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Allergan Inc. (AGN)

  • Oct. 27, 2014, 8:43 AM
    • Allergan (NYSE:AGN) Q3 results ($M): Total Revenues: 1,817.1 (+16.6%); R&D/SG&A: 1,003.2 (+18.5%); Operating Income: 392.8 (-19.9%); Net Income: 312.5 (+4.2%); EPS: 1.03 (+3.0%); Quick Assets: 4,185.4 (+14.7%).
    • Specialty Pharmaceuticals: 1,520.0 (+14.3%); Eye Care Pharmaceuticals: 818.8 (+14.2%); Botox/Neuromodulators: 560.1 (+15.3%); Skin Care & Other: 141.1 (+11.1%); Medical Devices: 270.7 (+36.3%).
    • Product Sales: Alphagan P/Alphagan/Combigan: 130.2 (+15.8%); Lumigan Franchise: 165.6 (+7.9%); Glaucoma: 297.6 (+11.1%); Restasis: 273.3 (+14.2%); Latisse: 22.4 (-8.2%).
    • 2014 Guidance: Total revenues: $7.080B - 7.155B; Specialty Pharmaceuticals: $5.990B - 6.045B; Medical Devices: $1.05B - 1.07B; Alphagan: $500M - 510M; Lumigan: $650M - 670M; Restasis: $1,070M - 1,090M; Botox: $2.20B - 2.24B; Breast aesthetics: $400M - 410M; Facial aesthetics: $650M - 660M; non-GAAP EPS: $6.27 - 6.30.
    • Q4 Guidance: Total revenues: $1.845B 0 1.920B; non-GAAP EPS: $1.80 - 1.83.
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  • Oct. 27, 2014, 7:51 AM
    • In a letter to the Allergan (NYSE:AGN) BOD, Valeant Pharmaceuticals (NYSE:VRX) CEO Michael Pearson says his firm is prepared to sweeten its bid for the Botox maker to at least $200 per share, assuming Valeant's stock rises, although the higher offer would include more cash.
    • Valeant's previous bid was $72 in cash plus 0.83 share of VRX for each AGN share. VRX closed Friday at $129.13, valuing the offer at $179.18.
  • Oct. 27, 2014, 7:04 AM
    • Allergan Inc. (NYSE:AGN) declares $0.05/share quarterly dividend, in line with previous.
    • Forward yield 0.11%
    • Payable Dec. 11; for shareholders of record Nov. 20; ex-div Nov. 18.
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  • Oct. 27, 2014, 7:03 AM
    • Allergan (NYSE:AGN): Q3 EPS of $1.78 beats by $0.10.
    • Revenue of $1.82B (+16.7% Y/Y) beats by $40M.
    • Press Release
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  • Oct. 26, 2014, 5:30 PM
  • Oct. 24, 2014, 1:51 PM
    • Allergan (AGN +1.2%) will report Q3 results on Monday, October 27 before the open. The conference call will begin at 6:00 am PT/9:00 am ET.
    • Consensus view is EPS of $1.68 on revenues of $1.78B.
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  • Oct. 21, 2014, 3:31 AM
    • More tensions are rising in the takeover battle for Allergan (NYSE:AGN), as Bill Ackman and Valeant (NYSE:VRX) say CEO David Pyott tried to discredit Valeant as it was making a hostile takeover bid.
    • The court filing made late on Monday in California, accuses Pyott of providing false and misleading information about Valeant to investors, failing to disclose Allergan CFO Jeff Edward's resignation in a timely manner, and ignoring outside advisors' input when he falsely called Valeant's account "opaque" and "problematic."
  • Oct. 20, 2014, 12:43 PM
    • The collapse of Abbvie's (ABBV +0.6%) planned takeover of Shire plc (SHPG +2.4%) opens a door for Allergan (AGN +2%) to fend off the hostile bid from Valeant (VRX +2.2%). Institutional shareholder Paulson & Co., which owns stakes in both firms, favors the marriage.
    • Allergan CEO David Pyott received a call from Shire last week. If a deal gets done it will make Allergan too expensive for Valeant to acquire. The chances of a deal appear reasonable. Allergan contacted Shire about a combination some time ago.
  • Oct. 20, 2014, 10:15 AM
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  • Oct. 13, 2014, 8:58 AM
    • "The cash that we've raised we intend to use for a new commitment," says Bill Ackman tells Bloomberg following the European IPO of Pershing Square Holdings. "We have a new investment we're going to announce probably in the next 45-60 days."
    • "We bought a lot more Fannie (OTCQB:FNMA) and Freddie (OTCQB:FMCC) stock in the week or so since the adverse court decision ... I think we increased our position by about 20%." Ackman finds it interesting Judge Lamberth weighed in on the taking plan even though it's out of his court's jurisdiction.
