Allergan Inc, which is fighting off a hostile bid from Valeant Pharmaceuticals International Inc , on Monday announced 1,500 jobs cuts as part of a $475 million restructuring meant to boost profits over the next six years.But the company did not announce any major acquisition or share-repurchase program, moves it had discussed as ways that might bolster its defenses against Valeant and Pershing Square Capital Management.Allergan said the cost reductions, which are part of its efforts to convince investors that it is a better value as a stand-alone company, would help it deliver annual earnings growth of more than 20 percent between 2014 and 2019.The 13 percent cut to global headcount will help deliver earnings per share of $5.74 to $5.80 in 2014 and $8.20 to $8.40 in 2015, Allergan said. The company had previously forecast a 2014 profit of $5.64 to $5.73 per share, with earnings growth of 20 percent to 25 percent in 2015.
Allergan, Inc. is a multi-specialty health care Company focused on developing and commercializing pharmaceuticals, biologics, medical devices and over-the-counter products. Shares of AGN remained unchanged at $167.40. In the past year, the shares have traded as low as $86.95 and as high as $174.49. On average, 4016600 shares of AGN exchange hands on a given day and today's volume is recorded at 31689.
Valeant Pharmaceuticals International, Inc., formerly Biovail Corporation, is a multinational, specialty pharmaceutical company that develops, manufactures and markets a range of pharmaceutical products. Shares of VRX remained unchanged at $121.97. In the past year, the shares have traded as low as $89.76 and as high as $153.10. On average, 3500580 shares of VRX exchange hands on a given day and today's volume is recorded at 0.
Valeant Pharmaceuticals International, Inc., formerly Biovail Corporation, is a multinational, specialty pharmaceutical company that develops, manufactures and markets a range of pharmaceutical products. Shares of VRX traded higher by 0.06% or $0.08/share to $130.82. In the past year, the shares have traded as low as $92.42 and as high as $170.45. On average, 354290 shares of VRX.TO exchange hands on a given day and today's volume is recorded at 309969.
Source
