Endo to axe 90 full-time positions as part of organizational review

Company expects to invest cost savings in its branded and generics business segments.

These restructuring actions will reduce Endo's work force by approximately 90 full-time positions and will result in restructuring cash charges of approximately $15 million to $20 million. Endo expects to realize approximately $40 million to $50 million in annual run rate pre-tax cost savings by the fourth quarter of 2017.

"Last year, Endo completed the integration, product portfolio rationalization and restructuring of its generics business segment. In October, we introduced a unified operating model that streamlined our global supply chain organization to better support both our branded and generics businesses. Recently, we announced that our branded segment will focus on our specialty business, which led to the elimination of our US branded pain field sales force and realignment of that business unit. All of these measures have led to today's announced restructuring actions, which address the last of the organizations to be impacted, primarily in Malvern and Chestnut Ridge," said Paul Campanelli, President and CEO of Endo. "In a competitive and challenging healthcare environment, these difficult but necessary steps are intended to best position Endo for long-term success. These actions will serve to strengthen our company and permit us to provide additional support for our core franchises and development programs."

"I would like to recognize the efforts and hard work of those who have been impacted by these decisions and thank them for all they have contributed to our company," added Mr Campanelli.