Shares of generic drugmaker Mylan (MYL) dropped in morning trading after the company announced a restructuring program, under which it will cut less than 10% of its global workforce.

RESTRUCTURING PROGRAM: Mylan said in a regulatory filing that it will implement a restructuring program in "certain locations. The drugmaker did not provide further details, except to note that "less than 10%" of its global workforce may be impacted across all of its businesses and geographies. Mylan noted that it will disclose further details as they are finalized, including the estimated amount to be incurred as well as cash expenditures associated with the initiatives, and said it is "focused" on how to optimize all of its assets.

WHAT'S NOTABLE: Mylan has come under fire in 2016 for steep price increases for its EpiPen drug. Andy Slavitt, Acting CMS Administrator, Niall Brennan, CMS Chief Data Officer, and Tim Gronniger, CMS Deputy Chief of Staff, said in a November blog post that the EpiPen "does not appear in the top 20 Medicaid drug price increases or spending because because its large price increases occurred prior to this year. However, CMS data shows that Medicare and Medicaid spending on EpiPens rose by more than 500% from 2011 to 2015." Earlier in the month, Mylan reported third quarter earnings that fell below analysts' estimates as a result of the company agreeing to the terms of a $465M settlement with the U.S. Department of Justice and other government agencies related to the classification of the EpiPen. Mylan has said it expects EpiPen to account for 6% of total sales in 2017. In late November, the U.S. Senate Judiciary Committee postponed a hearing planned on Mylan's proposed settlement.

ANALYST COMMENTARY: Wells Fargo analyst David Maris said in a note to clients this morning that Mylan did hint at efforts to optimize its platform during its last earnings call, though it did not mention a specific restructuring program. Maris said he believes the company "should do what is best for the long run health of the company," though he noted that the current environment is "sensitive" about restructurings. Maris maintained a Market Perform rating on the stock.

PRICE ACTION: Mylan is down over 5% to $33.98 in morning trading. Shares are down over 40% year-to-date.

OTHERS TO WATCH: Other generic drug firms include Teva (TEVA), Endo (ENDP) and Novartis (NVS). Of note, a number of pharmaceutical makers are weak this morning after President-elect Donald Trump said in an interview with TIME that he is "going to bring down drug prices. I don't like what's happened with drug prices."