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Allergan says second-quarter profit rose, announces cost cuts

A vial of Allergan’s Botox is arranged next to boxes for a photograph at a doctor's office in Manhattan Beach, Calif.
Patrick T. Fallon | Bloomberg | Getty Images
A vial of Allergan’s Botox is arranged next to boxes for a photograph at a doctor's office in Manhattan Beach, Calif.

Allergan, which is fighting off a hostile bid from Valeant Pharmaceuticals International, on Monday said that its second-quarter profit and sales rose, and it announced $475 million in cost cuts.

The company said the reductions, which are part of its efforts to convince investors that it is a better value as a stand-alone company, would include 1,500 job cuts by the end of this year.

Read MoreValeant complains to regulators about Allergan

That 13 percent cut to its global headcount will help it deliver 2014 earnings per share of $5.74 to $5.80 and 2015 earnings per share of $8.20 to $8.40, it said.

Shares of Allergan were higher in premarket trading following the announcement. (Click here for the latest quote.)

—By Reuters

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