Feb 4, 2009 4:58 pm US/Pacific
Irvine-Based Allegan To Pink Slip 460 Employees
IRVINE, Calif.
Irvine-based Allegan will layoff about 460 employees worldwide, including about 100 from its headquarters.
The layoffs were in response to depressed fourth-quarter net earnings.
Most of the jobs to be eliminated in Irvine are in marketing, Caroline Van Hove of Allegan said. Others will be eliminated in the regulatory and the research and development units.
The rest of the layoffs will be in urology sales and marketing nationwide.
The pharmaceutical company reported net income of $150.8 million for the quarter ended Dec. 31, down from $160.6 million for the same quarter in 2007, the Orange County Register reported.
Allergan also declared a dividend of 5 cents per share for the fourth quarter.
"Allergan continued to demonstrate an ability to apply discipline and execution in our core specialty businesses despite the challenging economic environment observed in the fourth quarter of 2008," said David E.I. Pyott, Allergan's chairman and chief executive officer.
(© 2008 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. Wire services contributed to this report.)
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