Allergan says second-quarter profit rose, announces cost cuts

Mon Jul 21, 2014 8:17am EDT
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July 21 (Reuters) - Allergan Inc, which is fighting off a hostile bid from Valeant Pharmaceuticals International Inc , on Monday said that its second-quarter profit and sales rose, and it announced $475 million in cost cuts.

The company said the reductions, which are part of its efforts to convince investors that it is a better value as a stand-alone company, would include 1,500 job cuts by the end of this year.

That 13 percent cut to its global headcount will help it deliver 2014 earnings per share of $5.74 to $5.80 and 2015 earnings per share of $8.20 to $8.40, it said. (Reporting by Caroline Humer and Ransdell Pierson; Editing by Lisa Von Ahn)