Allergan blames loss of 1,000 jobs on competition
Ireland-incorporated drugmaker Allergan (NYSE: AGN) has announced that it will cut more than 1,000 jobs in response to ‘the anticipated loss of exclusivity of several key revenue-generating products in 2018’.
Chief executive Brent Saunders warned in November that the loss of exclusivity of the dry-eye treatment Restasis (cyclosporine ophthalmic emulsion), Allergan’s second-biggest selling product, would necessitate cost-cutting, so the job losses were not unexpected.
Restasis brought in sales of around $1.5 billion for Allergan in 2016, but after a court ruling in October opened the way for competitors such as Mylan (Nasdaq: MYL) and Teva Pharmaceutical Industries (NYSE: TEVA) to launch generic versions.
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