It hasn’t been a happy new year so far for Endo, which is starting 2017 the same way it closed out 2016: with layoffs.
The Dublin drugmaker has kicked off its latest phase of restructuring, which will claim 90 jobs and cost the company $15 million to $20 million, it said Thursday. The affected positions fall primarily within corporate functions and branded pharma R&D at the company’s Malvern, Pennsylvania, and Chestnut Ridge, New York, bases.
The expected results? $40 million to $50 million in pretax cost savings by the end of this year, the company said.
It’s the third round of recent layoffs for struggling Endo, which is looking to stage a comeback under new leadership. Last May, the company announced it would slash 740 jobs in Charlotte, North Carolina, and Huntsville, Alabama, in an effort to save money across its generics manufacturing network. And in December, it unveiled plans to sideline its once-core pain business, putting 375 sales reps and other staffers out of a job in the process.
This time around, the job cuts will “better align” the corporate functions and branded pharma R&D units with the recently edited generics and branded pharma divisions, Endo said in a statement. The bright side? These departments will be “the last of the organizations to be impacted,” CEO Paul Campanelli said in a statement.
Endo, like many of its specialty peers, has had a rough go of it lately. Last year, it hacked down its full-year guidance to well below Street forecasts, citing new market rivals, greater-than-expected generics price erosion and regulatory delays.
Since then, the company has bid some top execs farewell; in September, Campanelli, a former Par Pharmaceutical CEO, took the helm from Valeant vet Rajiv De Silva, and CFO Suketu Upadhyay made his own exit the following month.
By Carly Helfand
Source: Fierce Pharma
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