Allergan job cuts 2018 : Irish pharma company to cut more than 1,000 jobs in cost-cutting move
Allergan job cuts 2018 : Allergan, the owner of Botox cosmetic injection, has notified its plans to slash more than 1,000 jobs across its group as part of a cost-cutting measure.
Facing the axe in the Allergan layoffs 2018 will be employees presently working in the commercial and other functions associated with the global Irish pharma company.
Allergan job cuts 2018 were disclosed by the company through a filing with the US Securities and Exchange Commission.
The Irish drug manufacturer also stated that it will scrap around 400 positions for which it was to make fresh recruitment.
Allergan layoffs 2018 are said to be due to the company’s strategy to deal with anticipated loss of exclusivity of a number of key revenue-making products in the course of the year. As a result, the Irish pharmaceutical company is taking steps to optimize and restructure its business operations at an early phase of the year.
Further, Allergan job cuts 2018 that are associated with the company’s commercial operations will particularly confine to products and categories based on their exclusivity losses.
As per a report on the Allergan layoffs 2018 in Reuters, the announced redundancies account to over 5% of the total workforce of the pharma company. Particularly, the layoffs are going to be implemented over worries of growing generic competition for Allergan dry eye drops Restasis (Cyclosporine Ophthalmic Emulsion) 0.05%.
The specific employment reductions and other cost-reduction measures are aligned with its November 2017 announcement of its third quarter results, stated the Irish pharma company.
Allergan layoffs 2018 and other restructuring expenses are expected to cost around $125 million for the company.
Allergan disclosed that further expenses pertaining to possible shutting down of facilities, scrapping of contracts, and other activities have not been included in the amount.
The company will also look to make additional cost reductions by initiating non-headcount related measures. Allergan, though, did not divulge any specific plans on what they could be and the amount of savings it could derive from them.
However, the Irish drug manufacturer estimates to make savings of $300-400 million this year compared to fiscal year 2017 by implementing the Allergan job cuts 2018.