Next Score View the next score

    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.

    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.’’

    Get Talking Points in your inbox:
    An afternoon recap of the day’s most important business news, delivered weekdays.
    Thank you for signing up! Sign up for more newsletters here

    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.

    Associated Press