Allergan, Inc.
IRVINE, Calif.--(BUSINESS WIRE)--
Allergan, Inc. (NYSE: AGN) ("Allergan" or the "Company") today announced
that it has received a strong outpouring of support from its physician
customers, their nurses and office staff members, as well as from
patient advocacy groups and medical associations, following the
Company's rejection of Valeant Pharmaceuticals International, Inc.'s
("Valeant") unsolicited proposal to acquire Allergan.
In more than 500 letters sent to Allergan, these physician customers,
patient advocacy groups and medical associations express their
appreciation for the Company's many contributions in the fields of
research and development, product innovation, market creation, and
physician support and services. In these letters, some of which have
been posted to the www.allergan.com
website, members of the healthcare community also share their
encouragement for Allergan to remain an independent company and their
concerns regarding Valeant, noting, among other things, that:
-
Allergan leads the industry in terms of a commitment to research and
development and to introducing innovative new products that address
unmet patient needs.
-
Allergan provides unparalleled support for its physician customers and
their practices; including physician education and training, consumer
education, and building new markets.
-
The physician customers have grave concerns about Valeant's proposal
to reduce Allergan's research and development expenditure by about $1
billion per year. This proposed reduction would have enormous impact
on many areas such as future innovation in key medical specialties,
patient care and treatment options, and the ability to conduct
scientific research for future clinical development and post-approval
product studies.
-
The physician customers share a high regard for Allergan's innovative
products and customer support services and expressed their concern
that Valeant's proposal would result in the same degradation of
quality that physicians have experienced with other assets acquired by
Valeant.
"Allergan is extremely grateful for the hundreds of letters of support
we have received from our customers during the past few weeks," said
David E.I. Pyott, Allergan's Chairman of the Board and Chief Executive
Officer. "For more than 60 years, Allergan has been successful because
we have made it our priority to serve our customers and their patients
by providing innovative new products, customer support and services, and
training, as well as creating new markets and providing assistance with
access and reimbursement. All of us at Allergan are deeply touched that
our customers have taken the time to write to tell us that our work has
mattered to them and their patients, and to publicly share their support
and encouragement for our company's business model and our promising
future."
As previously announced on May 12, 2014, the Allergan Board of Directors
unanimously concluded that Valeant's proposal substantially undervalues
Allergan, creates significant risks and uncertainties for the
stockholders of Allergan based on, among other things, the
unsustainability of Valeant's acquisition-based strategy, and is not in
the best interests of the Company and its stockholders.
Given the strength of its business, Allergan expects to increase
earnings per share by 20 to 25 percent and continue to generate double
digit revenue growth in 2015. Additionally, the Company expects to
produce double digit sales growth and produce earnings per share
compounded annual growth of 20 percent over the next five years. The
Company believes this is achievable as a consequence of strong business
momentum driven by a wide array of recent approvals and anticipated near
term approvals, as well as an expectation that it is in a position to
produce meaningful additional leverage and scale across both the SG&A
and R&D categories without negatively impacting its commitment to
deliver the highest quality outcomes to customers and their patients.
To access these physician customer letters of support, please visit the
"Our Customers" section on the allergan.com homepage. Please note that
certain personal identifying information has been redacted.
About Allergan
Allergan is a multi-specialty health care company established more than
60 years ago with a commitment to uncover the best of science and
develop and deliver innovative and meaningful treatments to help people
reach their life's potential. Today, we have approximately 11,600 highly
dedicated and talented employees, global marketing and sales
capabilities with a presence in more than 100 countries, a rich and
ever-evolving portfolio of pharmaceuticals, biologics, medical devices
and over-the-counter consumer products, and state-of-the-art resources
in R&D, manufacturing and safety surveillance that help millions of
patients see more clearly, move more freely and express themselves more
fully. From our beginnings as an eye care company to our focus today on
several medical specialties, including eye care, neurosciences, medical
aesthetics, medical dermatology, breast aesthetics, and urologics,
Allergan is proud to celebrate more than 60 years of medical advances
and proud to support the patients and customers who rely on our products
and the employees and communities in which we live and work. For more
information regarding Allergan, go to: www.allergan.com
Forward-Looking Statements
This press release contains "forward-looking statements" within the
meaning of the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995, including but not limited to statements
regarding a proposed offer or proposal by Valeant and/or Pershing
Square. These forward-looking statements are made as of the date they
were first issued and are based on current expectations as well as the
beliefs and assumptions of management. Forward-looking statements are
subject to a number of risks and uncertainties, many of which involve
factors or circumstances that are beyond Allergan's control. Allergan
expressly disclaims any intent or obligation to update these
forward-looking statements except as required by law. Additional
information concerning these and other risks can be found in press
releases issued by Allergan, as well as Allergan's public filings with
the U.S. Securities and Exchange Commission, including the discussion
under the heading "Risk Factors" in Allergan's most recent Annual Report
on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. Copies
of Allergan's press releases and additional information about Allergan
are available at www.allergan.com
or you can contact the Allergan Investor Relations Department by calling
1-714-246-4636.
Allergan Contacts
Bonnie
Jacobs, Allergan, (714) 246-5134
Dan Katcher, Joele Frank and Scott
Bisang, Wilkinson Brimmer Katcher, (212) 355-4449