Business

Allergan to cut 1,500 jobs despite strong second-quarter earnings

Allergan reported better-than-expected second-quarter profit and sales and said it is cutting 1,500 jobs, or 13 percent of its work force, in a restructuring.

The Botox maker, embroiled in an unsolicited $53 billion cash-and-stock takeover bid from activist investor Bill Ackman and Valeant Pharmaceuticals, earned $417.2 million, or $1.37 a share, in the second quarter, up from $359.9 million, or $1.17 a share, in the same period a year ago. Sales rose 15.9 percent to $1.827 billion. Allergan shares are up 51 percent this year.