PHARMACEUTICALS
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Allergan of Irvine cuts 460 workers
The pharmaceutical company's fourth-quarter profits decreased 6 percent.
By Kristen SchottPublished: February 04, 2009 10:26 AM
Irvine-based Allergan, a pharmaceutical and medical device company, is reporting a 6 percent decline in its fourth-quarter profits. It will also cut 460 employees, or 5 percent of its work force.
Allergan's fourth-quarter profits fell to $150.6 million, from $160.3 million at the same time last year. The company's total product net sales were $1.04 million, which is a 3.2 percent decrease. Revenue during the fourth quarter also fell 3 percent from $1.09 billion in the prior year.
For all of 2008, the company's net income totaled $578.6 million on $4.34 billion in revenue.
Allergan plans to lay off staff from its U.S. and European operations, primarily from the U.S. urology sales and marketing departments and marketing employees in the two countries. This will result in pre-tax charges between $110 million and $117 million.
For the first quarter of this year, Allergan expects total product net sales between $960 million and $1,000 million.
Allergan is a multi-specialty health care company that discovers, develops and markets pharmaceuticals, biologics and medical devices.
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Allergan's fourth-quarter profits fell to $150.6 million, from $160.3 million at the same time last year. The company's total product net sales were $1.04 million, which is a 3.2 percent decrease. Revenue during the fourth quarter also fell 3 percent from $1.09 billion in the prior year. For all of 2008, the company's net income totaled $578.6 million on $4.34 billion in revenue. Allergan plans to lay off staff from its U.S. and European operations, primarily from the U.S. urology sales and marketing departments and marketing employees in the two countries. This will result in pre-tax charges between $110 million and $117 million. For the first quarter of this year, Allergan expects total product net sales between $960 million and $1,000 million. Allergan is a multi-specialty health care company that discovers, develops and markets pharmaceuticals, biologics and medical devices. Related headlines Irvine-based Masimo produces life-saving device for newborns "OC METRO Minute" Feb. 3: UCI in line to receive $3.3 million from CIRM "OC METRO Minute" Feb. 2: UCI's University Hospital dedicated Advanced Medical Optics purchased by Abbott |
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