Mylan says cost cutting plan will impact up to 10% of its staff
The generic drug firm announced this week that it will undertake "restructuring programs in certain locations representing initial steps in a series of actions that are anticipated to further streamline its operations globally."
“Since 2015, the Company has made a number of significant acquisitions, and as part of the holistic, global integration of these acquisitions, the Company is focused on how to best optimize and maximize all of its assets across the organization and across all geographies.”
Mylan added that: “As part of this process, the Company anticipates that less than 10 percent of its global workforce may be impacted across all geographies and businesses."
The firm said it is still working on the details of the cost reduction plan.
“Further details will be disclosed as initiatives are finalized, including the estimated amount or range of amounts to be incurred and future cash expenditures associated with those initiatives.”
Company spokeswoman Nina Devlin told us Mylan employs approximately 35,000 people worldwide. She declined to comment further.
The announcement comes a little over a month after the generic drug firm published its Q3 financials.
Revenue for the three months ended September 30 were $3bn (€2.7bn), up 13% on the year earlier quarter.
Generic sales generated $2.6bn, up 17%, while specialty drug revenues declined 4%.