Allergan cuts 1,000 jobs as generics squeeze growth

NEW YORK - Allergan (AGN) will eliminate about 5.5 percent of its workforce as part of a cost-cutting move while it prepares for generic competition on several lucrative drugs.

The company will cut 1,000 jobs and leave another 400 open positions unfilled. The Dublin-based company has about 18,000 employees.

Allergan expects restructuring costs of about $125 million and savings of $300 million to $400 million.

The company will likely face generic competition for its dry-eye drug Restasis, which helped boost revenue for eye care products by 4.4 percent to $635.5 million during the third quarter. A federal judge ruled against Allergan in a patent dispute in 2017, and the company reported a $3.2 billion charge following the loss.

Allergan is also expected to face generic competition for its Alzheimer's drug Namenda.