DUBLIN, Dec. 2, 2016 /PRNewswire/ -- Allergan plc (NYSE:
AGN), a leading global pharmaceutical company, today provided
additional information on its previously announced Accelerated
Share Repurchase (ASR) Program.
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As previously announced, the Company entered into a variable
tenor ASR arrangement on November 2,
2016, under which the Company will repurchase $10 billion of its ordinary shares. Approximately
40.5 million shares worth $8 billion
were received and retired by Allergan during November 2016, based upon Allergan's stock price
at certain reference points during the month. The remaining shares,
if any, under the ASR will be received and retired by the third
quarter of 2017, although they could be received earlier if the ASR
execution is completed sooner. Fifty percent of the ASR Program
will be collared. The cap and floor on the collar will be based
upon the Allergan stock price over a reference period.
The Company has now updated its share count estimates for the
full-year 2016, as reflected in the table below.
|
Estimate Provided
November 2,
2016
|
Updated Estimate
as of December 2,
2016
|
|
GAAP
|
Non-GAAP
|
GAAP
|
Non-GAAP
|
2016 Avg. Diluted
Shares(1)
|
~386 million
shares
|
~408 million
shares
|
~385 million
shares
|
~407 million
shares
|
2016 Year End
Diluted
Share Count(2)
|
~365 million
shares
|
~357 million
shares
|
|
(1)
Estimate provided November 2, 2016 was titled "Average 2016 Share
Count." GAAP EPS shares do not include dilution of shares
as
earnings are forecasted
to be a net loss during the forecast period. The Non-GAAP EPS
shares include the dilution impact of preferred
share conversion and
outstanding equity awards not included in the GAAP forecasted
shares. The Company currently forecasts average
GAAP diluted shares for
the quarter ending December 31, 2016 to be approximately 357
million shares. When adding in the dilutive
impact of
preferred shares and outstanding equity awards, the Company
forecasts Non-GAAP average diluted shares to be
approximately 379
million for the quarter ending December 31, 2016 versus the
previous estimate of approximately 383 million.
|
(2)
Estimate provided November 2, 2016 was titled "Average
Year-End 2016 Share Count." December 31, 2016 diluted share
count
represents
outstanding shares at December 31, 2016, plus the impact of the
dilutive portion
of the outstanding
equity awards at December 31, 2016 and the common stock equivalents
of
the outstanding
preferred shares at December 31, 2016, assuming each
was dilutive at December 31, 2016.
|
About Allergan plc
Allergan plc (NYSE: AGN), headquartered in Dublin, Ireland, is a bold, global
pharmaceutical company and a leader in a new industry model –
Growth Pharma. Allergan is focused on developing,
manufacturing and commercializing branded pharmaceuticals, devices
and biologic products for patients around the world.
Allergan markets a portfolio of leading brands and best-in-class
products for the central nervous system, eye care, medical
aesthetics and dermatology, gastroenterology, women's health,
urology and anti-infective therapeutic categories.
Allergan is an industry leader in Open Science, the Company's
R&D model, which defines our approach to identifying and
developing game-changing ideas and innovation for better patient
care. This approach has led to Allergan building one of the
broadest development pipelines in the pharmaceutical industry with
70+ mid-to-late stage pipeline programs in development.
Our Company's success is powered by our more than 16,000 global
colleagues' commitment to being Bold for Life. Together, we
build bridges, power ideas, act fast and drive results for our
customers and patients around the world by always doing what is
right.
With commercial operations in approximately 100 countries,
Allergan is committed to working with physicians, healthcare
providers and patients to deliver innovative and meaningful
treatments that help people around the world live longer, healthier
lives every day.
For more information, visit Allergan's website at
www.Allergan.com.
Forward-Looking Statement
Statements contained in this press release that refer to future
events or other non-historical facts are forward-looking statements
that reflect Allergan's current perspective of existing trends and
information as of the date of this release. Except as expressly
required by law, Allergan disclaims any intent or obligation to
update these forward-looking statements. Actual results may differ
materially from Allergan's current expectations depending upon a
number of factors affecting Allergan's business. These factors
include, among others, the difficulty of predicting the timing or
outcome of FDA approvals or actions, if any; the impact of
competitive products and pricing; market acceptance of and
continued demand for Allergan's products; difficulties or delays in
manufacturing; and other risks and uncertainties detailed in
Allergan's periodic public filings with the Securities and Exchange
Commission, including but not limited to Allergan's Annual Report
on Form 10-K for the year ended December 31,
2015 and Quarterly Report on Form 10-Q for the quarter ended
September 30, 2016 (certain of such
periodic public filings having been filed under the "Actavis plc"
name). Except as expressly required by law, Allergan disclaims any
intent or obligation to update these forward-looking
statements.
CONTACTS:
|
Allergan:
|
|
Investors:
|
|
Lisa
DeFrancesco
|
|
(862)
261-7152
|
|
|
|
Media:
|
|
Mark
Marmur
|
|
(862)
261-7558
|
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SOURCE Allergan plc