Financial Report: Allergan

Allergan

3Q Revenues:  $1.8 billion (+17%)

3Q Earnings: $312.5 million (+4%)

YTD Revenues: $5.3 billion (+15%)

YTD Earnings: $989.7 million (+47%)

Comments: Specialty pharmaceutical sales increased 14% to $1.5 billion in the quarter. Eye Care Pharmaceutical sales were $818.8 million in the quarter, up 14%. Botox/Neuromodulators sales were $560.1 million, up 15%. Total core medical device sales increased 30% to $258.9 million. Regarding the unsolicited proposal from Valeant, on September 15 Allergan reached an agreement with Valeant under which Allergan agreed to hold a Special Meeting of Stockholders. At press time, Valeant was willing to raise its offer for Allergan, to which Allergan replied it would consider a new formal offer from Valeant if one were presented, but that it believed the offers made to date had been inadequate.