DUBLIN, Jan. 5, 2017 /PRNewswire/ -- Allergan plc
(NYSE: AGN), a leading global pharmaceutical company, announced
that Brent Saunders, Allergan's
Chairman and CEO, will participate in a fireside chat at the
Goldman Sachs Healthcare CEO's Unscripted Conference today,
Thursday, January 5th, 2017 at
10:15 a.m. ET at the InterContinental
Hotel in Boston, MA. Ahead of the
presentation, Allergan provided commentary on its preliminary
outlook for 2017.
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Commenting on the Company's key highlights for 2016, Allergan
Chairman and CEO Brent Saunders
stated, "In 2016, Allergan completed its journey of significant
change, creating a leading branded growth biopharmaceutical
company. Throughout our journey, we sustained the growth of key
brands in markets around the world. And, we have a pipeline
transformed by our Open Science R&D strategy, with the deepest
and broadest portfolio in our therapeutic areas."
Commenting on the Company's 2017 outlook, Saunders said, "We
look forward to strong execution in 2017 to drive stronger
shareholder return in the short- and long-term. Our team
remains focused on driving our growth trajectory and we are very
excited for the tremendous opportunities ahead."
For 2017, Allergan expects to deliver non-GAAP mid-single-digit
top-line net revenue growth (versus 2016 non-GAAP net revenues)
powered by new product launches, international growth and growth
from key products.
Key assumptions underpinning this outlook include:
- RESTASIS® net revenue expected to remain
stable.
- Continued erosion within the Company's Namenda franchise, with
a generic NAMENDA XR® launch assumed in the fourth
quarter of 2017, partially offset by solid performance of
NAMZARIC®.
- Accretion from our recently announced acquisition of Lifecell
is not included.
The Company also expects to achieve double-digit non-GAAP
earnings per share (EPS) growth in 2017 driven by net revenue
growth, operating expense management and previously announced
capital deployment actions. More specifically, Allergan expects to
hold non-GAAP Selling, General & Administrative (SG&A) and
non-GAAP Research and Development (R&D) expense growth below
the rate of net revenue growth. There is potential for modest
downward pressure on gross margin as partnered products contribute
more significantly to the Company's growth.
Furthermore, the Company expects decreased interest expense as a
result of continued debt pay down of contractual maturities and
decreased weighted-average share count as a result of the Company's
previously announced $15 billion
share repurchase programs, partially offset by a higher tax rate as
the Company's tax rate returns to normalized levels in 2017
following the divestiture of the Actavis Global Generics business
to Teva.
Detailed GAAP and non-GAAP 2016 financial results and 2017
financial outlook will be available along with the Company's fourth
quarter and full year 2016 earnings report in February 2017.
The Goldman Sachs presentation will be webcast live and can be
accessed on Allergan's Investor Relations web site at
http://ir.allergan.com. The webcast can also be accessed
through the following URL:
https://cc.talkpoint.com/gold006/010517a_as/?entity=5_YOLTTUX.
An archived version will be available approximately two hours
after the live presentation ends and can be accessed at the same
locations for 180 days.
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. 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