WOODCLIFF LAKE, N.J. (AP) -- Generic drug maker Par Pharmaceutical Cos. said Tuesday it will cut about 30 percent of its workforce as part of a cost-cutting measure.
The company said it is "resizing" its generic drug unit, which will involve cutting 190 jobs. Par expects non-cash charges between $28 million and $38 million but said the actions will eventually save the company between $45 million and $55 million annually.
"After careful examination of Par's businesses, we concluded that to improve profitability, we needed to align the company's cost structure with the size of its operations and development pipeline." President, Chairman, and Chief Executive Patrick G. LePore said in a statement.
In August, the company slashed its full-year profit outlook on increased competition and sales declines. It forecast adjusted full-year profit ranging from a 6 cents per share loss to profit of 38 cents per share. Previously, it expected profit between 65 cents and 85 cents per share.
Analysts surveyed by Thomson Financial expect profit of 6 cents per share.
Shares of Par closed at $10.53 Monday.
