It will also slash 400 unfilled positions.
Allergan plc plans to cut more than 1,000 jobs, affecting employees “in commercial and other functions.”
The company will also cut 400 currently open positions, according to a filing it made with the U.S. Securities and Exchange Commission.
Allergan stated in November that it would undertake a cost cutting and restructuring program to help it meet its 2018 financial goals. The actions come “in response to the anticipated loss of exclusivity of several key revenue-generating products in 2018.”
Reuters notes that the job eliminations come as Allergan “works to cut costs in the face of new competition for its second most important drug, dry-eye treatment Restasis.”
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The company expects to incur restructuring costs of about $125 million, mainly due to severance. That amount doesn’t include additional charges related to potential building closures, contract terminations and other items.
Expense savings from the restructuring are expected to be in the range of $300 to $400 million as compared to the fiscal year 2017, Allergan stated.
