Allergan Inc, Irvine, Calif, maker of Botox, released its operating results for the quarter ended December 31, 2008, showing a 3.2% decrease in total product net sales compared to the same quarter in 2007.
Additionally, a 1.4% drop in total specialty pharmaceuticals net sales was felt as compared to the fourth quarter of 2007. Core medical devices net sales also decreased at a 9.6% rate compared to fourth quarter 2007.
Although Allergan estimates total product net sales between $960 million and $1,000 million for the first quarter of 2009, the company is laying off approximately 460 employees. These lay offs will cut approximately 5% of the company’s global headcount.
In a press release from Allergan, the company states that the layoffs come as part of a restructuring that is necessary “To concentrate Allergan’s resources during this recessionary period on customer-facing activities and on building the strength of its R&D pipeline, while continuing to deliver on its earnings goals.”
The majority of employees affected by the layoffs are in the United States and Europe.