Allergan to cut 460 in restructuring

Botox-maker Allergan, which develops cosmetic therapies, says its fourth quarter profits slipped to $151 million, prompting the company to announce that it will lay off 460 people. The cuts amount to five percent of its workforce. Most of the cuts will fall in the U.S. and Europe.

Allergan said that its restructuring, the latest in a string of downsizing efforts in the biopharma field, will trigger pre-tax charges of $110 million to $117 million. Earnings in the last quarter hit 50 cents a share, well off the 72 cent average expected by analysts.

Our goal is to continue to focus on enhancing efficiencies and strengthening our position within our core specialty markets throughout 2009, as we look forward to the anticipated approvals and launches of new growth drivers from our rich R&D pipeline, including the recently approved LATISSE for enhanced eyelash prominence," said CEO David E.I. Pyott.

- check out Allergan's release

Related Articles:
Cosmetic pharma remains steady in downturn
FDA approves Allergan's eyelash-growth drug
Allergan, Polyphor ink development deal
Allergan, Specturm ink $345.5M deal
Allergan says data supports Botox for migraines