Jan. 3 (UPI) -- Irish pharmaceutical company Allergan plans to eliminate more than 1,000 jobs and 400 open positions, a securities filing Wednesday indicates.
The filing with the U.S. Securities and Exchange Commission said the job losses would save $300 million to $400 million in 2018, and cost $125 million in mostly severance expenses.
Allegan, maker of Botox and Restasis, in November said it planned to take cost-cutting measures in the new year.
CEO Brent Saunders said the company expected to take a financial hit with the introduction this year of a generic form of Restasis, a dry-eye treatment.
"I hate to say that we know how to take costs out of the business, but we do," he told Bloomberg. "We will be implementing something as soon as we complete our planning. But rest assured, we will do it rapidly."