You can now read 5 articles in a month for free on BostonGlobe.com. Read as much as you want anywhere and anytime for just 99¢.

Allergan to cut 1,500 employees in restructuring

NEW YORK — Botox maker Allergan Inc. will cut 13 percent of its workforce to become more efficient as it fights a hostile takeover bid by Valeant Pharmaceuticals International Inc.

The company said it plans to trim about 1,500 employees and 250 vacant positions, and that the restructuring will yield pretax savings of about $475 million in 2015.

Continue reading below

It announced the cuts Monday, the same day it reported second-quarter earnings grew 16 percent to $417.2 million.

‘‘Today’s results demonstrate that we’re clearly on the right path,’’ CEO David Pyott told analysts. ‘‘The actions announced today will only accelerate our trajectory.’’

The drug maker also said that it has raised its forecast for adjusted 2014 earnings to between $5.74 and $5.80 per share. It expects Botox to deliver net sales ranging from $2.2 billion to $2.28 billion.

Loading comments...
Subscriber Log In

We hope you've enjoyed your 5 free articles'

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week
Marketing image of BostonGlobe.com
Marketing image of BostonGlobe.com
Already a subscriber?
Your city. Your stories. Your Globe.
Yours FREE for two weeks.
Enjoy free unlimited access to Globe.com for the next two weeks.
Limited time only - No credit card required!
BostonGlobe.com complimentary digital access has been provided to you, without a subscription, for free starting today and ending in 14 days. After the free trial period, your free BostonGlobe.com digital access will stop immediately unless you sign up for BostonGlobe.com digital subscription. Current print and digital subscribers are not eligible for the free trial.
Thanks & Welcome to Globe.com
You now have unlimited access for the next two weeks.
BostonGlobe.com complimentary digital access has been provided to you, without a subscription, for free starting today and ending in 14 days. After the free trial period, your free BostonGlobe.com digital access will stop immediately unless you sign up for BostonGlobe.com digital subscription. Current print and digital subscribers are not eligible for the free trial.