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ARTICLE | Company News

Allergan cutting jobs ahead of Restasis competition

January 5, 2018 9:12 PM UTC

Allergan plc (NYSE:AGN) announced details Thursday of a plan to reduce costs as it braces for potential generic competition to its blockbuster dry eye drug Restasis cyclosporine this year. The company will cut over 1,000 current employees and eliminate about 400 open positions. It expects the cuts to save $300-$400 million in 2018 operating expenses compared with 2017.

Allergan said the cuts will come from commercial and other functions, and the commercial reductions primarily impact products subject to loss of exclusivity...

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