Allergan reports operating results for the third quarter of 2009

Oct 29 2009

Allergan, Inc. (NYSE: AGN) today announced operating results for the quarter ended September 30, 2009. Allergan also announced that its Board of Directors has declared a third quarter dividend of $0.05 per share, payable on November 30, 2009 to stockholders of record on November 9, 2009.

Operating Results Attributable to Stockholders

For the quarter ended September 30, 2009:

• Allergan reported $0.58 diluted earnings per share attributable to stockholders compared to $0.54 diluted earnings per share attributable to stockholders reported for the third quarter of 2008.
• Allergan’s non-GAAP diluted earnings per share attributable to stockholders were $0.70 in the third quarter of 2009, compared to non-GAAP diluted earnings per share attributable to stockholders of $0.65 in the third quarter of 2008, a 7.7 percent increase.

Product Sales

For the quarter ended September 30, 2009:

• Allergan’s total product net sales were $1,127.8 million. Total product net sales increased 4.2 percent compared to total product net sales in the third quarter of 2008. On a constant currency basis, total product net sales increased 7.0 percent compared to total product net sales in the third quarter of 2008.
  • Total specialty pharmaceuticals net sales increased 7.8 percent, or 10.7 percent on a constant currency basis, compared to total specialty pharmaceuticals net sales in the third quarter of 2008.
  • Total medical devices net sales decreased 10.6 percent, or 8.3 percent on a constant currency basis, compared to total medical devices net sales in the third quarter of 2008.

“We are pleased with our continued operational performance during the third quarter as our businesses are performing better than was expected at the beginning of 2009,” said David E.I. Pyott, Allergan’s Chairman of the Board and Chief Executive Officer. “With this strength in our businesses, we made the strategic decision to invest in increased Direct to Consumer advertising programs in the U.S. as we anticipate recovery from the recession. We are also pleased that we filed, with the U.S. Food and Drug Administration (FDA), BOTOX® (onabotulinumtoxinA) for chronic migraine as well as for upper limb spasticity.”

Product and Pipeline Update

During the third quarter of 2009:

• On July 7, 2009, a joint venture was created in Korea with Samil Pharmaceutical Co. Ltd. following decades of partnership to establish a leading position in ophthalmic pharmaceuticals.

• On July 7, 2009, Senju Pharmaceutical Co., Ltd received approval from the Japanese Ministry of Health, Labour and Welfare for LUMIGAN™ Ophthalmic Solution 0.03% for the treatment of glaucoma or ocular hypertension. Allergan and Senju had previously entered into an exclusive licensing agreement in Japan to market and develop LUMIGAN™ within the ophthalmic specialty area. Senju will pay Allergan a royalty based on LUMIGAN™ sales in Japan.
• On July 14, 2009, Allergan announced Korea Food and Drug Administration (KFDA) approval of LATISSE® (bimatoprost ophthalmic solution) 0.03%, a novel treatment for eyelash hypotrichosis, or inadequate eyelashes. LATISSE® is the first and only science-based treatment approved by the FDA and KFDA to enhance eyelash prominence as measured by increases in length, thickness and darkness of eyelashes.
• On July 23, 2009, Allergan announced FDA approval of ACUVAIL™ (ketorolac tromethamine ophthalmic solution) 0.45%, an advanced, preservative-free formulation of ketorolac, a nonsteroidal anti-inflammatory drug indicated for the treatment of pain and inflammation following cataract surgery.
• On September 15, 2009, a collaboration agreement with Pieris AG was announced that combines Pieris' proprietary Anticalin technology with Allergan's expertise in drug delivery and ophthalmic drug development with a goal of developing agents for the treatment of serious ocular disorders.
• On September 25, 2009, Allergan and Quintiles Transnational Corp. announced an agreement under which Quintiles will co-promote Allergan's SANCTURA XR® (trospium chloride extended release capsules), an anticholinergic approved for the treatment of overactive bladder, predominantly to primary care physicians in the United States.
• Allergan filed a supplemental Biologics License Application (sBLA) with the FDA for the use of BOTOX® (onabotulinumtoxinA) to treat chronic migraine.
• Allergan submitted to the FDA the additional information requested by the FDA in its complete response letter regarding Allergan's sBLA for BOTOX® to treat upper limb spasticity.
• Allergan filed a supplemental Premarket Approval application with the FDA for the LAP-BAND® System to treat weight reduction for severely obese adolescent patients (ages 14-17).

SOURCE Allergan, Inc.