Allergan to Eliminate More than Thousand Jobs as Part of Restructuring

January 5, 2018: By Jon Swedien

Allergan will cut its labor force by more than a thousand positions as part of an internal restructuring plan, the company said in an SEC filing Jan. 3.

The layoffs will include a thousand currently filled positions, impacting employees in commercial and other functions, according to the Dublin-registered firm, which has US operational headquarters in Madison, New Jersey.

Allergan also said it will cut about 400 open positions.

The cost-cutting move comes in anticipation of the loss of exclusivity of several key revenue-generating products in 2018, Allergan said. Among those products is the dry eye drug Restasis.

Allergan expects the restructuring to cost about $125 million, primarily due to severance, the majority of which will be recorded in Q4-2017.

The company estimates the move will save it $300 million to $400 million in 2018.

Need Deeper Analysis? Sign up for Market Scope's monthly newsletter to get in-depth coverage of the ophthalmic market, including quarterly procedure volumes based on survey data and meeting coverage from around the world.

Recent Ophthalmic News

Carl Zeiss Meditec Announces Milestone of 1.5 Million SMILE Procedures

Heidelberg Gains US Clearance for OCT Angiography Module

ASCRS Convenes Task Force to Study CyPass Data, Make Recommendations

Bascom Palmer Treats First US Patient in Nightstar’s Trial for X-Linked Retinitis Pigmentosa

First Patient Treated in Allotex’ Trial for Allogenic Refractive Lenticules for Presbyopia

Bausch + Lomb Announces Positive Results for Loteprednol Etabonate Gel

LumiThera Set to Launch Valeda Light Delivery System for Dry AMD

Kodiak Sciences Names Jason Ehrlich, MD, PhD, Chief Medical Officer

Second Sight Receives $1.6 Million Grant from NIH to Support Orion Program

Regeneron to Invest $800 Million in New York Campus

American Women Raise Funds for Nepal Mission to Reduce Corneal Blindness

Ziemer to Add Lenticule Extraction Capabilities to LDV Z8

Stealth BioTherapeutics Raises $100 Million in Support of Elamipretide for Dry AMD

STAAR Gains US Approval of Visian Toric ICL

Sun Pharma, SPARC Announce FDA Approval for Xelpros for Open-Angle Glaucoma, Ocular Hypertension

FDA Will Review Regeneron’s Submission to Expand Eylea’s Labeling to All DR Patients

Alcon Will Locate Headquarters in Switzerland

Kodiak Sciences Files for $100 Million IPO

Iridex Announces $10 Million Public Offering

Oxford BioMedica Expands Capacity with New Facility

Coming soon

2018 Ophthalmic Deals Book: Venture Funding, Commercial Equity, and Business/Technology Sales