On Friday, Endo International confirmed it would be cutting approximately 18% of its workforce. This equates to 875 jobs in total. The job cuts come as a part of a new restructuring plan with the goal of cutting costs by as much as $65 million per year. In additional to the job losses, the pharmaceutical company will also be closing its manufacturing and distribution facilities in Huntsville, Alabama. These facilities are expected to close their doors sometime in the next 12 to 18 months. The company cites declining volumes of commoditized products as the main cause for the closure.
ENDP stock has plummeted more than 25% for the year. The stock severely lags behind SPDR S&P Pharmaceuticals ETF and the S&P 500 for the year. Endo International also recently announced the date they will release their 2nd quarter financial results. The company will make those figures available on Tuesday, August the 8th. A conference call and webcast will be held at 8:30 AM Eastern Time, before the opening of the United States financial markets.