Last $170.06 USD
Change Today -0.51 / -0.30%
Volume 1.3M
As of 8:04 PM 07/25/14 All times are local (Market data is delayed by at least 15 minutes).

allergan inc (AGN) Key Developments

Valeant it has Filed a Complaint with Securities Regulators in Quebec and the U.S

Valeant said on July 21, 2014 it has filed a complaint with securities regulators in Quebec and the U.S. over allegedly unfair tactics by Allergan Inc. Valeant said it has contacted both the Autorité des marchés financiers and the U.S. Securities and Exchange Commission regarding Allergan's "apparent attempt to mislead investors and manipulate the market for Valeant's common shares by continuing to make false and misleading statements regarding Valeant's business despite Valeant's public statements correcting such information. Valeant says Allergan falsely stated last Friday in an SEC filing that Valeant's Bausch + Lomb pharmaceutical sales were stagnant or declining, when in fact they grew about 6% in the second quarter. The U.S. prescription pharmaceutical business grew 17% over the year-earlier period, with the lion's share of that growth due to volume increases.

Allergan Inc. to Cut Jobs

Allergan Inc. announced that they will cut 1,500 jobs, or 13% of their workforce, and take a pretax charge of $375 million to $425 million for severance and other costs related to a restructuring. Allergan also said it will eliminate an additional 250 vacant jobs as part of a sweeping cost-cutting and efficiency-boosting initiative it says will deliver annual pre-tax savings of about $475-million in calendar 2015.

Allergan Inc. Declares Dividend for Second Quarter of 2014, Payable on September 5, 2014

Allergan Inc. announced that its Board of Directors has declared a second quarter dividend of $0.05 per share, payable on September 5, 2014 to stockholders of record on August 15, 2014.

Allergan Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Provides Earnings Guidance for Third Quarter of 2014, Full Year 2014, 2015 and 2016

Allergan Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported net earnings attributable to the company of $417.2 million or $1.37 per diluted share on revenues of $1,864.2 million compared to net earnings attributable to the company of $359.9 million or $1.19 per diluted share on revenues of $1,597.7 million a year ago. Operating income was $607.9 million compared to $493.2 million a year ago. Earnings from continuing operations before income taxes was $574.4 million compared to $486.4 million a year ago. Earnings from continuing operations was $418.4 million or $1.37 per diluted share compared to $354.0 million or $1.17 per diluted share a year ago. Non-GAAP net earnings attributable to the company of $368.6 million or $1.51 per diluted share on revenues of $1,854.5 million compared to net earnings attributable to the company of $359.9 million or $1.22 per diluted share on revenues of $1,597.7 million a year ago. Non-GAAP operating income was $659.7 million compared to $525.8 million a year ago. Non-GAAP earnings from continuing operations before income taxes was $637.5 million compared to $507.8 million a year ago. Non-GAAP earnings from continuing operations was $460.3 million or $1.51 per diluted share compared to $369.9 million or $1.22 per diluted share a year ago. Total product net sales of $1,827.3 million were recorded for the second quarter of 2014, up 15.9% over total product net sales in the second quarter of 2013. For the six months period, the company reported net earnings attributable to the company of $674.5 million or $2.22 per diluted share on revenues of $3,510.3 million compared to net earnings attributable to the company of $664.8 million or $1.23 per diluted share on revenues of $3,057.3 million a year ago. Operating income was $989.8 million compared to $864.3 million a year ago. Earnings from continuing operations before income taxes was $936.0 million compared to $833.0 million a year ago. Earnings from continuing operations was $676.9 million or $2.22 per diluted share compared to $627.0 million or $2.06 per diluted share a year ago. Non-GAAP net earnings attributable to the company of $817.4 million or $2.69 per diluted share on revenues of $3,500.6 million compared to net earnings attributable to the company of $359.9 million or $2.20 per diluted share on revenues of $3,057.3 million a year ago. Non-GAAP operating income was $1,175.3 million compared to $913.1 million a year ago. Non-GAAP earnings from continuing operations before income taxes was $1,134.8 million compared to $507.8 million a year ago. Non-GAAP earnings from continuing operations was $819.2 million or $2.69 per diluted share compared to $668.0 million or $2.20 per diluted share a year ago. For the full year of 2014, the company expects total product net sales between $6,900 million and $7,050 million, excluding any future anticipated revenue from the transition services agreements related to the sale of the obesity intervention business. The company expects non-GAAP cost of sales to product net sales ratio at approximately 12.5%; non-GAAP selling, general and administrative expenses to product net sales ratio between 37% and 38%; non-GAAP research and development expenses to product net sales ratio at approximately 16.5%; non-GAAP diluted earnings per share attributable to stockholders between $5.74 and $5.80; and effective tax rate on non-GAAP earnings between 26% and 27%. GAAP diluted earnings per share attributable to the company stockholders from continuing operations in the range of $5.16 to $5.22. For the third quarter of 2014, the company expects total product net sales between $1,675 million and $1,750 million, excluding any future anticipated revenue from the transition services agreements related to the sale of the obesity intervention business; and non-GAAP diluted earnings per share attributable to stockholders between $1.44 and $1.47. The company expects GAAP diluted earnings per share attributable to the company stockholders from continuing operations in the range of $1.38 to $1.41. For 2014, EPS is estimated between $5.74 and $5.80. For 2015, the company expects EPS between $8.20 and $8.40. For 2016, the company expects EPS at approximately $10.00.

Allergan Inc. to Report Q2, 2014 Results on Jul 21, 2014

Allergan Inc. announced that they will report Q2, 2014 results on Jul 21, 2014

 

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