Botox’s Allergan to cut 1,500 workers

Botox maker Allergan will cut about 13 percent of its workforce, or roughly 1,500 employees, as part of a push to become more efficient and productive.

The Irvine, Calif., company also said Monday it plans to eliminate about 250 vacant positions in a restructuring that will streamline its business and allow the drugmaker to focus on its “highest value opportunities.”

Allergan, which is fighting a takeover bid from Valeant Pharmaceuticals, announced the cuts the same day it also said second-quarter earnings grew 16 percent to $417.2 million, or $1.37 per share, and revenue jumped 17 percent to $1.86 billion.

Both earnings and revenue trumped analyst expectations, according to FactSet.

The drugmaker also raised its forecast for adjusted 2014 earnings to between $5.74 and $5.80 per share from a range of $5.64 to $5.73 that it predicted in May. Analysts expect, on average, $5.71 per share.

Allergan said its restructuring will yield annual pre-tax savings of about $475 million in 2015, while costs tied to it will total between $375 million and $425 million.

The Canadian drugmaker Valeant Pharmaceuticals International Inc. and investment firm Pershing Square Capital Management have made several bids to buy Allergan, the latest amounting to about $53 billion in cash and stock.