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Mylan, the generic drug giant, plans more restructuring moves

Generic drug giant Mylan on Tuesday said it was expanding a previously announced restructuring plan aimed at streamlining its global operations.

FILE: Pharmacist Clint Hopkins displays a package of EpiPens, an epinephrine autoinjector for the treatment of allergic reactions, manufactured by Mylan. (AP Photo)
FILE: Pharmacist Clint Hopkins displays a package of EpiPens, an epinephrine autoinjector for the treatment of allergic reactions, manufactured by Mylan. (AP Photo)Read moreRich Pedroncelli
    by Patricia Sabatini, PITTSBURGH POST-GAZETTE, Pittsburgh Post-Gazette
    Published 

Generic drug giant Mylan on Tuesday said it was expanding a previously announced restructuring plan aimed at streamlining its global operations.

The approved actions are expected to result in pretax restructuring charges totaling between $375 million and $450 million, mainly for severance and other employee-related costs, the company said in a filing with the U.S. Securities and Exchange Commission.

The amount includes $262.4 million in restructuring charges taken since the program was announced in December 2016, the company said.

The filing did not explain what the additional restructuring steps entailed. Mylan previously said the plan included cutting roughly 10 percent of its workforce and the possible shut down of certain operations.

In Tuesday's filing, Mylan said it was continuing to develop cost reduction initiatives and expected to incur additional costs, which currently "cannot be reasonably estimated."

Contact Patricia Sabatini at PSabatini@post-gazette.com or 412-263-3066.