forum in Davos, Switzerland (all times local): 2:40 p.m. Authorities in Davos, Switzerland, have rejected a request by left-wing gro...

Comments

Read More

AP Top Business News at 8:43 a.m. EST

AP

January 22, 2018 at 5:50 am | Trump to face mixed welcome at elite Davos gathering...

Comments

Read More

The Latest: Trump: Democrats are prioritizing noncitizens

AP

January 22, 2018 at 6:36 am | WASHINGTON (AP) The Latest on the budget battle (all times local): 8:35 a.m. President Donald Trump is accusing Democrats of prioritizing services and security for noncitizens over U.S. cit...

Comments

Read More

Contact Us

(509) 765-4561
PO Box 910
Moses Lake, WA 98837

©2018 Columbia Basin Herald Terms of Use Privacy Policy
X
X