The company said it will cut about 530 positions, including 180 corporate positions and 350 field-based positions. It could also cut 410 contracted sales representative positions. After the restructuring, the company expects to have 1,325 sales positions.

"This is a challenging economic time for the country and the pharmaceutical industry, and it has become necessary for us to proactively adapt to these changes so that we can continue to be competitive in this rapidly changing environment," President and Chief Executive Adrian Adams said in a statement.

The cuts already saved the company $20 million in the fourth quarter and are expected to save $190 million in 2009.

The announcement follows a positive fourth-quarter report that topped expectations, mainly due to massive cost cuts.

The stock rose $2.17, or 15.9 percent to $15.80 in after-hours trading after rising 13 cents to close at $13.63 during the regular trading session.

In 2009, the company said it expects profit, excluding charges, between $2.10 and $2.70 per share on revenue between $1.15 billion and $1.25 billion. In 2008, it earned $1.60 per share, excluding one-time gains, of $1.60 per share on revenue of $1.29 billion.

Analysts polled by Thomson Reuters expect 2009 profit of $1.44 per share on revenue of about $1.37 billion.

A service of YellowBrix, Inc.