    • "I think a new board will likely be installed at that date," says Ackman of Allergan (NYSE:AGN) and the December 18 shareholder meeting. He thinks it highly remote that he won't be able to vote his 9.7% stake in the company.
  • Oct. 9, 2014, 7:23 AM
    • Allergan (NYSE:AGN) expects Q3 non-GAAP EPS to be $1.76 - 1.78 versus guidance of $1.44 - 1.47. Net sales growth will be greater than 17%.
    • Full-year expectations: non-GAAP EPS: $6.20 - 6.25; net product sales increase: 14 - 15%.
    • 2015 EPS guidance: ~$8.60.
    • 2016 EPS guidance: ~$10.25.
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  • Oct. 8, 2014, 12:35 PM
    • The FDA accepts and grants priority review of Roche unit Genentech's (OTCQX:RHHBY +0.1%) supplemental Biologics License Application (sBLA) of Lucentis (ranibizumab injection) for the treatment of diabetic retinopathy. The PDUFA date is February 6, 2015.
    • Lucentis is currently cleared for the treatment of wet age-related macular degeneration, macular edema following retinal vein occlusion and diabetic macular edema.
    • Related tickers: (REGN -0.4%)(AGN +1.1%)(ALIM +1%)(OTCPK:BAYRY +0.2%)(OTCPK:BAYZF)(PSDV -4.8%)
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  • Oct. 8, 2014, 1:56 AM
    • In yet another twist over the months-long takeover battle between Valeant (NYSE:VRX) and Allergan (NYSE:AGN), Actavis (NYSE:ACT), which was previously reported to drop M&A talks, plans to approach Allergan again about a potential merger, Reuters reports.
    • Actavis' new overture would come as Valeant and Bill Ackman's Pershing Square plan to boost their offer by about $15 per share, valuing Allergan at more than $190 per share.
    • Allergan, which has repeatedly rejected the offers, would consider a takeover proposal that values the company at above $200 per share.
    • AGN +1.2% AH
    • ACT +1.1% AH
    • VRX +1.8% AH
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  • Oct. 7, 2014, 6:06 PM
    • Valeant (NYSE:VRX) and Bill Ackman's Pershing Square Capital plan to up their hostile cash/stock bid for Allergan (NYSE:AGN) by $15/share, the WSJ reports. Based on Valeant's Tuesday close, that puts the new offer around $191/share.
    • Valeant/Pershing are still reportedly "ironing out questions of timing and the mix of cash and stock for the additional $15-per-share rise."
    • AGN +2.6% AH to $191.00.
    • Earlier: Allergan asks judge to keep Pershing's stake out of shareholder vote
    • Update (6:15PM): Valeant is up 3.4% AH.
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  • Oct. 7, 2014, 7:24 AM
    • As expected, Allergan (NYSE:AGN) files a request in federal court asking the judge to block Bill Ackman's 10% stake from voting at the December 18 special shareholders' meeting. In its lawsuit, it accuses Pershing Square of insider trading because it acquired its shares based on non-public information, i.e. Valeant's (NYSE:VRX) bid.
    • Ackman says the lawsuit is without merit. He structured trades to avoid triggering certain FTC disclosure rules and he used options to sidestep the required government approval to buy more than $75M of a company with the intent to influence control of the business.
    • A hearing on the request is scheduled for October 28.
    • The case is Allergan v. Valeant Pharmaceuticals International Inc. 14-cv-01214, U.S. District Court, Central District of California (Santa Ana).
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  • Oct. 6, 2014, 10:44 AM
    • Privately-held Sunnyvale-CA-based Icon Bioscience announces that the last patient has completed treatment in its pivotal Phase 3 clinical trial of IBI-10090. The firm expects to report top-line data this quarter.
    • IBI-10090 is a controlled sustained-release formulation of dexamethasone based on the company's Verisome drug delivery platform. It is administered via a single injection into the anterior chamber of the eye immediately following cataract surgery.
    • Some eye therapy-related tickers: (NASDAQ:EYEG)(ALIM)(OTCQX:RHHBY +0.5%)(ABT +1.3%)(OHRP -0.3%)(AKRX +1.1%)(OCUL +1.4%)(NVS +0.2%)(AERI +0.7%)(AGN -0.2%)(REGN)(AAVL +0.4%)
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Company Description
Allergan Inc is a multi-specialty health care company develops and commercializes pharmaceuticals, biologics and medical devicesand over-the-counter products. It offers products forophthalmic, neurological, medical aesthetics and medical dermatology.