Allergan to lay off 1k workers in cost-saving effort — 4 insights

Allergan announced in a SEC filing it would reduce its workforce by 1,000 employees as part of a cost-reduction effort, CNBC reports.

Here's what you should know:

1. Allergan is cutting employees in its commercial department and in "other functions." Allergan is also eliminating 400 open positions.

2. The company expects to save between $300 million and $400 million as a result of the cuts; however the company expects to pay laid off employees $125 million in severance payments.

3. CEO Brent Saunders said in November that Allergan would begin a restructuring and cost-cutting program.

4. Over the last year, Allergan's value has fallen more than 20 percent.

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